CCH Learning SEA


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This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

ACRA has issued in November 2023 the Financial Reporting Practice Guidance No. 1 of 2023 which highlights the areas of review focus for FY2023 financial statements, as a guide to directors in reviewing Financial Statements and discharging their duties as directors.

Members in Audit Committees (ACs) are also advised to pay close attention to these emerging risks and trends. Audit quality is an integral part of the financial reporting landscape. Therefore, ACs should actively engage the external auditors and monitor the audit process to identify and resolve collectively any areas of concern. High quality audits are critical in building confidence and trust in Singapore’s financial markets.

This timely seminar provides practical examples to illustrate the areas of concern, and discusses practical ways to manage and mitigate the accounting impact arising from these emerging risks and trends.

Programme Outline

Accounting impact from macroeconomic uncertainties

  • Impairment – recession risk, rising interest rates affecting assumptions in estimating the value-in-use of assets
  • Debt covenants – rising interest rates affecting value of assets and risk breaching debt covenants linked to asset values

Going concern assessment

  • Cash flow forecasts assumptions affecting by interest rates and discount rates fluctuations;
  • Being aware of representation bias in sole reliance on historical trends

Accounting impact from climate change movements

  • Changes in business strategy affecting
    • useful lives of assets,
    • asset impairments,
    • provision for onerous contracts,
    • provision for restructuring
    • Green financing – green bonds and sustainability bonds
  • Companies relying on supplies from regions affected by war, civil unrests
    • Disruption and going concern

This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).

What you will learn

  • Have a deeper understanding on the areas of review focus for FY2023 financial statements highlighted by ACRA
  • Understand and manage the accounting impact that arises from emerging risks and trends

Target Audience

  • Directors and Audit Committee Members
  • Accountants
  • CFOs and Finance Managers
  • Audit Professionals

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

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