Course Detail(A234 : Critical Issues in Preparing for Transition from FRS to IFRS-Identical FRSs (IFRS1))

A234 : Critical Issues in Preparing for Transition from FRS to IFRS-Identical FRSs (IFRS1) NEW

7.00 CPE Hours (Category 1)
Classroom

This course is formerly known as Critical Issues in Preparing for Transition from FRS to IFRS-Identical FRSs (IFRS1)

Introduction
 
In May 2014 The Singapore Accounting Standards Council (ASC) announced that all Singapore-incorporated companies listed in Singapore Exchange (SGX) are required to comply with IFRS financial reporting framework for annual financial period beginning on or after 1 January 2018.
 
In December 2017 The ASC issued SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).
 
On the date of transition (which is the beginning of the earliest comparative period), a company listed in SGX shall select appropriate accounting policies in each of the SFRS(I)s and chooses the relevant transition options in accordance with SFRS(I) 1 First-time Adoption of Singapore Financial Reporting Standards (International), in order to construct an opening SFRS(I) statement of financial position as at the date of transition.
 
While there are no major differences between Singapore FRS and IFRS/SFRS(I),
 
companies preparing the first IFRS(I) financial statements are required to comply with the transitional requirements of  IFRS(I) 1 for IFRS9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers (both Standards are effective on 1 January 2018) and consider possible early adoption of IFRS 16 Leases (effective on 1 January 2019). In addition, companies may take advantage of the transitional provision in IFRS(I) 1 to update the carrying amount of certain assets to current market value and use this value as deemed cost for subsequent accounting, these changes could resulted in significant movements in retained earnings at date of transition.
 
Programme Objectives
 
This one-day course focuses on the critical issues that auditors and management of listed companies need to be aware of. The main critical areas of focus are:
 

  • Determining the working flows and timing of the transition
  • How to emulate parallel run for the comparative period
  • How to construct the first IFRS(I) statement of financial position as at date of transition
  • Design appropriate worksheet and working papers to facilitate the transition work
  • How and when to incorporate the transition journals into the accounting systems
  • Explain the effect of transition for IFRS(I)9, IFRS(I)15 and possible early adoption of IFRS(I)16
  • Provide tips on how to select critical transitional provisions and measurement allowance for first-time adopters of IFRS(I)

Programme Outline

The essential five steps of transition from FRS to IFRS(I):
1st  Determining the date of transition
2nd On date of transition decide recognition, derecognition, classification and measurement of assets and liabilities
3rd Determining appropriate accounting policies under each IFRS(I)
4th Select appropriate transition options to the chosen accounting policies
5th Presentation and disclosure for the first annual financial statements and interim report
 
The Fundamental Principles of IFRS(I) 1

  • The “retrospective approach” with ‘exceptions’ and ‘exemptions’
  • Determine when and how to use deemed cost for measurement of certain assets
  • Preparing the opening SFRS(I) statement of financial position at date of transition
  • The effect of estimates on financial information on date of transition and comparative period
 
Overall considerations
  • Decide the timing (when to do)
  • Choosing the method (How to do)
  • How to carrying out the transition process
    • Consider system issues
    • Operating parallel reporting systems for the comparative period
    • Using spreadsheet
  • Implementing the changes and staff training
  • Consider possible impact to accounting operations during the transition period
  • How to extract accounting information to prepare:
    • the comparatives for the first IFRS(I) financial statements
    • the reconciliation statements showing the effect of transition from FRS to IFRS(I)
  • Keep a watchful eye on first quarter interim results (remember times fly)
  • Taking advantage of the transition options
 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course examining the critical issues that need to be aware when transiting form FRS to IFRS are welcome to attend.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

02 Oct 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

29 Jan 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

This course is formerly known as Critical Issues in Preparing for Transition from FRS to IFRS-Identical FRSs (IFRS1)

Introduction
 
In May 2014 The Singapore Accounting Standards Council (ASC) announced that all Singapore-incorporated companies listed in Singapore Exchange (SGX) are required to comply with IFRS financial reporting framework for annual financial period beginning on or after 1 January 2018.
 
In December 2017 The ASC issued SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).
 
On the date of transition (which is the beginning of the earliest comparative period), a company listed in SGX shall select appropriate accounting policies in each of the SFRS(I)s and chooses the relevant transition options in accordance with SFRS(I) 1 First-time Adoption of Singapore Financial Reporting Standards (International), in order to construct an opening SFRS(I) statement of financial position as at the date of transition.
 
While there are no major differences between Singapore FRS and IFRS/SFRS(I),
 
companies preparing the first IFRS(I) financial statements are required to comply with the transitional requirements of  IFRS(I) 1 for IFRS9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers (both Standards are effective on 1 January 2018) and consider possible early adoption of IFRS 16 Leases (effective on 1 January 2019). In addition, companies may take advantage of the transitional provision in IFRS(I) 1 to update the carrying amount of certain assets to current market value and use this value as deemed cost for subsequent accounting, these changes could resulted in significant movements in retained earnings at date of transition.
 
Programme Objectives
 
This one-day course focuses on the critical issues that auditors and management of listed companies need to be aware of. The main critical areas of focus are:
 

  • Determining the working flows and timing of the transition
  • How to emulate parallel run for the comparative period
  • How to construct the first IFRS(I) statement of financial position as at date of transition
  • Design appropriate worksheet and working papers to facilitate the transition work
  • How and when to incorporate the transition journals into the accounting systems
  • Explain the effect of transition for IFRS(I)9, IFRS(I)15 and possible early adoption of IFRS(I)16
  • Provide tips on how to select critical transitional provisions and measurement allowance for first-time adopters of IFRS(I)

Programme Outline

The essential five steps of transition from FRS to IFRS(I):
1st  Determining the date of transition
2nd On date of transition decide recognition, derecognition, classification and measurement of assets and liabilities
3rd Determining appropriate accounting policies under each IFRS(I)
4th Select appropriate transition options to the chosen accounting policies
5th Presentation and disclosure for the first annual financial statements and interim report
 
The Fundamental Principles of IFRS(I) 1

  • The “retrospective approach” with ‘exceptions’ and ‘exemptions’
  • Determine when and how to use deemed cost for measurement of certain assets
  • Preparing the opening SFRS(I) statement of financial position at date of transition
  • The effect of estimates on financial information on date of transition and comparative period
 
Overall considerations
  • Decide the timing (when to do)
  • Choosing the method (How to do)
  • How to carrying out the transition process
    • Consider system issues
    • Operating parallel reporting systems for the comparative period
    • Using spreadsheet
  • Implementing the changes and staff training
  • Consider possible impact to accounting operations during the transition period
  • How to extract accounting information to prepare:
    • the comparatives for the first IFRS(I) financial statements
    • the reconciliation statements showing the effect of transition from FRS to IFRS(I)
  • Keep a watchful eye on first quarter interim results (remember times fly)
  • Taking advantage of the transition options
 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course examining the critical issues that need to be aware when transiting form FRS to IFRS are welcome to attend.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Upcoming Schedule

Registration is closed

Date & Time

02 Oct 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709