Course Detail(A072 : FRS 8: Accounting Policies, Changes in Accounting Estimates and Errors)

A072 : FRS 8: Accounting Policies, Changes in Accounting Estimates and Errors

3.50 CPE Hours (Category 1)
Classroom

Programme Objective

  1. To facilitate a clear understanding of the principles, facts and circumstances that determine changes in accounting policies, changes in accounting estimates and correction of errors.
  2. To explain how the requirements enhance relevance and reliability of financial information and comparability and consistency of an entity’s financial statements.
  3. To equip participants with the ability to apply the proper accounting treatment, with appropriate disclosures, to changes in accounting policies, changes in accounting estimates and correction of errors.

    Participants will be able to:
    • Understand the criteria for the selection and application of accounting policies in accordance with FRS 8.
    • Identify a change in estimate and a prior-period error.
    • Distinguish a change in accounting policy, a change in accounting estimate and a correction of error.
    • Apply the appropriate accounting treatment for change in accounting policy, change in accounting estimate and a correction of error.
    • Be aware of the exceptions to retrospective application or restatement.
    • Know the required disclosures to accompany the changes in the financial statements.
    • Understand the impact of transitional requirements of revised or new standards.

Programme Outline

  • Scope and objective of FRS 8 
  • Definitions
  • Accounting policies
    • Selection and application
    • Changes
  • Retrospective application
    • Format
    • Comparatives
      • Limitations
      • Impracticability conditions
      • Disclosure
      • Principles underlying the retrospective application of policies
  • Changes in accounting estimates Current and prospective adjustment
  • Changes in accounting estimates versus changes in policies
  • Disclosures
  • Interactions with IAS 1
  • Principles underlying the current and prospective adjustment  
  • Correction of errors
  • Retrospective restatement
    • Format
    • Comparatives
  • Limitations
    • Impracticability conditions
    • Disclosures
    • Principles underlying the retrospective restatement of financial Statements
  • Special considerations arising from implementation guidance
Training Methodology
Lecture style, with Exercises/Case Studies

Closing Date for Registration
1 week before programme or until full enrolment
 

Intended For

A Foundation to Intermediate level programme targeted at both Accounting and Audit Professionals. Those who wish to achieve a deeper understanding in FRS 8 are encouraged to attend.

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

05 Dec 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Jessica Hong

Date & Time

08 Nov 2017 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Jessica Hong

Date & Time

25 Nov 2016 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Jessica Hong

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Jessica Hong

CA(M)  CPA

 

Jessica’s career with PricewaterhouseCoopers had given her invaluable experience in system assurance, management assurance, audit, fraud investigations, system implementations, due diligence and many other challenging assignments. All these provided her with deep insights of financial management practices and their impact on corporate performance. Her financial skills training local and international experiences made her an invaluable resource to participants in her financial skills programmes.

 

Jessica always delivers her financial skills programmes in a refreshing way, and helps accelerate the learning curves of the non-finance professionals. Financial courses need not be dull and boring; they can be fun, stimulating and personally motivating. Jessica has varied and vast commercial experience in developing and implementing credit control policies, project management, debt recovery training, system integration and many other management effectiveness & efficiency assignments.

 

Jessica is a Malaysian Chartered Accountant and holds a Bachelor of Accountancy from University of Malaya and she completed her post-graduate studies in Management Development Programme at INSEAD, Singapore.

 

She was trained by Michael Wells, Director, IFRS Education Initiative, IFRS Foundation and Paul Pacter, IASB Member & Chairman of the SME Implementation Group in Singapore recently, to be an IFRS Trainer (IFRS is International Financial Reporting Standard). Some of her major clients she worked with during her career include Malvern International, ACCA, CTBC Bank, MSIG, OCBC Bank and Central Bank of Malaysia.

Programme Objective

  1. To facilitate a clear understanding of the principles, facts and circumstances that determine changes in accounting policies, changes in accounting estimates and correction of errors.
  2. To explain how the requirements enhance relevance and reliability of financial information and comparability and consistency of an entity’s financial statements.
  3. To equip participants with the ability to apply the proper accounting treatment, with appropriate disclosures, to changes in accounting policies, changes in accounting estimates and correction of errors.

    Participants will be able to:
    • Understand the criteria for the selection and application of accounting policies in accordance with FRS 8.
    • Identify a change in estimate and a prior-period error.
    • Distinguish a change in accounting policy, a change in accounting estimate and a correction of error.
    • Apply the appropriate accounting treatment for change in accounting policy, change in accounting estimate and a correction of error.
    • Be aware of the exceptions to retrospective application or restatement.
    • Know the required disclosures to accompany the changes in the financial statements.
    • Understand the impact of transitional requirements of revised or new standards.

Programme Outline

  • Scope and objective of FRS 8 
  • Definitions
  • Accounting policies
    • Selection and application
    • Changes
  • Retrospective application
    • Format
    • Comparatives
      • Limitations
      • Impracticability conditions
      • Disclosure
      • Principles underlying the retrospective application of policies
  • Changes in accounting estimates Current and prospective adjustment
  • Changes in accounting estimates versus changes in policies
  • Disclosures
  • Interactions with IAS 1
  • Principles underlying the current and prospective adjustment  
  • Correction of errors
  • Retrospective restatement
    • Format
    • Comparatives
  • Limitations
    • Impracticability conditions
    • Disclosures
    • Principles underlying the retrospective restatement of financial Statements
  • Special considerations arising from implementation guidance
Training Methodology
Lecture style, with Exercises/Case Studies

Closing Date for Registration
1 week before programme or until full enrolment
 

Intended For

A Foundation to Intermediate level programme targeted at both Accounting and Audit Professionals. Those who wish to achieve a deeper understanding in FRS 8 are encouraged to attend.

Competency Mapping

Category 1 = 3.50 Hours

Programme Facilitator(s)

Jessica Hong

CA(M)  CPA

 

Jessica’s career with PricewaterhouseCoopers had given her invaluable experience in system assurance, management assurance, audit, fraud investigations, system implementations, due diligence and many other challenging assignments. All these provided her with deep insights of financial management practices and their impact on corporate performance. Her financial skills training local and international experiences made her an invaluable resource to participants in her financial skills programmes.

 

Jessica always delivers her financial skills programmes in a refreshing way, and helps accelerate the learning curves of the non-finance professionals. Financial courses need not be dull and boring; they can be fun, stimulating and personally motivating. Jessica has varied and vast commercial experience in developing and implementing credit control policies, project management, debt recovery training, system integration and many other management effectiveness & efficiency assignments.

 

Jessica is a Malaysian Chartered Accountant and holds a Bachelor of Accountancy from University of Malaya and she completed her post-graduate studies in Management Development Programme at INSEAD, Singapore.

 

She was trained by Michael Wells, Director, IFRS Education Initiative, IFRS Foundation and Paul Pacter, IASB Member & Chairman of the SME Implementation Group in Singapore recently, to be an IFRS Trainer (IFRS is International Financial Reporting Standard). Some of her major clients she worked with during her career include Malvern International, ACCA, CTBC Bank, MSIG, OCBC Bank and Central Bank of Malaysia.


Upcoming Schedule

Registration is closed

Date & Time

05 Dec 2018 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Jessica Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709