Course Detail(A119 : FRS 21: The Effects of Changes in Foreign Exchange Rates)

A119 : FRS 21: The Effects of Changes in Foreign Exchange Rates

3.50 CPE Hours (Category 1)
Classroom

Programme Objective

Companies need to identify their functional currency appropriately to achieve the objectives of FRS 21 The Effects of Changes in Foreign Exchange Rates. If the functional currency is incorrectly determined, the translation gains and losses will not reflect the effects of an entity’s transaction exposure to foreign exchange fluctuations. This workshop explains the concept of the functional currency and the principles in FRS 21. It considers the determinants of the functional currency with reference to an entity’s economic environment and product and process markets. The workshop also explains the translation objectives and processes in FRS 21.

Programme Outline

  • Understanding the principles and determinants of the functional currency in FRS 21
  • Determining the functional currency in the light of the economic environment of an entity
  • Differences between the functional currency and the presentation currency
  • Translation objectives in FRS 21
  • Exposed items in the translation process
  • Translation of foreign currency transactions and balances of a stand-alone entity
  • Translation of financial statements from an entity’s functional currency to a different presentation currency


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 suitable for Practising Accountants, Non-Practising Accountants and Audit Professionals.

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

28 Nov 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Pearl Tan

Date & Time

08 Nov 2017 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

09 Nov 2016 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Dr Pearl Tan
Associate Professor of Accounting (Education)
Singapore Management University


Dr Pearl Tan has extensive experience in teaching and developing courses on advanced topics in financial accounting. Dr Tan has won a number of teaching awards in SMU and also in Nanyang Technological University (NTU), where she previously taught. Dr Tan also conducts seminars for professional and government bodies, listed companies and auditing firms. Her research evaluates the implications of accounting standards on the informativeness of financial statements. Dr Tan has an active interest in the development of accounting standards and provides feedback to policy-making bodies.  She has co-authored two books on IFRS that are used by a number of Asian universities. Dr Tan serves on the inaugural Learning and Assessment Committee of the Singapore Qualification Programme, is a member of the Advisory Committee for Accounting Standards for Statutory Boards, and was also a member of the Financial Reporting Committee of the Institute of Singapore Chartered Accountants (ISCA).

Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Programme Objective

Companies need to identify their functional currency appropriately to achieve the objectives of FRS 21 The Effects of Changes in Foreign Exchange Rates. If the functional currency is incorrectly determined, the translation gains and losses will not reflect the effects of an entity’s transaction exposure to foreign exchange fluctuations. This workshop explains the concept of the functional currency and the principles in FRS 21. It considers the determinants of the functional currency with reference to an entity’s economic environment and product and process markets. The workshop also explains the translation objectives and processes in FRS 21.

Programme Outline

  • Understanding the principles and determinants of the functional currency in FRS 21
  • Determining the functional currency in the light of the economic environment of an entity
  • Differences between the functional currency and the presentation currency
  • Translation objectives in FRS 21
  • Exposed items in the translation process
  • Translation of foreign currency transactions and balances of a stand-alone entity
  • Translation of financial statements from an entity’s functional currency to a different presentation currency


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 suitable for Practising Accountants, Non-Practising Accountants and Audit Professionals.

Competency Mapping

Category 1 = 3.50 Hours

Programme Facilitator(s)

Dr Pearl Tan
Associate Professor of Accounting (Education)
Singapore Management University


Dr Pearl Tan has extensive experience in teaching and developing courses on advanced topics in financial accounting. Dr Tan has won a number of teaching awards in SMU and also in Nanyang Technological University (NTU), where she previously taught. Dr Tan also conducts seminars for professional and government bodies, listed companies and auditing firms. Her research evaluates the implications of accounting standards on the informativeness of financial statements. Dr Tan has an active interest in the development of accounting standards and provides feedback to policy-making bodies.  She has co-authored two books on IFRS that are used by a number of Asian universities. Dr Tan serves on the inaugural Learning and Assessment Committee of the Singapore Qualification Programme, is a member of the Advisory Committee for Accounting Standards for Statutory Boards, and was also a member of the Financial Reporting Committee of the Institute of Singapore Chartered Accountants (ISCA).
Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Upcoming Schedule

Registration is closed

Date & Time

28 Nov 2018 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

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

Programme Facilitator(s)

Dr Pearl Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709