Course Detail(A122 : FRS for Business Management: Understanding and Applying FRSs in Business Decisions (Live Webinar))

SDF Funding, SkillsFuture Credit, UTAP Funding

A122 : FRS for Business Management: Understanding and Applying FRSs in Business Decisions (Live Webinar)

7.00 CPE Hours (Category 1)
Classroom

Please be informed that as per Ministry of Health’s (MOH) guidelines on tighter measures that was announced on 24th March 2020, we will be changing the format of the session on 20 Jul 2020 into a Live Webinar. A detailed set of instructions on the Live Webinar will also be sent to you closer to date. 

Programme Overview
 
The Financial Reporting Standards (FRSs) pose significant challenges not just to the preparers of financial statements and external auditors, but also to management of business entities. Management make a plethora of business decisions: from  acquiring assets, committing to debt obligations, managing financial risks, to entering into sales and purchases contracts, etc. However, the decisions taken by management in the course of business may not be reflected in the financial statements as what management originally intended. Hence, a good understanding of how FRSs report business decisions in the financial statements is crucial in order to manage balance sheet values and profit and loss results.
 
Programme Objective
 

  • This course aims to highlight to participants the importance of incorporating FRSs into business decisions by:
    • Understanding the principles of the FRSs
    • Explaining how to incorporate FRS into operational policies
    • Explaining how contractual terms can affect the application of FRSs
    • Explaining how operational results may not be reported as expected by management
    • Understanding asset management in accordance with FRSs
    • Increasing awareness of the inherent risk in applying FRSs in practice

Programme Outline

 

  • Understanding the business environment and contractual terms
    • The way how contracts or contractual terms are made can significantly impact the accounting under FRSs
    •  A single contract may trigger the application of several FRSs such as recognition of:
      • Performance obligation and timing of revenue recognition
      • Provision for obligation
      • Lease liability and right-of-use assets
      • Financial instruments

 

  • Understanding and analysing the sources of risks arising from FRSs:
    • Inherent risk: Examine the interpretation of FRS principles and highlight the divergence of interpretation in practice.
    • Measurement risk: Estimation of future cash flows, use probability, use of present value, fair value and complex mathematics
    • Presentation risk: Presenting income and expense, assets and liabilities, offsetting or aggregating, selective use of headings, total and subtotal
    • Market information risk: Availability of market input data to be applied in mathematical model to obtain a value
    • Users’ perception risks: Information may be misinterpreted by users of financial statements due to a lack of understanding of the FRS principles

 

  • Managing what the users see
    • How to present performance
      • Presenting the results - “The bottom line” or “bottom lines”
      • “Profit or loss” Vs. “other comprehensive income”
    • How to present financial position
      • Forms and formats of presenting assets, liabilities and equity

 

  • How to manage value of assets:
    • Managing acquisition value of assets
    • Use of hedge accounting to manage value of assets
    • Managing impairment for various types of assets

 

  • Managing obligations:
    • Business decisions that give rise to obligations such as contractual obligations (implicit or explicit), performance obligations, constructive obligations, statutory obligation etc
    • How these obligations give rise to liabilities to be recognized in the balance sheet or may resulted in ‘contingent liabilities’ which are off the balance sheet

 

  • Managing contractual terms that give rise to recognition of financial instruments
    • Understanding business contracts that give rise to “financial instruments” and those that do not
    • The importance of distinguishing contracts that give rise to liability and equity classification

 

  • The ‘red flags’
    • The dos and don’ts when interpreting and applying the FRS principles in practice

 
Training Methodology
 
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions with the use of published financial statements
 
Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

This programme is particularly suitable for Business Manager with little FRS knowledge. Those who are keen on attending a practical course that examines how business contracts can have impact on financial performance, financial position and cash flows of a company are welcome to attend.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

20 Jul 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56   $ 263.65
For Non-Members: $ 398.04   $ 318.43
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore

Date & Time

18 Nov 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

22 Jul 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

24 Nov 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 4 April 2020
Course Reference Number: CRS-N-0045946

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 

Funding Period: Until 4 April 2020
Funded Hours: 7 hours
Course Reference Number: CRS-N-0045946

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

 

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

 

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 01 April 2020 – 31 March 2021.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

 

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.
 

Please be informed that as per Ministry of Health’s (MOH) guidelines on tighter measures that was announced on 24th March 2020, we will be changing the format of the session on 20 Jul 2020 into a Live Webinar. A detailed set of instructions on the Live Webinar will also be sent to you closer to date. 

Programme Overview
 
The Financial Reporting Standards (FRSs) pose significant challenges not just to the preparers of financial statements and external auditors, but also to management of business entities. Management make a plethora of business decisions: from  acquiring assets, committing to debt obligations, managing financial risks, to entering into sales and purchases contracts, etc. However, the decisions taken by management in the course of business may not be reflected in the financial statements as what management originally intended. Hence, a good understanding of how FRSs report business decisions in the financial statements is crucial in order to manage balance sheet values and profit and loss results.
 
Programme Objective
 

  • This course aims to highlight to participants the importance of incorporating FRSs into business decisions by:
    • Understanding the principles of the FRSs
    • Explaining how to incorporate FRS into operational policies
    • Explaining how contractual terms can affect the application of FRSs
    • Explaining how operational results may not be reported as expected by management
    • Understanding asset management in accordance with FRSs
    • Increasing awareness of the inherent risk in applying FRSs in practice

Programme Outline

 

  • Understanding the business environment and contractual terms
    • The way how contracts or contractual terms are made can significantly impact the accounting under FRSs
    •  A single contract may trigger the application of several FRSs such as recognition of:
      • Performance obligation and timing of revenue recognition
      • Provision for obligation
      • Lease liability and right-of-use assets
      • Financial instruments

 

  • Understanding and analysing the sources of risks arising from FRSs:
    • Inherent risk: Examine the interpretation of FRS principles and highlight the divergence of interpretation in practice.
    • Measurement risk: Estimation of future cash flows, use probability, use of present value, fair value and complex mathematics
    • Presentation risk: Presenting income and expense, assets and liabilities, offsetting or aggregating, selective use of headings, total and subtotal
    • Market information risk: Availability of market input data to be applied in mathematical model to obtain a value
    • Users’ perception risks: Information may be misinterpreted by users of financial statements due to a lack of understanding of the FRS principles

 

  • Managing what the users see
    • How to present performance
      • Presenting the results - “The bottom line” or “bottom lines”
      • “Profit or loss” Vs. “other comprehensive income”
    • How to present financial position
      • Forms and formats of presenting assets, liabilities and equity

 

  • How to manage value of assets:
    • Managing acquisition value of assets
    • Use of hedge accounting to manage value of assets
    • Managing impairment for various types of assets

 

  • Managing obligations:
    • Business decisions that give rise to obligations such as contractual obligations (implicit or explicit), performance obligations, constructive obligations, statutory obligation etc
    • How these obligations give rise to liabilities to be recognized in the balance sheet or may resulted in ‘contingent liabilities’ which are off the balance sheet

 

  • Managing contractual terms that give rise to recognition of financial instruments
    • Understanding business contracts that give rise to “financial instruments” and those that do not
    • The importance of distinguishing contracts that give rise to liability and equity classification

 

  • The ‘red flags’
    • The dos and don’ts when interpreting and applying the FRS principles in practice

 
Training Methodology
 
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions with the use of published financial statements
 
Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

This programme is particularly suitable for Business Manager with little FRS knowledge. Those who are keen on attending a practical course that examines how business contracts can have impact on financial performance, financial position and cash flows of a company 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

Date & Time

20 Jul 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56   $ 263.65
For Non-Members: $ 398.04   $ 318.43
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore