Course Detail(A138 : FRS 2: Inventories)

A138 : FRS 2: Inventories

3.50 CPE Hours (Category 1)
Classroom

Programme Objective

  1. To facilitate an understanding of the principles underlying the accounting for inventories; and
  2. To equip participants with the ability to apply the recognition, measurement and disclosure requirements in FRS 2 to accounting for inventories.

    To ensure that participants are able to:
    • Understand the underlying nature of inventories as defined by FRS 2
    • Distinguish between costs that are included in inventories and those that are expensed off
    • Determine net realizable value as defined by FRS 2
    • Apply the cost formulas in FRS 2
    • Identify write-downs and make appropriate adjustments for reversals
    • Understand the rationale for the disclosures and presentation requirements in FRS 2

Programme Outline

  • Scope of FRS 2
  • Definitions
  • Measurement of inventories
    • Cost of inventories
      • Identifying costs of purchase and conversion and other cost
      • Principles determining the costs that are included in inventory
      • Measurement of costs
      • Special situations: for example, inventories of service provider and agricultural produce
    • Cost formula
      • Requirements
      • Techniques for assigning costs to inventories
    • Net realizable value
      • Determination of net realizable value
      • Requirements relating to write-downs and reversals
    • Principles underlying the cost formulas and net realizable values
  • Recognition as an expense
    • Requirements
    • Underlying principles
  • Disclosures


Training Methodology

Lecture style, with Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A foundation level programme intended for both Practising and Non-Practising Accountants.

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

06 Dec 2018 (2:00 PM - 5:30 PM)

Registration is closed

Programme Facilitator(s)

Jessica Hong

Date & Time

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

Registration is closed

Programme Facilitator(s)

Jessica Hong

Date & Time

24 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 an understanding of the principles underlying the accounting for inventories; and
  2. To equip participants with the ability to apply the recognition, measurement and disclosure requirements in FRS 2 to accounting for inventories.

    To ensure that participants are able to:
    • Understand the underlying nature of inventories as defined by FRS 2
    • Distinguish between costs that are included in inventories and those that are expensed off
    • Determine net realizable value as defined by FRS 2
    • Apply the cost formulas in FRS 2
    • Identify write-downs and make appropriate adjustments for reversals
    • Understand the rationale for the disclosures and presentation requirements in FRS 2

Programme Outline

  • Scope of FRS 2
  • Definitions
  • Measurement of inventories
    • Cost of inventories
      • Identifying costs of purchase and conversion and other cost
      • Principles determining the costs that are included in inventory
      • Measurement of costs
      • Special situations: for example, inventories of service provider and agricultural produce
    • Cost formula
      • Requirements
      • Techniques for assigning costs to inventories
    • Net realizable value
      • Determination of net realizable value
      • Requirements relating to write-downs and reversals
    • Principles underlying the cost formulas and net realizable values
  • Recognition as an expense
    • Requirements
    • Underlying principles
  • Disclosures


Training Methodology

Lecture style, with Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A foundation level programme intended for both Practising and Non-Practising Accountants.

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

06 Dec 2018 (2:00 PM - 5:30 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