Course Detail(A169 : Analysis and Review of FRS and IFRS/SFRS(I))

SDF Funding, SkillsFuture Credit, UTAP Funding

A169 : Analysis and Review of FRS and IFRS/SFRS(I)

14.00 CPE Hours (Category 1)
Classroom

Programme Overview
 
The principles of accounting Standards are constantly evolving due to the improvements, amendments and issuance of new Standards in order to account for the complex and diverse business environments. Keeping up to date with the practices of accounting Standards under such dynamic environment is a daunting task for every accountant in practice. This seminar attempts to make the task easier by giving an overview of the principles in the selected Standards and most important of all how these principles are being interpreted in light to contemporary practices.
 
Accounting Standards Council of Singapore issued a new reporting framework ‘Singapore Financial Reporting Standards (International)’ [SFRS(I)]. These Standards are equivalent to International Financial Reporting Standards (IFRS). The SFRS(I) that are applicable for financial period beginning on or after 1 January 2018. Compliance with SFRS(I) is mandatory for companies listed in SGX for annual financial period beginning on or after 1 January 2018.
 
 
Programme Objective
 
The seminar gives a practical analysis and review of selected FRSs and IFRSs. It is intended for busy professionals requiring a refresher course on the technical principles of Financial Reporting Standards and their applications in accordance with Generally Accepted Accounting Practice in Singapore. The seminar uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners may come to different interpretations and how these differences may be overcome based on past experience and the use of judgement derived from the “Framework”.
 

Programme Outline

 

IFRSSFRS(I)FRSPART I
OVERVIEW AND ANALYSIS OF SELECTED FINANCIAL REPORTING ISSUES
   PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS
IAS 1SFRS(I) 1-1FRS1Presentation of Financial Statements
IAS 7SFRS(I) 1-7FRS7Statement of Cash Flows
IAS 24SFRS(I) 1-24FRS24Related Party Disclosures
 
   REVENUE AND OTHER TRANSACTIONS AND EVENTS
IFRS 15IFRS 15FRS115Revenue from Contracts with Customers (Effective 1 January 2018)
IAS 8 SFRS(I) 1-8 FRS8Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10SFRS(I) 1-10FRS10Events After the Reporting Period
 
   STANDARDS AFFECTING MEASUREMENT
IAS 21SFRS(I) 1-21FRS21The Effect of Changes in Foreign Exchange Rates
IAS 23SFRS(I) 1-23FRS23Borrowing Costs
IFRS 13SFRS(I) 13FRS113Fair Value Measurement
 
 
 
 
 
 PART II
ASSETS AND LIABILITIES
   ACCOUNTING FOR NON-CURRENT ASSETS
IAS 16SFRS(I) 1-16FRS16Property, Plant and Equipment
IAS 40SFRS(I) 1-40FRS40Investment Property
IAS 38SFRS(I) 1-38FRS38Intangible Assets
IAS 36SFRS(I) 1-36FRS36Impairment of Assets
IFRS 5SFRS(I) 5FRS105Non-current Assets Held for Sale and Discontinued Operations
 
   ACCOUNTING FOR OBLIGATIONS
IAS 37SFRS(I) 1-37FRS37Provisions, Contingent Liabilities and Contingent Assets
IAS 20SFRS(I) 1-20FRS20Accounting for Government Grants and Disclosure of Government Assistance
IFRS 16SFRS(I) 16FRS116Leases (Effective 1 January 2019)
 
 
 
 
 
 PART III
FINANCIAL INSTRUMENTS AND
ACCOUNTING FOR INVESTMENT INTERESTS
   FINANCIAL INSTRUMENTS
IAS 32SFRS(I) 1-32FRS32Financial Instruments: Presentation
IFRS 7SFRS(I) 7FRS107Financial Instruments: Disclosure
IFRS 9SFRS(I) 9FRS109Financial Instruments (Effective 1 January 2018)
 
   BUSINESS COMBINATIONS AND SUBSTANTIAL INVESTMENT INTEREST
IFRS 3SFRS(I) 3FRS103Business Combinations
IAS 27SFRS(I) 1-27FRS27Separate Financial Statements
IAS 28SFRS(I) 1-28FRS28Investments in Associates and Joint Ventures
IFRS 10SFRS(I) 10FRS110Consolidated Financial Statements
IFRS 11SFRS(I) 11FRS111Joint Arrangement
IFRS 12SFRS(I) 12FRS112Disclosure of Interest in Other Entities
 

 
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 concise practical course that can comprehensively cover and/or provide a refresher of the principles of IFRS, SFRS(I) and FRS, as well as a discussion on the potential changes and updates on the current Generally Accepted Accounting Practice are welcome to attend.

Competency Mapping

Category 1 = 14.00 Hours

Schedule & Fees

Date & Time

14 May 2020 (9:00 AM - 5:00 PM)
15 May 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 652.70
For Non-Members: $ 783.24

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

02 Oct 2019 (9:00 AM - 5:00 PM)
03 Oct 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

09 May 2019 (9:00 AM - 5:00 PM)
10 May 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

04 Oct 2018 (9:00 AM - 5:00 PM)
05 Oct 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 2021
Course Reference Number: CRS-N-0045931

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 2021
Funded Hours: 14 hours
Course Reference Number: CRS-N-0045931

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 2019 – 31 March 2020.
 
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.
 

Programme Overview
 
The principles of accounting Standards are constantly evolving due to the improvements, amendments and issuance of new Standards in order to account for the complex and diverse business environments. Keeping up to date with the practices of accounting Standards under such dynamic environment is a daunting task for every accountant in practice. This seminar attempts to make the task easier by giving an overview of the principles in the selected Standards and most important of all how these principles are being interpreted in light to contemporary practices.
 
Accounting Standards Council of Singapore issued a new reporting framework ‘Singapore Financial Reporting Standards (International)’ [SFRS(I)]. These Standards are equivalent to International Financial Reporting Standards (IFRS). The SFRS(I) that are applicable for financial period beginning on or after 1 January 2018. Compliance with SFRS(I) is mandatory for companies listed in SGX for annual financial period beginning on or after 1 January 2018.
 
 
Programme Objective
 
The seminar gives a practical analysis and review of selected FRSs and IFRSs. It is intended for busy professionals requiring a refresher course on the technical principles of Financial Reporting Standards and their applications in accordance with Generally Accepted Accounting Practice in Singapore. The seminar uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners may come to different interpretations and how these differences may be overcome based on past experience and the use of judgement derived from the “Framework”.
 

Programme Outline

 

IFRSSFRS(I)FRSPART I
OVERVIEW AND ANALYSIS OF SELECTED FINANCIAL REPORTING ISSUES
   PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS
IAS 1SFRS(I) 1-1FRS1Presentation of Financial Statements
IAS 7SFRS(I) 1-7FRS7Statement of Cash Flows
IAS 24SFRS(I) 1-24FRS24Related Party Disclosures
 
   REVENUE AND OTHER TRANSACTIONS AND EVENTS
IFRS 15IFRS 15FRS115Revenue from Contracts with Customers (Effective 1 January 2018)
IAS 8 SFRS(I) 1-8 FRS8Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10SFRS(I) 1-10FRS10Events After the Reporting Period
 
   STANDARDS AFFECTING MEASUREMENT
IAS 21SFRS(I) 1-21FRS21The Effect of Changes in Foreign Exchange Rates
IAS 23SFRS(I) 1-23FRS23Borrowing Costs
IFRS 13SFRS(I) 13FRS113Fair Value Measurement
 
 
 
 
 
 PART II
ASSETS AND LIABILITIES
   ACCOUNTING FOR NON-CURRENT ASSETS
IAS 16SFRS(I) 1-16FRS16Property, Plant and Equipment
IAS 40SFRS(I) 1-40FRS40Investment Property
IAS 38SFRS(I) 1-38FRS38Intangible Assets
IAS 36SFRS(I) 1-36FRS36Impairment of Assets
IFRS 5SFRS(I) 5FRS105Non-current Assets Held for Sale and Discontinued Operations
 
   ACCOUNTING FOR OBLIGATIONS
IAS 37SFRS(I) 1-37FRS37Provisions, Contingent Liabilities and Contingent Assets
IAS 20SFRS(I) 1-20FRS20Accounting for Government Grants and Disclosure of Government Assistance
IFRS 16SFRS(I) 16FRS116Leases (Effective 1 January 2019)
 
 
 
 
 
 PART III
FINANCIAL INSTRUMENTS AND
ACCOUNTING FOR INVESTMENT INTERESTS
   FINANCIAL INSTRUMENTS
IAS 32SFRS(I) 1-32FRS32Financial Instruments: Presentation
IFRS 7SFRS(I) 7FRS107Financial Instruments: Disclosure
IFRS 9SFRS(I) 9FRS109Financial Instruments (Effective 1 January 2018)
 
   BUSINESS COMBINATIONS AND SUBSTANTIAL INVESTMENT INTEREST
IFRS 3SFRS(I) 3FRS103Business Combinations
IAS 27SFRS(I) 1-27FRS27Separate Financial Statements
IAS 28SFRS(I) 1-28FRS28Investments in Associates and Joint Ventures
IFRS 10SFRS(I) 10FRS110Consolidated Financial Statements
IFRS 11SFRS(I) 11FRS111Joint Arrangement
IFRS 12SFRS(I) 12FRS112Disclosure of Interest in Other Entities
 

 
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 concise practical course that can comprehensively cover and/or provide a refresher of the principles of IFRS, SFRS(I) and FRS, as well as a discussion on the potential changes and updates on the current Generally Accepted Accounting Practice are welcome to attend.

Competency Mapping

Category 1 = 14.00 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

14 May 2020 (9:00 AM - 5:00 PM)
15 May 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 652.70
For Non-Members: $ 783.24

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709