Course Detail(A192 : IFRS 15 / FRS 115: Revenue from Contracts with Customers - An Overview)

A192 : IFRS 15 / FRS 115: Revenue from Contracts with Customers - An Overview

3.50 CPE Hours (Category 1)
Classroom

Please be informed that in view of the current COVID-19 situation, ISCA will change the format of 5 Aug 2020 session into Live Webinar. A detailed set of instructions on the Live Webinar will also be sent to you closer to date.

Programme Objective
 
After two exposure drafts and numerous subsequent re-deliberations, the International Accounting Standards Board issued the new revenue Standard in 2014. The new standard FRS 115 Revenue from Contracts with Customers has been adopted by the Accounting Standards Council of Singapore and will replace the existing standards on revenue recognition for periods beginning 1 January 2018.
 
This course explains the standard’s underlying principles, its requirements and implications for different revenue sources, and its impact on existing accounting practices. The course also considers the judgemental areas that are critical in certain revenue situations and explains the application of FRS 115 with examples and illustrations.

Programme Outline


The scope of the course includes the following:

  • Objective of FRS 115
  • Understanding the 5-step process in FRS 115
  • Selected recognition issues
    • Identifying a separate performance obligation
    • Issues relating to performance obligations over time
  • Selected measurement issues
    • Multiple element contracts, variable consideration, time value of money and other issues relating to transaction price
  • Contract costs,contract assets and contract liabilities
  • Presentation and disclosure issues

 
Training Methodology
 
Lecture style, with exercises/illustrative examples
 
Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for Accountants, Finance Managers, CFOs, Auditors and Analysts who want to assess the impact of this major standard on reported revenues.

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

17 Dec 2020 (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

Date & Time

21 Oct 2019 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Pearl Tan

Date & Time

04 Jul 2019 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Pearl Tan

Date & Time

17 Oct 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Dr Pearl Tan

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).

Please be informed that in view of the current COVID-19 situation, ISCA will change the format of 5 Aug 2020 session into Live Webinar. A detailed set of instructions on the Live Webinar will also be sent to you closer to date.

Programme Objective
 
After two exposure drafts and numerous subsequent re-deliberations, the International Accounting Standards Board issued the new revenue Standard in 2014. The new standard FRS 115 Revenue from Contracts with Customers has been adopted by the Accounting Standards Council of Singapore and will replace the existing standards on revenue recognition for periods beginning 1 January 2018.
 
This course explains the standard’s underlying principles, its requirements and implications for different revenue sources, and its impact on existing accounting practices. The course also considers the judgemental areas that are critical in certain revenue situations and explains the application of FRS 115 with examples and illustrations.

Programme Outline


The scope of the course includes the following:

  • Objective of FRS 115
  • Understanding the 5-step process in FRS 115
  • Selected recognition issues
    • Identifying a separate performance obligation
    • Issues relating to performance obligations over time
  • Selected measurement issues
    • Multiple element contracts, variable consideration, time value of money and other issues relating to transaction price
  • Contract costs,contract assets and contract liabilities
  • Presentation and disclosure issues

 
Training Methodology
 
Lecture style, with exercises/illustrative examples
 
Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for Accountants, Finance Managers, CFOs, Auditors and Analysts who want to assess the impact of this major standard on reported revenues.

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).

Upcoming Schedule

Date & Time

17 Dec 2020 (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