Course Detail(A210 : IFRS Convergence: An Executive Brief on Transition from FRS to IFRS)

A210 : IFRS Convergence: An Executive Brief on Transition from FRS to IFRS

7.00 CPE Hours (Category 1)
Classroom

Programme Objective
This one-day executive brief is designed to enhance awareness of the impending transition from FRS to IFRS. The main focuses are to:

  • highlight the salient features of IFRS 1
  • provide practical guidance to first-time adopters on compliance with ‘exceptions’ to retrospective application 
  • give tips on how to choose ‘exemptions’ from other IFRSs 
  • show how to design and use spreadsheet for handling the transition process 
  • explain the when and how to incorporate the transition process from working papers to accounting systems

Programme Outline

The essential steps to follow:
1st - Deciding the transition date
2nd - Recognize and derecognize
3rd - Choose accounting policies
4th - Implement the chosen policies
5th - Presentation and disclosure
 
The Fundamental Principles of IFRS 1
  • The “retrospective approach”
  • What are ‘exceptions’ from retrospective application of other IFRSs
  • What are ‘exemptions’ from other IFRSs
  • Recognition and measurement of assets and liabilities
  • Preparing the opening IFRS statement of financial position at transition date
  • The effect of estimates on financial information on date of transition and comparative period
Overall considerations
  • Decide the timing (When to do)
  • Choose the method (How to do)
  • How to carry out the transition process
  • Considering system issues 
  • Operating parallel reporting systems for the comparative period
  • Using spreadsheet 
  • Implement the changes and staff training
  • Consider possible impact to accounting operations during the transition period
  • How to extract accounting information to prepare:
    • the comparatives for the first IFRS financial statements
    • the reconciliation statements show the effect of transition from FRS and IFRS
  • Keep a watchful eye on 1 quarter interim results (remember times fly)
  • Take advantage of the transition options

Training Methodology
Lecture style, with practical illustrations, technical flowchart and conceptual “mind map” and interactive discussions

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for accountants, auditors (internal and external), and members of audit committee, finance directors, regulators and personnel in the accounting department.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

18 Feb 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

31 Oct 2016 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

No funding Available!

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 Objective
This one-day executive brief is designed to enhance awareness of the impending transition from FRS to IFRS. The main focuses are to:

  • highlight the salient features of IFRS 1
  • provide practical guidance to first-time adopters on compliance with ‘exceptions’ to retrospective application 
  • give tips on how to choose ‘exemptions’ from other IFRSs 
  • show how to design and use spreadsheet for handling the transition process 
  • explain the when and how to incorporate the transition process from working papers to accounting systems

Programme Outline

The essential steps to follow:
1st - Deciding the transition date
2nd - Recognize and derecognize
3rd - Choose accounting policies
4th - Implement the chosen policies
5th - Presentation and disclosure
 
The Fundamental Principles of IFRS 1
  • The “retrospective approach”
  • What are ‘exceptions’ from retrospective application of other IFRSs
  • What are ‘exemptions’ from other IFRSs
  • Recognition and measurement of assets and liabilities
  • Preparing the opening IFRS statement of financial position at transition date
  • The effect of estimates on financial information on date of transition and comparative period
Overall considerations
  • Decide the timing (When to do)
  • Choose the method (How to do)
  • How to carry out the transition process
  • Considering system issues 
  • Operating parallel reporting systems for the comparative period
  • Using spreadsheet 
  • Implement the changes and staff training
  • Consider possible impact to accounting operations during the transition period
  • How to extract accounting information to prepare:
    • the comparatives for the first IFRS financial statements
    • the reconciliation statements show the effect of transition from FRS and IFRS
  • Keep a watchful eye on 1 quarter interim results (remember times fly)
  • Take advantage of the transition options

Training Methodology
Lecture style, with practical illustrations, technical flowchart and conceptual “mind map” and interactive discussions

Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for accountants, auditors (internal and external), and members of audit committee, finance directors, regulators and personnel in the accounting department.

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

Registration is closed

Date & Time

18 Feb 2017 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709