Programme ObjectiveThis 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 1provide 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
The essential steps to follow:1st - Deciding the transition date2nd - Recognize and derecognize3rd - Choose accounting policies4th - Implement the chosen policies5th - Presentation and disclosure The Fundamental Principles of IFRS 1 The “retrospective approach”What are ‘exceptions’ from retrospective application of other IFRSsWhat are ‘exemptions’ from other IFRSsRecognition and measurement of assets and liabilitiesPreparing the opening IFRS statement of financial position at transition dateThe 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 periodUsing spreadsheet Implement the changes and staff trainingConsider possible impact to accounting operations during the transition periodHow to extract accounting information to prepare: the comparatives for the first IFRS financial statementsthe 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 MethodologyLecture style, with practical illustrations, technical flowchart and conceptual “mind map” and interactive discussionsClosing Date for Registration1 week before programme or until full enrolment
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.
Category 1 = 7.00 Hours
18 Feb 2017 (9:00 AM - 5:00 PM)
Registration is closed
31 Oct 2016 (9:00 AM - 5:00 PM)
For Members: $ 329.56 For Non-Members: $ 398.04
60 Cecil StreetISCA HouseSingapore 049709
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05 Mar 2021 - 05 Mar 2021
08 Mar 2021 - 08 Mar 2021