Programme ObjectiveThis two-day workshop provides a comprehensive coverage of the complex issues facing first-time adopters by using practical case studies including a discussion of available strategies for deciding and choosing accounting policies and the optional exemptions in applying the chosen accounting policies at date of transition. The main focus of this seminar is to examine the first-time adoption provisions contained in IFRS 1, to explain the various transitional options available and to provide pointers to preparer and auditor in order to choose the appropriate transitional options. The seminar: provides practical illustrations and implementation guidelines on applying the “mandatory exceptions” and choosing the “optional exemptions”shows how to design and use spreadsheet for handling the transition process explains ‘when’ (timing of transition) and ‘how’ (methodology use in transition) to incorporate the transition process from working papers to accounting systemsprovides guidance on how to collect transition information for presentation and extensive disclosure requirement of IFRS 1 for: the first quarter of the interim financial statementsthe annual financial statements
The Fundamental Principles Determining the transition dateThe “retrospective approach”Introduction to retrospective approach and exceptionsRecognition & measurement of assets and liabilitiesPreparing the opening IFRS statement of financial position at transition date Mandatory Exceptions’ to retrospective approach: Use of estimatesDerecognition of financial assets and financial liabilitiesHedge accountingNon-controlling interests Optional Exemptions’ to retrospective approach: Strategies for dealing with business combinations (IFRS 3) How to decide whether to apply IFRS 3 prospectively or retrospectivelyInteraction between IFRS 3 and consolidated financial statements IFRS 10Adjustment to goodwill arising from: Recognition and measurement of intangible assetsImpairment test at date of transition How to choose which optional exemptions from other IFRSs Share-based payment transactionsInsurance contractsThe exception rules in using fair value as deemed cost in: Property, plant and equipmentInvestment propertyIntangible assetsRate regulated activitiesEvent driven – Initial public offering or privatisationOil and gas properties in development or production phasesInvestments in subsidiaries, jointly controlled entities and associates Assets and liabilities of subsidiaries, associates and joint venturesLeases – How and when to determine an agreement containing a lease (IFRIC 4)Employee benefitsCumulative translation differencesCompound financial instrumentsDesignation of previously recognized financial instrumentsDecommissioning liabilities included in the cost of property, plant and equipment (IFRIC 1)Fair value measurement of financial assets or financial liabilities at initial recognitionFinancial assets or intangible assets accounted for under IFRIC 12 Service concession arrangementsBorrowing costsTransfers of assets from customersExtinguishing financial liabilities with equity instrumentsShort-term exemption from IFRSs Disclosures about financial instrumentsInvestment entities Presentation and Disclosure Requirements Disclosure of comparatives – converting previous GAAP to IFRSPreparing and presenting reconciliation statements for: Statement of financial positionStatement of profit or loss and other comprehensive income Explanation for effect of difference between previous GAAP and IFRSInterim financial statements Other transition issues to consider: Choosing accounting policies under IFRSsDeciding which optional exception to implement the chosen accounting policiesConsidering possible impact to accounting operations during the transition periodImplementing the changes and staff trainingDate of valuation report (determining fair value at date of transition)When to start to transition process – the timingHow to carrying out the transition process Operating parallel reporting systems for the comparative periodUsing spreadsheet How 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 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
An Intermediate to Advanced level programme intended for personnel in accounting department, accountants, auditors (internal and external), members of audit committee, finance directors and regulators.
Category 1 = 14.00 Hours
06 Jun 2017 (9:00 AM - 5:00 PM)07 Jun 2017 (9:00 AM - 5:00 PM)
Registration is closed
09 Mar 2017 (9:00 AM - 5:00 PM)10 Mar 2017 (9:00 AM - 5:00 PM)
29 Nov 2016 (9:00 AM - 5:00 PM)30 Nov 2016 (9:00 AM - 5:00 PM)
For Members: $ 620.60 For Non-Members: $ 736.16
60 Cecil StreetISCA HouseSingapore 049709
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