Course Detail(E140 : Ethics: Exercising Judgement in Financial Reporting (The ‘Should’ and ‘Should Not’))

SDF Funding, SkillsFuture Credit, UTAP Funding

E140 : Ethics: Exercising Judgement in Financial Reporting (The ‘Should’ and ‘Should Not’)

7.00 CPE Hours (Category 2)
Classroom

Introduction
 
FRS and IFRS are principles based standards. Interpreting these principles requires sound professional judgement in deciding the best practice for a particular transaction or event. The exercise of professional judgement can be complex due different business environments and at time downright confusing as there may be several possible interpretations of the same principle in practice.
 
There are no clearly dividing lines guiding practitioners of FRS/IFRS when the ethic lines are crossed, hence to what extent the judgement ‘should’ be and ‘should not’ be acceptable within the threshold of ethics in normal practice.
 
Practitioners of FRS/IFRS can be categorised into directors, accountants, auditors and regulators. Each one of these parties has different objectives, responsibilities and expectations, and thus could create varying degree of threshold on what ‘should’ and ‘should not’ be within ethical tolerance.
 
 
Programme Objectives
 
The seminar scrutinises and rationalises the salient principles in FRS/IFRS and to examines how practitioners of FRS/IFRS exercise professional judgements in interpreting these principles. It examines and explains in detail by using cases extracted from published financial statements and illustrative case studies.
 
This seminar takes an interesting and lighthearted approach (but nonetheless equally serious) on how auditors, directors, company accountants and regulators often derived different interpretations of the same principle and believe that their way of practice gives “fairer presentation”!

Programme Outline

  • Examine some of the well established Generally Accepted Accounting Practices in Singapore and explore how practitioners can find safety in making judgement that are not construe as off ‘tangent’ with fair presentation in accordance with FRS/IFRS

 

  • The concept of ‘fairly presented’ and its relationship with Generally Accepted Accounting Practices

 

  • The ‘should’ do and ‘should not’ do in exercising judgement when interpreting the following words to comply with a requirement contained in an FRS/IFRS

 

  • Judgement on relativity and proximity
    • Shall, Could, Should, May, Must, Usually, Generally, May be, Say

 

  • Judgement on probabilities and uncertainty
    • Probable, Possible, Most, More, Expected, Likely, More likely, Less likely

 

  • Judgement on comparability
    • Insignificant, Significant, Major, Substantial, Material, More than insignificant

 

  • Judgement on timing
    • Relative timing on long-term and short-term

 

  • The seminar covers practices of FRSs/IFRSs in:
    • Presenting performance, financial position and cash flows
    • Recognition and measurement of assets and liabilities
    • Recognition and measurement of income and expense


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 practical course that examines the professional ethical angle when exercising judgement in applying FRS are welcome to attend.

Competency Mapping

Category 2 = 7.00 Hours

Schedule & Fees

Date & Time

16 Dec 2019 (9:00 AM - 5:00 PM)

Registration is closed

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

Date & Time

02 Mar 2020 (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

Date & Time

23 Jun 2020 (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

Date & Time

18 Jun 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

17 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

19 Jun 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 1 April 2020

 

Course Ref No.: CRS-N-0035496

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 1 April 2020
Funded Hours: 7 hours
Course Ref No.: CRS-N-0035496

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.
 

Introduction
 
FRS and IFRS are principles based standards. Interpreting these principles requires sound professional judgement in deciding the best practice for a particular transaction or event. The exercise of professional judgement can be complex due different business environments and at time downright confusing as there may be several possible interpretations of the same principle in practice.
 
There are no clearly dividing lines guiding practitioners of FRS/IFRS when the ethic lines are crossed, hence to what extent the judgement ‘should’ be and ‘should not’ be acceptable within the threshold of ethics in normal practice.
 
Practitioners of FRS/IFRS can be categorised into directors, accountants, auditors and regulators. Each one of these parties has different objectives, responsibilities and expectations, and thus could create varying degree of threshold on what ‘should’ and ‘should not’ be within ethical tolerance.
 
 
Programme Objectives
 
The seminar scrutinises and rationalises the salient principles in FRS/IFRS and to examines how practitioners of FRS/IFRS exercise professional judgements in interpreting these principles. It examines and explains in detail by using cases extracted from published financial statements and illustrative case studies.
 
This seminar takes an interesting and lighthearted approach (but nonetheless equally serious) on how auditors, directors, company accountants and regulators often derived different interpretations of the same principle and believe that their way of practice gives “fairer presentation”!

Programme Outline

  • Examine some of the well established Generally Accepted Accounting Practices in Singapore and explore how practitioners can find safety in making judgement that are not construe as off ‘tangent’ with fair presentation in accordance with FRS/IFRS

 

  • The concept of ‘fairly presented’ and its relationship with Generally Accepted Accounting Practices

 

  • The ‘should’ do and ‘should not’ do in exercising judgement when interpreting the following words to comply with a requirement contained in an FRS/IFRS

 

  • Judgement on relativity and proximity
    • Shall, Could, Should, May, Must, Usually, Generally, May be, Say

 

  • Judgement on probabilities and uncertainty
    • Probable, Possible, Most, More, Expected, Likely, More likely, Less likely

 

  • Judgement on comparability
    • Insignificant, Significant, Major, Substantial, Material, More than insignificant

 

  • Judgement on timing
    • Relative timing on long-term and short-term

 

  • The seminar covers practices of FRSs/IFRSs in:
    • Presenting performance, financial position and cash flows
    • Recognition and measurement of assets and liabilities
    • Recognition and measurement of income and expense


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 practical course that examines the professional ethical angle when exercising judgement in applying FRS are welcome to attend.

Competency Mapping

Category 2 = 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

Date & Time

02 Mar 2020 (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