Programme ObjectiveThis programme provides an overview on fair value accounting and some of the difficulties relating to the fair value measurement process. Other topics covered include fair value accounting and its implications for auditors as well as an understanding of the controversy surrounding fair value accounting for liabilities. We will also discuss some of the major controversies surrounding fair value accounting using a case study approach from notable examples such as Wells Fargo, Deustche Bank and Goldman Sachs. In the local context, we will explore how fair value accounting impacts the financial results in Noble Group with regard to the valuation of its derivative contracts as well as the recent case involving Hyflux Ltd over the restructuring of its company debt.
Programme Outline(1) Apply the key concepts and principles of the fair value measurement process(2) Understand why fair value accounting is such a controversial topic to the accounting profession (3) Discuss the audit implications relating to fair value accounting(4) Analyze real world examples surrounding some of the major fair value accounting controversies and how do firms deal with it(5) Examine fundamental measurement difficulties regarding Level 2 and Level 3 assets and its implications to the audit profession (6) Discuss pertinent issues about fair value accounting for liabilities and its effects on the financial statementsFor this seminar, we will use provisions from the following Financial Reporting Standards (FRS):FRS109 – Financial InstrumentsFRS 113 – Fair value measurementsTraining methodologyLectures, facilitated by Powerpoint presentation, discussions, case studies, and sharing of practical situationsClosing Date for Registration1 week before programme or until full enrolment
Accountants, Auditors, Preparers of financial statements, Financial Controllers
Category 1 = 3.50 Hours
19 Dec 2019 (2:00 PM - 5:30 PM)
Registration is closed
21 Aug 2019 (2:00 PM - 5:30 PM)
21 Dec 2018 (2:00 PM - 5:30 PM)
Dr Kevin Ow YongPhD, BAcc (First Class Hons), CA (Singapore), CPA, CFADr. Kevin Ow Yong is Associate Professor of Accounting at Singapore Institute of Technology (SIT). He has previously worked at Peking University and Singapore Management University. Prior to joining academia, he was a regional accountant and financial analyst with Singapore Airlines. He holds a First Class Honours Degree (with University Medal) in Accounting from Nanyang Technological University and received his PhD degree from Duke University.Dr Ow Yong has been a Chartered Accountant (CA) and Certified Public Accountant (CPA) since 2003 as well as a Chartered Financial Analyst (CFA) since 2002. He is also a member of the UAFRS Advisory Council with Valens Research. He has previously served on the Candidate Programmes Committee with the CFA Society (Singapore) and on the advisory board with Brahm Centre, a non-profit charity organization as their Finance Advisor.
For Members: $ 199.02 For Non-Members: $ 237.54
137 Cecil StreetLevel 4Cecil BuildingSingapore 069537
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05 Mar 2021 - 05 Mar 2021
08 Mar 2021 - 08 Mar 2021
