Course Detail(TECH068 : ISCA FINANCIAL STATEMENTS REVIEW COMMITTEE (“FSRC”) LIVE WEBINAR 2020: Findings from ACRA Financial Reporting Surveillance Programme (“FRSP”) & Observations from ISCA FSRC)

TECH068 : ISCA FINANCIAL STATEMENTS REVIEW COMMITTEE (“FSRC”) LIVE WEBINAR 2020: Findings from ACRA Financial Reporting Surveillance Programme (“FRSP”) & Observations from ISCA FSRC NEW

2.00 CPE Hours (Category 1)
Classroom


In its collaboration with ACRA, ISCA’s FSRC reviews selected audited financial statements of listed companies under ACRA’s FRSP, with the objectives of enhancing the quality of financial reporting and promoting the best practices in Singapore.

On 14 July 2020, ACRA has issued its latest report on the key findings from the third review cycle of the Financial Reporting Surveillance Programme. The report includes the material accounting breaches found and the resulting regulatory outcomes. During this review cycle, ACRA and ISCA’s FSRC have also obtained the support from the FRSP Committee of Institute of Valuers & Appraisers Singapore (IVAS) when dealing with complex valuation issues.

With this in mind, ISCA has organised this webinar to provide an excellent opportunity for directors, CFOs, finance teams, valuers and public accountants to hear and participate in the discussions with subject-matter experts and regulators, who will share their insights and strategies to achieve compliance with accounting standards.

Below are some key highlights of the ISCA FSRC Webinar 2020:

  • Sharing by ACRA on the material accounting breaches found and case studies developed from real-life cases
  • Sharing by IVAS FRSP on the common pitfalls in business valuation 
  • Sharing by ISCA’s FSRC on practical tips to identify and address red flags in financial statements
  • Opportunity to bring forth your questions for our experts’ deliberation


We would like to invite you to join this webinar, which will be held on 16 September 2020. Join our distinguished line-up of speakers comprising subject-matter experts and regulators as they share their insights on the above topics.

Programme Outline

 

DurationEvent
9.00 am – 9.05 am
(5 minutes)
Welcome Address
Mr James Xu, Chairman of ISCA FSRC; Partner, Deloitte & Touche LLP
 
9.05 am – 9.45 am
(40 minutes)
 
Presentation 1: Findings from ACRA’s FRSP
Ms Bong Yap Kim, Divisional Director, Financial Reporting Division, ACRA
Mr Adrian Teng, Principal Compliance Manager, Financial Reporting Surveillance Department, ACRA

ACRA has completed the third review cycle of the FRSP with the support from ISCA FSRC. Hear from ACRA officers about the material accounting breaches found, the resulting regulatory outcomes and some case studies illustrated in the report.
 
9.45 am – 10.10 am
(25 minutes)
Presentation 2: Insights into Business Valuation
Mr Andre Toh, Deputy Chairman of Institute of Valuers & Appraisers Singapore (IVAS) FRSP Committee; Partner, Ernst & Young Solutions LLP

According to a recent Business Times article, mergers and acquisitions (M&As) have fallen by 22.4% from Q1 2019 to US$10.2 billion in Q1 2020 as a result of the COVID-19 outbreak. Despite this, the value of the M&A deals remain high and analysts expect M&A deals to pick up in the second half of 2020. With M&As getting larger in scale, valuations of businesses have become more complex and errors in valuations could have a significant impact on decisions based on an entity’s value. In this session, Mr Toh will be highlighting key judgemental and challenging areas to take note of as well as sharing on common pitfalls to avoid in business valuations.
 
10.10 am – 10.20 am
(10 minutes)


 
Break
 
10.20 am – 10.45 am
(25 minutes)
 
Presentation 3: Through the Reviewer’s Eyes
Ms Yvonne Chiu, Deputy Chairperson of ISCA FSRC; Partner, KPMG LLP

How should companies respond when they are being selected for review by ACRA? How should companies identify the red flags in the financial statements? Ms Chiu will be sharing insights on how you can identify and address these issues.
 
10.45 am – 11.15 am
(30 minutes)
Question and Answer Session

Below is our line-up of subject-matter experts to address questions from participants:
  • Mr James Xu (Moderator)
  • Ms Bong Yap Kim
  • Ms Yvonne Chiu
  • Mr Andre Toh


Training Methodology

Presentation style with each of the speakers taking turns to present. There will be a Q&A session after all the presentations during which the speakers will address any pertinent questions from the audience arising from the earlier presentations.

Closing Date for Registration

1 week before programme
 

Intended For

Both PAIPPs and PAIBs

Competency Mapping

Category 1 = 2.00 Hours

Schedule & Fees

Date & Time

16 Sep 2020 (9:00 AM - 11:15 AM)

Fee (inclusive of GST)

For Members: $ 70.00
For Non-Members: $ 110.00

Programme Facilitator(s)

Team of Professionals (TECH068)

Venue

Online Classroom in or outside of
Singapore

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Mr James Xu

Deputy Chairman of ISCA FSRC; Audit Partner, Deloitte & Touche LLP

 

James is an audit partner of Deloitte with a wide range of engagements in the audit of multinational and local companies in various industries including Technology, Media and Telecom (TMT), Manufacturing, Real Estate and Construction, Transportation, Consumer Products, Agriculture, Energy and Resources.

 

He is also the Regional Professional Practice Director of Deloitte South East Asia in charge of audit quality and technical matters.

 

Ms Bong Yap Kim

Divisional Director, Financial Reporting Division, ACRA

 

Yap Kim oversees ACRA’s Financial Reporting Surveillance Department (FRSD) and Financial Information Department.

 

FRSD seeks to uphold the integrity and quality of financial reporting in Singapore via its Financial Reporting Surveillance Programme. Through this programme, FRSD reviews selected financial statements with the aim to guide companies in meeting the accounting standard requirements.

 

Prior to joining ACRA, Yap Kim spent more than 16 years in audit practice. She also spent two years in London dealing with accounting standard matters. She is a Fellow of the Institute of Singapore Chartered Accountants.

 

Mr Adrian Teng

Principal Compliance Manager, Financial Reporting Surveillance Department, ACRA

 

Adrian is a Principal Compliance Manager in ACRA’s Financial Reporting Surveillance Department (FRSD).

 

FRSD seeks to uphold the integrity and quality of financial reporting in Singapore via its Financial Reporting Surveillance Programme. Through this programme, FRSD reviews selected financial statements with the aim to guide companies in meeting the accounting standard requirements.

 

Prior to joining ACRA, Adrian had 15 years of experience in audit practice. He is a Chartered Accountant of Singapore.

 

Mr Andre Toh

Deputy Chairman of Institute of Valuers & Appraisers Singapore (IVAS) Standards and Technical Committee; Partner, Ernst & Young Solutions LLP

 

Andre is a Partner with more than 20 years of experience in Ernst & Young.  He is the ASEAN leader for Valuation, Modeling and Economics.  In his daily work, he assists clients in their capital agenda through advanced decision modelling, assessing business sustainability and valuations.

 

Andre is a Council Member of the Institute of Valuers and Appraisers of Singapore (IVAS).  He is a member of the Financial Reporting Surveillance Program on valuation issues with Singapore Accountancy Commission.  He is also the Deputy Chairman of the IVAS Standards & Technical Committee.

 

Andre is a Chartered Valuer and Appraiser (CVA) with IVAS, a Chartered Accountant with the Institute of Singapore Chartered Accountants (ISCA) and a Fellow of CPA Australia.

 

Ms Yvonne Chiu

Member of ISCA FSRC; Partner, KPMG LLP

 

Yvonne is an audit partner with KPMG Singapore and has over 24 years of experience, focusing mainly on audit of global financial institutions.

 

Yvonne holds the critical role as KPMG Singapore’s Audit Quality Leader and as a member of KPMG Singapore’s Audit Quality Committee, to drive and lead the monitoring of audit quality. She is also the Chairperson of KPMG Singapore’s Audit Practice Committee.

 

Yvonne has extensive knowledge in the conversion from a number of accounting standards to International Financial Reporting Standards. She is the Lead Partner for IFRS 9 implementation in KPMG Singapore and a member of the Financial Statements Review Committee of the Institute of Singapore Chartered Accountants.

 

Yvonne is a Chartered Accountant of the Institute of Chartered Accountants in England & Wales (winner of the Northcott Prize) and a practising member of the Institute of Singapore Chartered Accountants (ISCA). She also holds a First Class Honours degree from the Nanyang Technological University of Singapore.


In its collaboration with ACRA, ISCA’s FSRC reviews selected audited financial statements of listed companies under ACRA’s FRSP, with the objectives of enhancing the quality of financial reporting and promoting the best practices in Singapore.

On 14 July 2020, ACRA has issued its latest report on the key findings from the third review cycle of the Financial Reporting Surveillance Programme. The report includes the material accounting breaches found and the resulting regulatory outcomes. During this review cycle, ACRA and ISCA’s FSRC have also obtained the support from the FRSP Committee of Institute of Valuers & Appraisers Singapore (IVAS) when dealing with complex valuation issues.

With this in mind, ISCA has organised this webinar to provide an excellent opportunity for directors, CFOs, finance teams, valuers and public accountants to hear and participate in the discussions with subject-matter experts and regulators, who will share their insights and strategies to achieve compliance with accounting standards.

Below are some key highlights of the ISCA FSRC Webinar 2020:

  • Sharing by ACRA on the material accounting breaches found and case studies developed from real-life cases
  • Sharing by IVAS FRSP on the common pitfalls in business valuation 
  • Sharing by ISCA’s FSRC on practical tips to identify and address red flags in financial statements
  • Opportunity to bring forth your questions for our experts’ deliberation


We would like to invite you to join this webinar, which will be held on 16 September 2020. Join our distinguished line-up of speakers comprising subject-matter experts and regulators as they share their insights on the above topics.

Programme Outline

 

DurationEvent
9.00 am – 9.05 am
(5 minutes)
Welcome Address
Mr James Xu, Chairman of ISCA FSRC; Partner, Deloitte & Touche LLP
 
9.05 am – 9.45 am
(40 minutes)
 
Presentation 1: Findings from ACRA’s FRSP
Ms Bong Yap Kim, Divisional Director, Financial Reporting Division, ACRA
Mr Adrian Teng, Principal Compliance Manager, Financial Reporting Surveillance Department, ACRA

ACRA has completed the third review cycle of the FRSP with the support from ISCA FSRC. Hear from ACRA officers about the material accounting breaches found, the resulting regulatory outcomes and some case studies illustrated in the report.
 
9.45 am – 10.10 am
(25 minutes)
Presentation 2: Insights into Business Valuation
Mr Andre Toh, Deputy Chairman of Institute of Valuers & Appraisers Singapore (IVAS) FRSP Committee; Partner, Ernst & Young Solutions LLP

According to a recent Business Times article, mergers and acquisitions (M&As) have fallen by 22.4% from Q1 2019 to US$10.2 billion in Q1 2020 as a result of the COVID-19 outbreak. Despite this, the value of the M&A deals remain high and analysts expect M&A deals to pick up in the second half of 2020. With M&As getting larger in scale, valuations of businesses have become more complex and errors in valuations could have a significant impact on decisions based on an entity’s value. In this session, Mr Toh will be highlighting key judgemental and challenging areas to take note of as well as sharing on common pitfalls to avoid in business valuations.
 
10.10 am – 10.20 am
(10 minutes)


 
Break
 
10.20 am – 10.45 am
(25 minutes)
 
Presentation 3: Through the Reviewer’s Eyes
Ms Yvonne Chiu, Deputy Chairperson of ISCA FSRC; Partner, KPMG LLP

How should companies respond when they are being selected for review by ACRA? How should companies identify the red flags in the financial statements? Ms Chiu will be sharing insights on how you can identify and address these issues.
 
10.45 am – 11.15 am
(30 minutes)
Question and Answer Session

Below is our line-up of subject-matter experts to address questions from participants:
  • Mr James Xu (Moderator)
  • Ms Bong Yap Kim
  • Ms Yvonne Chiu
  • Mr Andre Toh


Training Methodology

Presentation style with each of the speakers taking turns to present. There will be a Q&A session after all the presentations during which the speakers will address any pertinent questions from the audience arising from the earlier presentations.

Closing Date for Registration

1 week before programme
 

Intended For

Both PAIPPs and PAIBs

Competency Mapping

Category 1 = 2.00 Hours

Programme Facilitator(s)

Mr James Xu

Deputy Chairman of ISCA FSRC; Audit Partner, Deloitte & Touche LLP

 

James is an audit partner of Deloitte with a wide range of engagements in the audit of multinational and local companies in various industries including Technology, Media and Telecom (TMT), Manufacturing, Real Estate and Construction, Transportation, Consumer Products, Agriculture, Energy and Resources.

 

He is also the Regional Professional Practice Director of Deloitte South East Asia in charge of audit quality and technical matters.

 

Ms Bong Yap Kim

Divisional Director, Financial Reporting Division, ACRA

 

Yap Kim oversees ACRA’s Financial Reporting Surveillance Department (FRSD) and Financial Information Department.

 

FRSD seeks to uphold the integrity and quality of financial reporting in Singapore via its Financial Reporting Surveillance Programme. Through this programme, FRSD reviews selected financial statements with the aim to guide companies in meeting the accounting standard requirements.

 

Prior to joining ACRA, Yap Kim spent more than 16 years in audit practice. She also spent two years in London dealing with accounting standard matters. She is a Fellow of the Institute of Singapore Chartered Accountants.

 

Mr Adrian Teng

Principal Compliance Manager, Financial Reporting Surveillance Department, ACRA

 

Adrian is a Principal Compliance Manager in ACRA’s Financial Reporting Surveillance Department (FRSD).

 

FRSD seeks to uphold the integrity and quality of financial reporting in Singapore via its Financial Reporting Surveillance Programme. Through this programme, FRSD reviews selected financial statements with the aim to guide companies in meeting the accounting standard requirements.

 

Prior to joining ACRA, Adrian had 15 years of experience in audit practice. He is a Chartered Accountant of Singapore.

 

Mr Andre Toh

Deputy Chairman of Institute of Valuers & Appraisers Singapore (IVAS) Standards and Technical Committee; Partner, Ernst & Young Solutions LLP

 

Andre is a Partner with more than 20 years of experience in Ernst & Young.  He is the ASEAN leader for Valuation, Modeling and Economics.  In his daily work, he assists clients in their capital agenda through advanced decision modelling, assessing business sustainability and valuations.

 

Andre is a Council Member of the Institute of Valuers and Appraisers of Singapore (IVAS).  He is a member of the Financial Reporting Surveillance Program on valuation issues with Singapore Accountancy Commission.  He is also the Deputy Chairman of the IVAS Standards & Technical Committee.

 

Andre is a Chartered Valuer and Appraiser (CVA) with IVAS, a Chartered Accountant with the Institute of Singapore Chartered Accountants (ISCA) and a Fellow of CPA Australia.

 

Ms Yvonne Chiu

Member of ISCA FSRC; Partner, KPMG LLP

 

Yvonne is an audit partner with KPMG Singapore and has over 24 years of experience, focusing mainly on audit of global financial institutions.

 

Yvonne holds the critical role as KPMG Singapore’s Audit Quality Leader and as a member of KPMG Singapore’s Audit Quality Committee, to drive and lead the monitoring of audit quality. She is also the Chairperson of KPMG Singapore’s Audit Practice Committee.

 

Yvonne has extensive knowledge in the conversion from a number of accounting standards to International Financial Reporting Standards. She is the Lead Partner for IFRS 9 implementation in KPMG Singapore and a member of the Financial Statements Review Committee of the Institute of Singapore Chartered Accountants.

 

Yvonne is a Chartered Accountant of the Institute of Chartered Accountants in England & Wales (winner of the Northcott Prize) and a practising member of the Institute of Singapore Chartered Accountants (ISCA). She also holds a First Class Honours degree from the Nanyang Technological University of Singapore.


Upcoming Schedule

Date & Time

16 Sep 2020 (9:00 AM - 11:15 AM)

Fee (inclusive of GST)

For Members: $ 70.00
For Non-Members: $ 110.00

Programme Facilitator(s)

Team of Professionals (TECH068)

Venue

Online Classroom in or outside of
Singapore