UTAP Funding
Programme ObjectiveThis two-day course provides an insight into the salient technical features of the three new Standards. The course uses practical case studies to illustrate how the three Standards are interrelated to each other. Depending the contractual terms, all the three new Standards could be applied in a single contract. The delegates will gain a working knowledge on how to apply these three Standards in practice and to understand the impact on financial position (effect gearing ratios), financial performance (timing and amount of income and expense) and cash flows.
Day 1IFRS15 Revenue from Contracts with Customers THE FIVE PRACTICAL STEPS OF APPLYING IFRS15Step 1 Identifying and assessing existence of a contract with customersStep 2 Establish present obligation(s) in the contractsStep 3 Determining the transaction priceStep 4 Allocating the transaction priceStep 5 Recognise revenue upon transfer of control at a point-in-time or over time RECOGNITION ISSUESDealing with “revenue contract”What is a contacts and how to identify the existence of such contractsDealing with “performance obligations”Deciding goods or services that are distinct, a bundle of distinct or a series of distinctDecide whether control transferred at a point in time or overtime MEASUREMENT ISSUESTransaction priceAllocation of transaction price to performance obligations DEALING WITH CONTRACT COSTSDeciding the methods of amortising contract cost when revenue is recognisedUnder what circumstances contract costs can be impaired PRESENTATION AND DISCLOSUREPresenting revenue in the main financial statementsQualitative and quantitative disclosure TRANSITIONAL PROVISIONSDealing with transition from existing Standards to IFRS 15 Day 2IFRS9 Financial InstrumentsTo highlight the similarity and salient difference between IAS39 and IFRS9:How financial assets and financial liabilities are recognition and derecognitionHow to classification of financial assets and financial liabilitiesThe measurement issues:Determining fair value – interaction between IFRS9 and IFRS 13 Fair Value MeasurementThe use of effective interest rates methods for different types of financial instrumentsImpairment of financial assets:Comparing the ‘incurred loss model’ with the ‘expected loss model’The accounting requirements for loan losses and interest incomeA quick comparison of hedge accounting under IAS39 and the new StandardTransiting from IAS39 to IFRS9 IFRS16 LeasesThe overall technical issuesScope of the StandardIdentification of a lease – determining whether a contract contain a lease elementShort-term lease Vs. long-term leaseLow value lease of assets Lessee accounting:Determining the lease term and the amount of lease paymentsDetermining the right-of-use assets and the corresponding lease liabilities Presentation and disclosure Lessor accounting:Classifying finance lease and operating leaseRecognition and measurement issues Lease of propertiesPresent value of the minimum lease paymentsDetermining the discount rateThe accounting profile for lessor and lessee Sale and lease back transactionsDeciding whether a transfer of asset is a saleAccounting when transfer of asset is a sale and when it is not a saleTraining MethodologyLectures and illustrations with open discussions Closing Date for Registration1 week before programme or until full enrolment.
Day 1IFRS15 Revenue from Contracts with Customers THE FIVE PRACTICAL STEPS OF APPLYING IFRS15Step 1 Identifying and assessing existence of a contract with customersStep 2 Establish present obligation(s) in the contractsStep 3 Determining the transaction priceStep 4 Allocating the transaction priceStep 5 Recognise revenue upon transfer of control at a point-in-time or over time RECOGNITION ISSUES
MEASUREMENT ISSUES
DEALING WITH CONTRACT COSTS
PRESENTATION AND DISCLOSURE
TRANSITIONAL PROVISIONS
Day 2IFRS9 Financial Instruments
IFRS16 LeasesThe overall technical issues
Lessee accounting:
Lessor accounting:
Lease of properties
Sale and lease back transactions
Training MethodologyLectures and illustrations with open discussions Closing Date for Registration1 week before programme or until full enrolment.
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 concise practical course that can comprehensively cover the principles of the three new Standards, as well as a discussion on the potential changes and updates on the current Generally Accepted Accounting Practice are welcome to attend.
1] NTUC Union Training Assistance Programme (UTAP)UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. To find out more on the UTAP funding and support validity period please click here.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008
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