This session is delivered via live webinar (zoom platform).

 

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

Pre-requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
   

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)