Programme Objective

The program aims to provide an overview of the changes to FRS from the latest annual improvement project, cover the new standards applicable for 2021/2022, and provide details of the latest standards issues by the IASB and their respective application in Singapore by ASC. Practical examples to solve problems in selected standards will also be discussed.

Programme Outline

1. Overview of projects of the IASB and current trends

2. New standards an interpretations effective since 2020

• Definition of a Business
• Definition of Material
• Making Materiality Judgements (Application date – 1 August 2018)
• Interest Rate Benchmark Reform

3. Annual improvement cycle 2017-2020 and including changes to existing standards      

• FRS 12 Income Tax
• FRS 23 Borrowing Costs
• FRS 102 Sharebased payments
• FRS 40 Investment Property

4. New / updated standards applicable and practical issues with
 

• FRS 1 – Classification of Liabilities
• FRS 16 Property, Plant and Equipment – Proceeds Before Intended Use
• FRS 37 – Onerous Contracts – Cost of fulfilling a contract
• FRS 115 Revenues from contract with customers
• FRS 116 Leasing – lease incentives
• FRS 109 Financial Instruments – 10 % test for derecognition of financial liabilities

5. Latest interpretations in Singapore
 

• INT FRS 121 Levies
• INT FRS 122 Foreign Currency Transactions
• INT FRS 123 Uncertain Income Tax Treatments

Training Methodology

Lecture style, with Exercises/Case Studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate Level programme intended for Chief Financial Officers, Financial Controllers, Finance Managers, Auditors, Accountants and those involved in the preparation and interpretation of financial statements. Other users of financial information will also find the programme beneficial.

Programme Facilitator(s)