Preparing financial statements in accordance with the principles of IFRS poses significant challenges for the preparers. Equally, the same challenges are also faced by auditors in the audit of financial statements. Most of these challenges are due to the risk inherent in applying IFRS in the current complex business environments, and the frequent changes in principles of IFRS aimed to provide financial information that is relevant to the needs of users of financial statements.
The objectives of this seminar:
- Layout a map of ‘red flags’ surrounding the processes and environments of interpreting and preparing financial statement in accordance with IFRSs
- Provides practical ‘tips’ for preparers and auditors in exercising professional judgement in interpreting the principles of the IFRSs
- Explain the appropriate processes of applying the principles of the standards to unusual and complex transactions, other event, and conditions
- Honing your existing technical knowledge in IFRSs and diligently applying your knowledge in practice
- Helping preparers to articulate accounting treatments that is capable to withstanding scrutiny by users, auditors and regulators
- To triangulate the interrelationship between IFRS principles, Standards on Auditing and Code of Ethics, and to highlight the importance of considering these three requirements by preparers and auditors
Programme Outline
Session 1: The contemporary financial reporting environment
- Resources that are available for preparers and auditors to make appropriate professional judgments
- A brief on the financial reporting risk such as interpretation risks, recognition and measurement risks, presentation and disclosure risks
Session 2: Making judgement in recognizing and measuring assets and liabilities
- Identifying the rights of an entity that lead to the recognition of an assets
- Understanding the “degree” of obligations that could lead to the recognition of a liability or obligation that only require disclosure
- The importance of making materiality judgement when applying the principles of IFRSs
- Assessing the judgements that are required to be made as at reporting date and its relationship with event after reporting period
Session 3: The skill of presenting and disclosing financial information in accordance with IFRSs
- The concept of ‘fair presentation’
- Aggregation of information
- Offsetting of line items
- Making judgement on material information to present and disclose
Session 4: Issues in preparing financial statements
- Identify pitfalls in interpreting and applying IFRSs
- Exercise of professional judgement and ethical compliance
- Case studies where preparers and auditory should avoid in complying with the principles of IFRSs
Training Methodology
An interactive learning session with live Q&As, quick polls/surveys, self-assessment quizzes
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
Preparers of financial statement, internal and external auditors, audit committee members, directors, chief financial officers, financial controllers.
Schedule & Fees
Testimonial
Funding
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
Programme Facilitator(s)
Preparing financial statements in accordance with the principles of IFRS poses significant challenges for the preparers. Equally, the same challenges are also faced by auditors in the audit of financial statements. Most of these challenges are due to the risk inherent in applying IFRS in the current complex business environments, and the frequent changes in principles of IFRS aimed to provide financial information that is relevant to the needs of users of financial statements.
The objectives of this seminar:
- Layout a map of ‘red flags’ surrounding the processes and environments of interpreting and preparing financial statement in accordance with IFRSs
- Provides practical ‘tips’ for preparers and auditors in exercising professional judgement in interpreting the principles of the IFRSs
- Explain the appropriate processes of applying the principles of the standards to unusual and complex transactions, other event, and conditions
- Honing your existing technical knowledge in IFRSs and diligently applying your knowledge in practice
- Helping preparers to articulate accounting treatments that is capable to withstanding scrutiny by users, auditors and regulators
- To triangulate the interrelationship between IFRS principles, Standards on Auditing and Code of Ethics, and to highlight the importance of considering these three requirements by preparers and auditors
Programme Outline
Session 1: The contemporary financial reporting environment
- Resources that are available for preparers and auditors to make appropriate professional judgments
- A brief on the financial reporting risk such as interpretation risks, recognition and measurement risks, presentation and disclosure risks
Session 2: Making judgement in recognizing and measuring assets and liabilities
- Identifying the rights of an entity that lead to the recognition of an assets
- Understanding the “degree” of obligations that could lead to the recognition of a liability or obligation that only require disclosure
- The importance of making materiality judgement when applying the principles of IFRSs
- Assessing the judgements that are required to be made as at reporting date and its relationship with event after reporting period
Session 3: The skill of presenting and disclosing financial information in accordance with IFRSs
- The concept of ‘fair presentation’
- Aggregation of information
- Offsetting of line items
- Making judgement on material information to present and disclose
Session 4: Issues in preparing financial statements
- Identify pitfalls in interpreting and applying IFRSs
- Exercise of professional judgement and ethical compliance
- Case studies where preparers and auditory should avoid in complying with the principles of IFRSs
Training Methodology
An interactive learning session with live Q&As, quick polls/surveys, self-assessment quizzes
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
Preparers of financial statement, internal and external auditors, audit committee members, directors, chief financial officers, financial controllers.
Programme Facilitator(s)
