Accounting Standards are constantly changing due to improvements, amendments and new issues, thus keeping up to date with IFRS is a daunting task for every accountant in practice. This annual technical update seminar attempts to make the task easier by providing a detail technical brief for busy professionals.
The objective of the course is to:
- update preparers and users of financial statements on newly issued and amended IFRS.
- provides a technical brief on outstanding exposure drafts, discussion papers and recent pronouncement issued by IASB.
- Update on latest pronouncements issued up to the date of the seminar.
- provide a brief on the two new IFRS Sustainability Standards issued by the International Sustainability Standard Board (ISSB) in June 2023 with an international effective date on 1 January 2024
Programme Outline
Prologue | A brief on current environment of applying accounting standards |
| - A brief on the importance of referring to other documents such as Agenda Decisions issued by IFRIC, guidance and bulletins issued by accountancy bodies as well as literatures written on the issues relating to accounting standards
- A brief on the environment of applying IFRS Sustainability Standards
- Interest Rate Benchmark Reform – Phase 1 and 2 (IFRS9 and IFRS16)
|
| |
| IFRS Accounting Standards with effective date* 1 January 2022 |
1 | Annual Improvements to IFRS 2018-2020 |
2 | Property, Plant and Equipment Proceeds before intended use (IAS16) |
3 | Onerous Contracts (Cost of fulfilling a contract) (IAS37) |
4 | Reference to the Conceptual Framework (Amend IFRS3) |
| |
| IFRS Accounting Standards with effective date* 1 January 2023 |
1 | Classification of liability as current or non-current (IAS 1) |
2 | Disclosure of Accounting Policies (IAS1 and PS2) |
3 | Accounting Estimate (IAS8) |
4 | Deferred Tax related to Assets & Liabilities arising from a Single Transaction (IAS12) |
5 | International Tax Reform – Pillar Two model Rules
(For both IAS12 and IFRS for SMEs) |
| |
| IFRS Accounting Standards with effective date* 1 January 2024 |
1 | Lease Liability in a Sale and Leaseback (IFRS16) |
2 | Non-current Liabilities with Covenants (IAS 1) |
3 | Supplier Financing Arrangements (IAS7 and IFRS 7) |
| |
| IFRS Accounting Standards with effective date* 1 January 2025 |
1 | Lack of Exchangeability (IAS 21) |
| (Any latest issuance will be included) |
| |
| IFRS Accounting Standards with effective date* 1 January 2026 and beyond |
1 | An overview of the forthcoming IFRS Accounting Standard expected to be issued in April 2024:
IFRS 18 Presentation and Disclosure of the Financial Statements |
| (Any latest issuance will be included) |
| |
| Selected Important Discussion Papers and Exposure Drafts
(List as at publication date – will be updated at date of seminar) |
ED/2023/5 | Financial Instruments with Characteristics of Equity
(Amendments to IAS32, IFRS7 and IAS1) |
ED/2023/4 | Annual Improvements – Volume 11 |
ED/2023/2 | Amendments to the Classification and Measurement of Financial Instruments (amendments to IFRS 9 and IFRS 7) |
ED/2023/1 | IFRS for SMEs Accounting Standards (3rd edition) |
ED/2021/1 | Regulatory Assets and Regulatory Liabilities |
ED/2021/3 | Disclosure Requirements in IFRS Standards – A Pilot Approach
(Amendments to IFRS 13 and IAS 19) |
ED/2021/7 | Subsidiaries without Public Accountability: Disclosure |
| Discussion papers and ongoing active projects |
DP/2020/1 | Business combinations – Disclosure, Goodwill, and Impairment |
DP/2020/2 | Business Combinations under Common Control |
| |
ISSB | IFRS Sustainability Disclosure Standards |
IFRS S1 | General Requirements for Disclosure of Sustainability-related Financial Information |
IFRS S2 | Climate-related Disclosures |
| |
* Effective date = Effective for Annual Reporting period Beginning on or After
At the end of this course, participants will be able to:
- Keep up to date with latest development in financial reporting
- Understand the transitional provisions
- Understand the effect of new changes to financial statements.
- Understand the application of the requirements of the two new IFRS Sustainability Standards
Training Methodology
A highly interactive session with trainer-led facilitation, live Q&As, quick polls/surveys, and self-assessment quizzes.
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
This programme is suitable for preparers and auditors of financial statements, members of audit committee, finance directors and regulators and for those who are keen to keep up to date with latest changes to IFRSs.
Competency Mapping
Category 1 = 7.00 Hours
Schedule & Fees
Date & Time
06 Aug 2024 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
For Members:
$ 318.28
For Non-Members:
$ 382.59
Programme Facilitator(s)
Danny Tan
Venue
Live Webinar in or outside of
Singapore
Date & Time
25 Nov 2024 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
For Members:
$ 381.50
For Non-Members:
$ 458.89
Programme Facilitator(s)
Danny Tan
Venue
Live Webinar in or outside of
Singapore
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)
Danny Tan
Danny is a consultant providing continuing professional development training for the accountancy profession as well as providing consultancy services on financial reporting technical matters. He has over 35 years’ experience in public practice, commerce, and industry. He was trained and qualified as a professional accountant with a firm in London. Danny conducts courses in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is currently a member of the Small and Medium-size Entities Implementation Group (SMEIG) that consider the need to amend IFRS for SMEs Accounting Standard and make recommendation to the Board of IASB. He is also a project manager for the MASB. He currently holds several advisory roles in financial reporting technical matters.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of The Chartered Instituted of Management Accountants, and The Association of Chartered Certified Accountants. He is also a member of The Institute of Singapore Chartered Accountants, Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
Accounting Standards are constantly changing due to improvements, amendments and new issues, thus keeping up to date with IFRS is a daunting task for every accountant in practice. This annual technical update seminar attempts to make the task easier by providing a detail technical brief for busy professionals.
The objective of the course is to:
- update preparers and users of financial statements on newly issued and amended IFRS.
- provides a technical brief on outstanding exposure drafts, discussion papers and recent pronouncement issued by IASB.
- Update on latest pronouncements issued up to the date of the seminar.
- provide a brief on the two new IFRS Sustainability Standards issued by the International Sustainability Standard Board (ISSB) in June 2023 with an international effective date on 1 January 2024
Programme Outline
Prologue | A brief on current environment of applying accounting standards |
| - A brief on the importance of referring to other documents such as Agenda Decisions issued by IFRIC, guidance and bulletins issued by accountancy bodies as well as literatures written on the issues relating to accounting standards
- A brief on the environment of applying IFRS Sustainability Standards
- Interest Rate Benchmark Reform – Phase 1 and 2 (IFRS9 and IFRS16)
|
| |
| IFRS Accounting Standards with effective date* 1 January 2022 |
1 | Annual Improvements to IFRS 2018-2020 |
2 | Property, Plant and Equipment Proceeds before intended use (IAS16) |
3 | Onerous Contracts (Cost of fulfilling a contract) (IAS37) |
4 | Reference to the Conceptual Framework (Amend IFRS3) |
| |
| IFRS Accounting Standards with effective date* 1 January 2023 |
1 | Classification of liability as current or non-current (IAS 1) |
2 | Disclosure of Accounting Policies (IAS1 and PS2) |
3 | Accounting Estimate (IAS8) |
4 | Deferred Tax related to Assets & Liabilities arising from a Single Transaction (IAS12) |
5 | International Tax Reform – Pillar Two model Rules
(For both IAS12 and IFRS for SMEs) |
| |
| IFRS Accounting Standards with effective date* 1 January 2024 |
1 | Lease Liability in a Sale and Leaseback (IFRS16) |
2 | Non-current Liabilities with Covenants (IAS 1) |
3 | Supplier Financing Arrangements (IAS7 and IFRS 7) |
| |
| IFRS Accounting Standards with effective date* 1 January 2025 |
1 | Lack of Exchangeability (IAS 21) |
| (Any latest issuance will be included) |
| |
| IFRS Accounting Standards with effective date* 1 January 2026 and beyond |
1 | An overview of the forthcoming IFRS Accounting Standard expected to be issued in April 2024:
IFRS 18 Presentation and Disclosure of the Financial Statements |
| (Any latest issuance will be included) |
| |
| Selected Important Discussion Papers and Exposure Drafts
(List as at publication date – will be updated at date of seminar) |
ED/2023/5 | Financial Instruments with Characteristics of Equity
(Amendments to IAS32, IFRS7 and IAS1) |
ED/2023/4 | Annual Improvements – Volume 11 |
ED/2023/2 | Amendments to the Classification and Measurement of Financial Instruments (amendments to IFRS 9 and IFRS 7) |
ED/2023/1 | IFRS for SMEs Accounting Standards (3rd edition) |
ED/2021/1 | Regulatory Assets and Regulatory Liabilities |
ED/2021/3 | Disclosure Requirements in IFRS Standards – A Pilot Approach
(Amendments to IFRS 13 and IAS 19) |
ED/2021/7 | Subsidiaries without Public Accountability: Disclosure |
| Discussion papers and ongoing active projects |
DP/2020/1 | Business combinations – Disclosure, Goodwill, and Impairment |
DP/2020/2 | Business Combinations under Common Control |
| |
ISSB | IFRS Sustainability Disclosure Standards |
IFRS S1 | General Requirements for Disclosure of Sustainability-related Financial Information |
IFRS S2 | Climate-related Disclosures |
| |
* Effective date = Effective for Annual Reporting period Beginning on or After
At the end of this course, participants will be able to:
- Keep up to date with latest development in financial reporting
- Understand the transitional provisions
- Understand the effect of new changes to financial statements.
- Understand the application of the requirements of the two new IFRS Sustainability Standards
Training Methodology
A highly interactive session with trainer-led facilitation, live Q&As, quick polls/surveys, and self-assessment quizzes.
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
This programme is suitable for preparers and auditors of financial statements, members of audit committee, finance directors and regulators and for those who are keen to keep up to date with latest changes to IFRSs.
Competency Mapping
Category 1 = 7.00 Hours
Programme Facilitator(s)
Danny Tan
Danny is a consultant providing continuing professional development training for the accountancy profession as well as providing consultancy services on financial reporting technical matters. He has over 35 years’ experience in public practice, commerce, and industry. He was trained and qualified as a professional accountant with a firm in London. Danny conducts courses in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is currently a member of the Small and Medium-size Entities Implementation Group (SMEIG) that consider the need to amend IFRS for SMEs Accounting Standard and make recommendation to the Board of IASB. He is also a project manager for the MASB. He currently holds several advisory roles in financial reporting technical matters.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of The Chartered Instituted of Management Accountants, and The Association of Chartered Certified Accountants. He is also a member of The Institute of Singapore Chartered Accountants, Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.