Programme Objective
Introduction
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.
Learning objectives:
The objective of the course is to update preparers and users of financial statements on newly issued and amended IFRS. The course also provides a technical brief on outstanding exposure drafts, discussion papers and recent pronouncement issued by IASB.
Benefits of attending
- Be up to date with latest development in financial reporting
- Enhanced knowledge with recent changes to IFRSs
- Build on existing knowledge and be ready for the changing world of IFRSs
- Help to plan ahead for future changes
- Understand the transitional provisions
- Understand the effect of new changes to financial statements
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 |
| Section 1 | IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2020 |
| 1 | Conceptual Framework for Financial Reporting |
| 2 | Definition of Materiality (Amendment to IAS1 and IAS8) |
| 3 | Definition of a Business (Amendment to IFRS3) |
| 4 | Interest Rate benchmark Reform (IFRS9, IFRS7) |
| 5 | Covid-19-Rrelated Rent Concession (IFRS16) |
| |
|
| Section 2 | IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2021 |
| 1 | Interest Rate Benchmark Reform – Phase 2 (IFRS9 and IFRS16) |
| 2 | Covid-19-related Rent Concession beyond 30 June 2021 (IFRS 16) |
| | |
| Section 3 | IFRSs Effective for Annual Reporting Period Beginning on or After 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) |
| | |
| Section 4 | IFRSs Effective for Annual Reporting Period Beginning on or After 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 and Liabilities arising from a Single Transaction (IAS12) |
| | |
| Section 5 | IFRSs Effective for Annual Reporting Period Beginning on or After 1 January 2024 and beyond (Any latest update will be included at the date of the seminar) |
| | |
| Section 6 | Selected Important Discussion Papers and Exposure Drafts
(List as at publication date – will be updated at date of seminar) |
| 1 | ED/2021/1 Regulatory Assets and Regulatory Liabilities |
| 2 | ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach
(Amendments to IFRS 13 and IAS 19) |
| 3 | ED/2021/4 Lack of Exchangeability |
| 4 | ED/2021/5 Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards |
| 5 | ED/2021/6 Management commentary |
| 6 | ED/2021/7 Subsidiaries without Public Accountability: Disclosure |
| 7 | ED/2021/9 Non-current Liabilities with covenants |
| 8 | ED/2021/10 Supplier Financing Arrangements |
| 9 | September 2022 Exposure Draft IFRS for SMEs Accounting Standards |
| | |
| Epilogue | A brief on earlier years amendments or new accounting standards that may have significant impacts on the current application |
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 and for those who are keen to keep up to date with latest changes to IFRSs and SFRSs.
Competency Mapping
Category 1 = 7.00 Hours
Schedule & Fees
Date & Time
08 May 2023 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
For Members:
$ 315.92
For Non-Members:
$ 379.33
Programme Facilitator(s)
Danny Tan
Venue
Live Webinar in or outside of
Singapore
Testimonial
Funding
No funding Available!
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.
Programme Objective
Introduction
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.
Learning objectives:
The objective of the course is to update preparers and users of financial statements on newly issued and amended IFRS. The course also provides a technical brief on outstanding exposure drafts, discussion papers and recent pronouncement issued by IASB.
Benefits of attending
- Be up to date with latest development in financial reporting
- Enhanced knowledge with recent changes to IFRSs
- Build on existing knowledge and be ready for the changing world of IFRSs
- Help to plan ahead for future changes
- Understand the transitional provisions
- Understand the effect of new changes to financial statements
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 |
| Section 1 | IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2020 |
| 1 | Conceptual Framework for Financial Reporting |
| 2 | Definition of Materiality (Amendment to IAS1 and IAS8) |
| 3 | Definition of a Business (Amendment to IFRS3) |
| 4 | Interest Rate benchmark Reform (IFRS9, IFRS7) |
| 5 | Covid-19-Rrelated Rent Concession (IFRS16) |
| |
|
| Section 2 | IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2021 |
| 1 | Interest Rate Benchmark Reform – Phase 2 (IFRS9 and IFRS16) |
| 2 | Covid-19-related Rent Concession beyond 30 June 2021 (IFRS 16) |
| | |
| Section 3 | IFRSs Effective for Annual Reporting Period Beginning on or After 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) |
| | |
| Section 4 | IFRSs Effective for Annual Reporting Period Beginning on or After 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 and Liabilities arising from a Single Transaction (IAS12) |
| | |
| Section 5 | IFRSs Effective for Annual Reporting Period Beginning on or After 1 January 2024 and beyond (Any latest update will be included at the date of the seminar) |
| | |
| Section 6 | Selected Important Discussion Papers and Exposure Drafts
(List as at publication date – will be updated at date of seminar) |
| 1 | ED/2021/1 Regulatory Assets and Regulatory Liabilities |
| 2 | ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach
(Amendments to IFRS 13 and IAS 19) |
| 3 | ED/2021/4 Lack of Exchangeability |
| 4 | ED/2021/5 Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards |
| 5 | ED/2021/6 Management commentary |
| 6 | ED/2021/7 Subsidiaries without Public Accountability: Disclosure |
| 7 | ED/2021/9 Non-current Liabilities with covenants |
| 8 | ED/2021/10 Supplier Financing Arrangements |
| 9 | September 2022 Exposure Draft IFRS for SMEs Accounting Standards |
| | |
| Epilogue | A brief on earlier years amendments or new accounting standards that may have significant impacts on the current application |
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 and for those who are keen to keep up to date with latest changes to IFRSs and SFRSs.
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.