Course Detail(A235 : Practical Application of the three New Standards IFRS9, 15, 16 (Contractual Interaction between these Standards) (Live Webinar))

UTAP Funding

A235 : Practical Application of the three New Standards IFRS9, 15, 16 (Contractual Interaction between these Standards) (Live Webinar)

14.00 CPE Hours (Category 1)
Classroom

Please be informed that in view of the current COVID-19 situation, ISCA will change the format of Jun - Sep 2020 courses into Live Webinar.

A detailed set of instructions on the Live Webinar will be sent to you upon each course confirmation.


Programme Objective

This two-day course provides an insight into the salient technical features of the three new Standards. The course uses practical case studies to illustrate how the three Standards are interrelated to each other. Depending the contractual terms, all the three new Standards could be applied in a single contract. The delegates will gain a working knowledge on how to apply these three Standards in practice and to understand the impact on financial position (effect gearing ratios), financial performance (timing and amount of income and expense) and cash flows.

Programme Outline

Day 1
IFRS15 Revenue from Contracts with Customers
 
THE FIVE PRACTICAL STEPS OF APPLYING IFRS15
Step 1  Identifying and assessing existence of a contract with customers
Step 2  Establish present obligation(s) in the contracts
Step 3  Determining the transaction price
Step 4  Allocating the transaction price
Step 5  Recognise revenue upon transfer of control at a point-in-time or over time
 
RECOGNITION ISSUES

  • Dealing with “revenue contract”
    • What is a contacts and how to identify the existence of such contracts
  • Dealing with “performance obligations”
    • Deciding goods or services that are distinct, a bundle of distinct or a series of distinct
    • Decide whether control transferred at a point in time or overtime

 
MEASUREMENT ISSUES

  • Transaction price
  • Allocation of transaction price to performance obligations

 
DEALING WITH CONTRACT COSTS

  • Deciding the methods of amortising contract cost when revenue is recognised
  • Under what circumstances contract costs can be impaired

 
PRESENTATION AND DISCLOSURE

  • Presenting revenue in the main financial statements
  • Qualitative and quantitative disclosure

 
TRANSITIONAL PROVISIONS

  • Dealing with transition from existing Standards to IFRS 15

 
Day 2
IFRS9 Financial Instruments

  • To highlight the similarity and salient difference between IAS39 and IFRS9:
    • How financial assets and financial liabilities are recognition and derecognition
    • How to classification of financial assets and financial liabilities
    • The measurement issues:
      • Determining fair value – interaction between IFRS9 and IFRS 13 Fair Value Measurement
      • The use of effective interest rates methods for different types of financial instruments
    • Impairment of financial assets:
      • Comparing the ‘incurred loss model’ with the ‘expected loss model’
      • The accounting requirements for loan losses and interest income
    • A quick comparison of hedge accounting under IAS39 and the new Standard
  • Transiting from IAS39 to IFRS9

 
IFRS16 Leases
The overall technical issues

  • Scope of the Standard
  • Identification of a lease – determining whether a contract contain a lease element
  • Short-term lease Vs. long-term lease
  • Low value lease of assets

 
Lessee accounting:

  • Determining the lease term and the amount of lease payments
  • Determining the right-of-use assets and the corresponding lease liabilities
  • Presentation and disclosure

 
Lessor accounting:

  • Classifying finance lease and operating lease
  • Recognition and measurement issues

 
Lease of properties

  • Present value of the minimum lease payments
  • Determining the discount rate
  • The accounting profile for lessor and lessee

 
Sale and lease back transactions

  • Deciding whether a transfer of asset is a sale
  • Accounting when transfer of asset is a sale and when it is not a sale­­­


Training Methodology
Lectures and illustrations with open 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 concise practical course that can comprehensively cover the principles of the three new Standards, as well as a discussion on the potential changes and updates on the current Generally Accepted Accounting Practice are welcome to attend.

Competency Mapping

Category 1 = 14.00 Hours

Schedule & Fees

Date & Time

10 Sep 2020 (9:00 AM - 5:00 PM)
11 Sep 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 652.70   $ 522.16
For Non-Members: $ 783.24   $ 626.59
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore

Date & Time

21 Jan 2020 (9:00 AM - 5:00 PM)
22 Jan 2020 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

29 Oct 2019 (9:00 AM - 5:00 PM)
30 Oct 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

24 Jan 2019 (9:00 AM - 5:00 PM)
25 Jan 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 1 April 2020 – 31 March 2021.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
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 has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


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 Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Please be informed that in view of the current COVID-19 situation, ISCA will change the format of Jun - Sep 2020 courses into Live Webinar.

A detailed set of instructions on the Live Webinar will be sent to you upon each course confirmation.


Programme Objective

This two-day course provides an insight into the salient technical features of the three new Standards. The course uses practical case studies to illustrate how the three Standards are interrelated to each other. Depending the contractual terms, all the three new Standards could be applied in a single contract. The delegates will gain a working knowledge on how to apply these three Standards in practice and to understand the impact on financial position (effect gearing ratios), financial performance (timing and amount of income and expense) and cash flows.

Programme Outline

Day 1
IFRS15 Revenue from Contracts with Customers
 
THE FIVE PRACTICAL STEPS OF APPLYING IFRS15
Step 1  Identifying and assessing existence of a contract with customers
Step 2  Establish present obligation(s) in the contracts
Step 3  Determining the transaction price
Step 4  Allocating the transaction price
Step 5  Recognise revenue upon transfer of control at a point-in-time or over time
 
RECOGNITION ISSUES

  • Dealing with “revenue contract”
    • What is a contacts and how to identify the existence of such contracts
  • Dealing with “performance obligations”
    • Deciding goods or services that are distinct, a bundle of distinct or a series of distinct
    • Decide whether control transferred at a point in time or overtime

 
MEASUREMENT ISSUES

  • Transaction price
  • Allocation of transaction price to performance obligations

 
DEALING WITH CONTRACT COSTS

  • Deciding the methods of amortising contract cost when revenue is recognised
  • Under what circumstances contract costs can be impaired

 
PRESENTATION AND DISCLOSURE

  • Presenting revenue in the main financial statements
  • Qualitative and quantitative disclosure

 
TRANSITIONAL PROVISIONS

  • Dealing with transition from existing Standards to IFRS 15

 
Day 2
IFRS9 Financial Instruments

  • To highlight the similarity and salient difference between IAS39 and IFRS9:
    • How financial assets and financial liabilities are recognition and derecognition
    • How to classification of financial assets and financial liabilities
    • The measurement issues:
      • Determining fair value – interaction between IFRS9 and IFRS 13 Fair Value Measurement
      • The use of effective interest rates methods for different types of financial instruments
    • Impairment of financial assets:
      • Comparing the ‘incurred loss model’ with the ‘expected loss model’
      • The accounting requirements for loan losses and interest income
    • A quick comparison of hedge accounting under IAS39 and the new Standard
  • Transiting from IAS39 to IFRS9

 
IFRS16 Leases
The overall technical issues

  • Scope of the Standard
  • Identification of a lease – determining whether a contract contain a lease element
  • Short-term lease Vs. long-term lease
  • Low value lease of assets

 
Lessee accounting:

  • Determining the lease term and the amount of lease payments
  • Determining the right-of-use assets and the corresponding lease liabilities
  • Presentation and disclosure

 
Lessor accounting:

  • Classifying finance lease and operating lease
  • Recognition and measurement issues

 
Lease of properties

  • Present value of the minimum lease payments
  • Determining the discount rate
  • The accounting profile for lessor and lessee

 
Sale and lease back transactions

  • Deciding whether a transfer of asset is a sale
  • Accounting when transfer of asset is a sale and when it is not a sale­­­


Training Methodology
Lectures and illustrations with open 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 concise practical course that can comprehensively cover the principles of the three new Standards, as well as a discussion on the potential changes and updates on the current Generally Accepted Accounting Practice are welcome to attend.

Competency Mapping

Category 1 = 14.00 Hours

Programme Facilitator(s)

Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


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 Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Upcoming Schedule

Date & Time

10 Sep 2020 (9:00 AM - 5:00 PM)
11 Sep 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 652.70   $ 522.16
For Non-Members: $ 783.24   $ 626.59
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore