Course Detail(A232 : A Walkthrough and Update of IFRS and SFRS)

A232 : A Walkthrough and Update of IFRS and SFRS

28.00 CPE Hours (Category 1)
Classroom

Introduction
Both IFRS and FRS are principle-based Accounting Standards. Keeping up to date with the generally accepted accounting practices of these principle-based Standards under a dynamic business environments and rapid changes to the principles of the Standards is a daunting task for every accountant. This course attempts to make the task easier by giving a comprehensive analysis of the principles and most important of all, how these principles are being interpreted in light of contemporary practices.
 
Programme Objective
The course gives a comprehensive review of IFRS and FRS. It is designed for busy professionals who need a refresher course on the principles of the Standards as well as an update on current accounting developments. The course uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners of Standards may come to different interpretations and how these differences may be overcome based on past experiences and the use of professional judgement in applying the Conceptual Framework. 
 
Benefits of attending

  • To serve as a refresher course for accountants
  • To provide a detailed analysis of selected Standards from the perspective of preparer
  • To focus on practical interpretations of the standards and controversial practical issues 
  • To highlight what is regarded as generally accepted accounting practice
  • To provide hands-on practice on certain difficult accounting issues
  • Latest technical update at the date of the course
To explain how Accounting Standards influence management practices and audit procedures as well as their impact on the financial performance, financial positions and cash flows information.

Programme Outline

1. A review and analysis of selected IFRS and FRS
 

DAY-1
PRESENTATION OF FINANCIAL STATEMENTS AND ACCCOUNTING FOR VARIOUS TRANSACTIONS AND EVENTS
Prelude to Applying IFRS and FRS
  1. Applying the ‘Conceptual Framework’ in Practice
  2. Practice Statement 2: Making Materiality Judgements
PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS AND ACCOUNTING POLICIES
FRS 1IAS 1Presentation of Financial Statements
FRS 7IAS 7Statement of Cash Flows
FRS 24IAS 24Related Party Disclosures
FRS 8 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
REVENUE AND SELECTED TECHNICAL ISSUES
FRS 115IFRS 15Revenue from Contracts with Customers
FRS 12IAS 12Income Taxes
FRS 10IAS 10Events After the Reporting Period
FRS 102IFRS 2Share-based Payments
STANDARD AFFECTING MEASUREMENT OF ASSETS AND LIABILITIES
FRS 21IAS 21The Effect of Changes in Foreign Exchange Rates
FRS 23IAS 23Borrowing Costs
FRS 113IFRS 13Fair Value Measurement
DAY-2
ASSETS AND LIABILITIES
ACCOUNTING FOR ASSETS
FRS 2IAS 2Inventories
FRS 105IFRS 5Non-current Assets Held for Sale and Discontinued Operations 
FRS 16IAS 16Property, Plant and Equipment
FRS 40IAS 40Investment Property
FRS 38IAS 38Intangible Assets
FRS 36IAS 36Impairment of Assets
ACCOUNTING FOR OBLIGATIONS
FRS 37IAS 37Provisions, Contingent Liabilities and Contingent Assets
FRS 19IAS 19Employee Benefits
FRS 20IAS 20Accounting for Government Grants and Disclosure of Government Assistance
FRS 116IFRS 16Leases  
[Effective for annual period beginning on or after 1 Jan 2019]
DAY-3
FINANCIAL INSTRUMENTS AND ACCOUNTING FOR INVESTMENT INTERESTS
FINANCIAL INSTRUMENTS
FRS 32IAS 32Financial Instruments: Presentation
FRS 107IFRS 7Financial Instruments: Disclosure
FRS 109IFRS 9Financial Instruments 
BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS
FRS 103IFRS 3Business Combination
FRS 27IAS 27Separate Financial Statements
FRS 28IAS 28Investments in Associates and Joint Ventures
FRS 110IFRS 10Consolidated Financial Statements
FRS 111IFRS 11Joint Arrangement
FRS 112IFRS 12Disclosure of Interest in Other Entities

DAY-4
2. Technical Update for 2018/2019
(Documents as at date of printing, latest issues will be added at the date of seminar)
Section 1Effective for Financial Periods Beginning On or After 1 January 2017 
1Amendments to IAS7: Disclosure Initiative
2Amendments to IAS12: Recognition of Deferred Tax Assets for Unrealised losses
3Annual Improvements: 2014-2016 Cycle
4Practice Statement 2: Making materiality Judgement
(Effective date: Permitted to apply guidance from 14 September 2017)
 
Section 2Effective for Financial Periods Beginning On or After 1 January 2018
1IFRS15: Revenue from Contracts with Customers
2IFRS9: Financial Instruments
3Amendments to IFR2: Classification and Measurement of Share Based Payment Transactions
4IFRIC22 Foreign Currency Translation and Advance Consideration
5Annual Improvements: 2014-2016 Cycle
 
Section 3Effective for Financial Periods Beginning On or After 1 January 2019
1New IFRS16: Leases
2Long-term Interests in Associates and Joint Ventures (Amendments to IAS27)
3IFRIC23 Uncertainty over Income Tax Treatments
4Prepayment Features with Negative Compensation (Amendment to IFRS9)
 
Section 4Recent Technical Documents
 Discussion Papers and Exposure Drafts
 
Section 5Appendix for reference only
IFRS Effective for Financial Periods Beginning On or After 1 January 2016
1IFRS14: Regulatory Deferral Accounts
2Amendments to IAS1: Disclosure Initiative
3Amendments to IAS27: Equity Method in Separate Financial Statements
4Amendments to IAS16 and IAS38: Clarification of Acceptable Methods of Depreciation and Amortisation
5Amendments to IAS16 and IAS41: Agriculture: Bearer Plants
6Amendments to IFRS11: Accounting for Acquisitions of Interests in Joint Operations
7Amendments to IFRS10 and IAS28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
8Amendments to IFRS10, IFRS12 and IAS28: Investment Entities: Applying the Consolidation Exception
9Improvements to IFRSs 2011-2014 Cycle
 
 
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 Intermediate to Advanced level programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a single practical course that can comprehensively cover and/or provide a refresher of the principles of IFRS and Singapore FRS, as well as a discussion on the potential changes and updates on the current developments of existing standards are welcome to attend.

Competency Mapping

Category 1 = 28.00 Hours

Schedule & Fees

Date & Time

03 Mar 2020 (9:00 AM - 5:00 PM)
04 Mar 2020 (9:00 AM - 5:00 PM)
05 Mar 2020 (9:00 AM - 5:00 PM)
06 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 1,155.60
For Non-Members: $ 1,386.72

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

17 Dec 2019 (9:00 AM - 5:00 PM)
18 Dec 2019 (9:00 AM - 5:00 PM)
19 Dec 2019 (9:00 AM - 5:00 PM)
20 Dec 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

18 Dec 2018 (9:00 AM - 5:00 PM)
19 Dec 2018 (9:00 AM - 5:00 PM)
20 Dec 2018 (9:00 AM - 5:00 PM)
21 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

19 Dec 2017 (9:00 AM - 5:00 PM)
20 Dec 2017 (9:00 AM - 5:00 PM)
21 Dec 2017 (9:00 AM - 5:00 PM)
22 Dec 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

No funding Available!

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.
 

Introduction
Both IFRS and FRS are principle-based Accounting Standards. Keeping up to date with the generally accepted accounting practices of these principle-based Standards under a dynamic business environments and rapid changes to the principles of the Standards is a daunting task for every accountant. This course attempts to make the task easier by giving a comprehensive analysis of the principles and most important of all, how these principles are being interpreted in light of contemporary practices.
 
Programme Objective
The course gives a comprehensive review of IFRS and FRS. It is designed for busy professionals who need a refresher course on the principles of the Standards as well as an update on current accounting developments. The course uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners of Standards may come to different interpretations and how these differences may be overcome based on past experiences and the use of professional judgement in applying the Conceptual Framework. 
 
Benefits of attending

  • To serve as a refresher course for accountants
  • To provide a detailed analysis of selected Standards from the perspective of preparer
  • To focus on practical interpretations of the standards and controversial practical issues 
  • To highlight what is regarded as generally accepted accounting practice
  • To provide hands-on practice on certain difficult accounting issues
  • Latest technical update at the date of the course
To explain how Accounting Standards influence management practices and audit procedures as well as their impact on the financial performance, financial positions and cash flows information.

Programme Outline

1. A review and analysis of selected IFRS and FRS
 

DAY-1
PRESENTATION OF FINANCIAL STATEMENTS AND ACCCOUNTING FOR VARIOUS TRANSACTIONS AND EVENTS
Prelude to Applying IFRS and FRS
  1. Applying the ‘Conceptual Framework’ in Practice
  2. Practice Statement 2: Making Materiality Judgements
PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS AND ACCOUNTING POLICIES
FRS 1IAS 1Presentation of Financial Statements
FRS 7IAS 7Statement of Cash Flows
FRS 24IAS 24Related Party Disclosures
FRS 8 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
REVENUE AND SELECTED TECHNICAL ISSUES
FRS 115IFRS 15Revenue from Contracts with Customers
FRS 12IAS 12Income Taxes
FRS 10IAS 10Events After the Reporting Period
FRS 102IFRS 2Share-based Payments
STANDARD AFFECTING MEASUREMENT OF ASSETS AND LIABILITIES
FRS 21IAS 21The Effect of Changes in Foreign Exchange Rates
FRS 23IAS 23Borrowing Costs
FRS 113IFRS 13Fair Value Measurement
DAY-2
ASSETS AND LIABILITIES
ACCOUNTING FOR ASSETS
FRS 2IAS 2Inventories
FRS 105IFRS 5Non-current Assets Held for Sale and Discontinued Operations 
FRS 16IAS 16Property, Plant and Equipment
FRS 40IAS 40Investment Property
FRS 38IAS 38Intangible Assets
FRS 36IAS 36Impairment of Assets
ACCOUNTING FOR OBLIGATIONS
FRS 37IAS 37Provisions, Contingent Liabilities and Contingent Assets
FRS 19IAS 19Employee Benefits
FRS 20IAS 20Accounting for Government Grants and Disclosure of Government Assistance
FRS 116IFRS 16Leases  
[Effective for annual period beginning on or after 1 Jan 2019]
DAY-3
FINANCIAL INSTRUMENTS AND ACCOUNTING FOR INVESTMENT INTERESTS
FINANCIAL INSTRUMENTS
FRS 32IAS 32Financial Instruments: Presentation
FRS 107IFRS 7Financial Instruments: Disclosure
FRS 109IFRS 9Financial Instruments 
BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS
FRS 103IFRS 3Business Combination
FRS 27IAS 27Separate Financial Statements
FRS 28IAS 28Investments in Associates and Joint Ventures
FRS 110IFRS 10Consolidated Financial Statements
FRS 111IFRS 11Joint Arrangement
FRS 112IFRS 12Disclosure of Interest in Other Entities

DAY-4
2. Technical Update for 2018/2019
(Documents as at date of printing, latest issues will be added at the date of seminar)
Section 1Effective for Financial Periods Beginning On or After 1 January 2017 
1Amendments to IAS7: Disclosure Initiative
2Amendments to IAS12: Recognition of Deferred Tax Assets for Unrealised losses
3Annual Improvements: 2014-2016 Cycle
4Practice Statement 2: Making materiality Judgement
(Effective date: Permitted to apply guidance from 14 September 2017)
 
Section 2Effective for Financial Periods Beginning On or After 1 January 2018
1IFRS15: Revenue from Contracts with Customers
2IFRS9: Financial Instruments
3Amendments to IFR2: Classification and Measurement of Share Based Payment Transactions
4IFRIC22 Foreign Currency Translation and Advance Consideration
5Annual Improvements: 2014-2016 Cycle
 
Section 3Effective for Financial Periods Beginning On or After 1 January 2019
1New IFRS16: Leases
2Long-term Interests in Associates and Joint Ventures (Amendments to IAS27)
3IFRIC23 Uncertainty over Income Tax Treatments
4Prepayment Features with Negative Compensation (Amendment to IFRS9)
 
Section 4Recent Technical Documents
 Discussion Papers and Exposure Drafts
 
Section 5Appendix for reference only
IFRS Effective for Financial Periods Beginning On or After 1 January 2016
1IFRS14: Regulatory Deferral Accounts
2Amendments to IAS1: Disclosure Initiative
3Amendments to IAS27: Equity Method in Separate Financial Statements
4Amendments to IAS16 and IAS38: Clarification of Acceptable Methods of Depreciation and Amortisation
5Amendments to IAS16 and IAS41: Agriculture: Bearer Plants
6Amendments to IFRS11: Accounting for Acquisitions of Interests in Joint Operations
7Amendments to IFRS10 and IAS28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
8Amendments to IFRS10, IFRS12 and IAS28: Investment Entities: Applying the Consolidation Exception
9Improvements to IFRSs 2011-2014 Cycle
 
 
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 Intermediate to Advanced level programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a single practical course that can comprehensively cover and/or provide a refresher of the principles of IFRS and Singapore FRS, as well as a discussion on the potential changes and updates on the current developments of existing standards are welcome to attend.

Competency Mapping

Category 1 = 28.00 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

03 Mar 2020 (9:00 AM - 5:00 PM)
04 Mar 2020 (9:00 AM - 5:00 PM)
05 Mar 2020 (9:00 AM - 5:00 PM)
06 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 1,155.60
For Non-Members: $ 1,386.72

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709