Course Detail(A240 : FRS 115: Revenue from Contracts with Customers - Construction Contracts)

A240 : FRS 115: Revenue from Contracts with Customers - Construction Contracts

3.50 CPE Hours (Category 1)
Classroom

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

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

Programme Objective
 To equip participants with a competent understanding of the accounting for construction contracts with performance obligation(s) satisfied over time.
 
This course will illustrate the application of FRS 115 on the principles and rationale for the revenue recognition principles in FRS 115. The course will also equip participants with the ability to apply the cost allocation and recognition, measurement and disclosure requirements to construction contracts.

Programme Outline

Discuss the five-step approach and general principles in determining the recognition of revenue and associated costs from construction contracts, including:

  • Identifying the contract and performance obligation(s), such as when to combine contracts, and when and how to account for contract modifications.
  • Determining the contract price, including variable consideration, customer-furnished materials, and significant financing component.
  • Recognizing revenue when a performance obligation is satisfied over time, based on the input and output methods.
  • Measurement, recognition and disclosure of contract revenue, contract assets/liabilities and onerous contracts.

 
Training Methodology
Lecture style, with Exercises/Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

An Intermediate to Advanced level programme intended for both accountants and auditors. Those who like to gain more understanding in the accounting for construction contracts are welcome to attend.

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

16 Nov 2020 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Goh Kia Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

23 Jul 2020 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

25 Nov 2019 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Date & Time

16 Sep 2019 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Goh Kia Hong

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

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

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

Programme Objective
 To equip participants with a competent understanding of the accounting for construction contracts with performance obligation(s) satisfied over time.
 
This course will illustrate the application of FRS 115 on the principles and rationale for the revenue recognition principles in FRS 115. The course will also equip participants with the ability to apply the cost allocation and recognition, measurement and disclosure requirements to construction contracts.

Programme Outline

Discuss the five-step approach and general principles in determining the recognition of revenue and associated costs from construction contracts, including:

  • Identifying the contract and performance obligation(s), such as when to combine contracts, and when and how to account for contract modifications.
  • Determining the contract price, including variable consideration, customer-furnished materials, and significant financing component.
  • Recognizing revenue when a performance obligation is satisfied over time, based on the input and output methods.
  • Measurement, recognition and disclosure of contract revenue, contract assets/liabilities and onerous contracts.

 
Training Methodology
Lecture style, with Exercises/Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

An Intermediate to Advanced level programme intended for both accountants and auditors. Those who like to gain more understanding in the accounting for construction contracts are welcome to attend.

Competency Mapping

Category 1 = 3.50 Hours

Programme Facilitator(s)

Kia Hong is a senior lecturer at Nanyang Business School (NBS) of Nanyang Technological University (NTU).  He is actively involved in curriculum and pedagogical development in the risk management and assurance courses that he teaches in the bachelor and master degree programmes.  His teaching accolades include the 2015 NBS Accountancy Teacher of the Year and 2015 NBS Teaching Excellence Award for Accounting Division.  He holds a Master of Science (Marketing) from NTU where he was awarded the Dean's Honours List. 

Before joining NTU, Kia Hong was an audit partner of a public accounting firm and had worked as chief executives of companies in Singapore and South Korea. His roles included formulating strategies to meet business objectives, enterprise risk management and leading the teams to ensure seamless operations of the businesses. During the same period, he taught in various public and private institutions in accounting, marketing and entrepreneurship on adjunct arrangements and proactively led the design and development of courses he taught.

Having accumulated a wealth of industry experience prior to joining the academia, he brings real-world insights into his classes, which participants are very appreciative of.
 

Kia Hong is an avid researcher who has published in professional journals and contributed articles to local print media. Kia Hong’s services extend beyond NTU. Notably, he is a regular speaker in the Accounting and Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and Association of Chartered Certified Accountants (ACCA) major conferences and a trainer with ISCA’s continuing professional education. He also provides regular training, consultancy and research work to accounting firms and corporate organisations.  He is a member of ISCA’s judging panel for the prestigious Annual Report Award (ARA) under the Singapore Corporate Awards (SCA) and ISCA’s Investigation and disciplinary panel. He was previously a member of ISCA’s Auditing and Assurance Standards Committee and had worked with ISCA on ACRA’s Practice Monitoring Programme.

Kia Hong is currently the Chairman of Bukit Merah Secondary School Advisory Committee and was awarded the Service to Education Awards by the Ministry of Education in 2006 and 2011.  He is a member of the Inquiry Panel, the body responsible for appointing members of the Review Committees and Inquiry Committees investigating complaints made against advocates and solicitors. He is also a member of Mensa Singapore.
 

Upcoming Schedule

Date & Time

16 Nov 2020 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 199.02
For Non-Members: $ 237.54

Programme Facilitator(s)

Goh Kia Hong

Venue

60 Cecil Street
ISCA House
Singapore 049709