Course Detail(A141 : Accounting for Uncommon IFRS / FRS (IAS 20 / FRS 20, IAS 26 / FRS 26, IAS 29 / FRS 29, IAS 41 / FRS 41, IFRS 1 / FRS 101 & IFRS 6 / FRS 106))

A141 : Accounting for Uncommon IFRS / FRS (IAS 20 / FRS 20, IAS 26 / FRS 26, IAS 29 / FRS 29, IAS 41 / FRS 41, IFRS 1 / FRS 101 & IFRS 6 / FRS 106)

7.00 CPE Hours (Category 1)
Classroom

Introduction
Certain FRSs/IFRSs are designed for a one-time usage only or are used in limited circumstances that are not commonly expected to occur regularly. While some Standards are use only in specific industry with its peculiar accounting requirements.
 
Programme Objectives
This seminar provides a review and an analysis of FRSs/IFRSs that are applicable to uncommon events and transactions. The purpose is to provide a holistic understanding and application of the selected FRSs/IFRSs. This seminar will be beneficial to auditors who audit a diverse portfolio of clients and often face difference business environments that may engage in transactions requiring understanding of the FRSs/IFRSs covered in this seminar. It is also particularly relevant to accountants working in conglomerate environments with diverse business activities.

Programme Outline

Contents
Standard with one-time application only

  • FRS101/IFRS1
    • This Standard sets out principles of transition from a non-IFRS compliant financial statements to an IFRS financial statements
    • A first-time adopter cannot use change of accounting policies in FRS8/IAS8, but shall comply with the transition rules provided in this Standard
    • How to take advantage of various transition options at date of transition, such as the use of fair value or event driven fair value as deemed cost for assets and liabilities at date of transition
 
Standards that compliment the application of other FRSs
  • FRS26/IAS26
    • This Standard compliment FRS19/IAS19 Employee Benefits which mainly concern with determining the cost of the retirement benefits in the financial statements of the employer. Whereas this standard deals with the accounting and reporting for such plan
 
  • FRS29/IAS29
    • This Standard complement the translation of foreign currency especially where a foreign business unit is operating in a hyperinflationary environment
    • It sets out the principles of restating the value of assets and liabilities of a foreign operation before applying the translation principles in FRS21/IAS21
 
  • FRS20/IAS20
    • This Standards is relevant to entity that received govern grants in various forms
    • This Standard integrate government grant with other Standards such as when:
      • a grant involving assets, it will be liked to FRS16/IAS16 Property, Plant and Equipment or FRS38/IAS38 Intangible assets
      • a grant relating to government lending will be linked to FRS39/IAS39 Financial Statement: Recognition and Measurement
 
Standards affecting specialised industries and businesses
  • FRS41/IAS41
    • This Standards is applicable for businesses in the rearing of livestock, market gardening, plantation and all forms of agricultural activities involving biological assets
    • It sets out the principles for recognising and measuring biological assets arising from agricultural activities as well as the application of fair value accounting to biological assets and its disclosures
    • Interaction between FRS16 and FRS 41 for bearer plant
 
  • FRS106/IFRS6
    • This Standard is concern with the accounting treatment for expenditure incurred in the exploration stage and also the evaluation stage of natural resources in extractive industries
 
  • FRS114/IFRS14
    • This Standard permits a first-time adopter of IFRS that is within its scope to continue to recognise and measure its regulatory deferral account balances in its first and subsequent IFRS financial statement in accordance with its previous GAAP
    • This Standard requires entities:
      • to present regulatory deferral account balances as separate line items classified as asset or liability in the statement of financial position and
      • to present movements in those account balances as separate line items in profit or loss and other comprehensive income
      • specific disclosure to identity the nature of, and risks associated with, the rate regulation that has resulted in the recognition of regulatory deferral account balances
 
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. Those who are keen on attending a concise practical course that can comprehensively cover the principles of the selected FRSs 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 = 7.00 Hours

Schedule & Fees

Date & Time

26 Sep 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

18 Sep 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

06 Mar 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
Certain FRSs/IFRSs are designed for a one-time usage only or are used in limited circumstances that are not commonly expected to occur regularly. While some Standards are use only in specific industry with its peculiar accounting requirements.
 
Programme Objectives
This seminar provides a review and an analysis of FRSs/IFRSs that are applicable to uncommon events and transactions. The purpose is to provide a holistic understanding and application of the selected FRSs/IFRSs. This seminar will be beneficial to auditors who audit a diverse portfolio of clients and often face difference business environments that may engage in transactions requiring understanding of the FRSs/IFRSs covered in this seminar. It is also particularly relevant to accountants working in conglomerate environments with diverse business activities.

Programme Outline

Contents
Standard with one-time application only

  • FRS101/IFRS1
    • This Standard sets out principles of transition from a non-IFRS compliant financial statements to an IFRS financial statements
    • A first-time adopter cannot use change of accounting policies in FRS8/IAS8, but shall comply with the transition rules provided in this Standard
    • How to take advantage of various transition options at date of transition, such as the use of fair value or event driven fair value as deemed cost for assets and liabilities at date of transition
 
Standards that compliment the application of other FRSs
  • FRS26/IAS26
    • This Standard compliment FRS19/IAS19 Employee Benefits which mainly concern with determining the cost of the retirement benefits in the financial statements of the employer. Whereas this standard deals with the accounting and reporting for such plan
 
  • FRS29/IAS29
    • This Standard complement the translation of foreign currency especially where a foreign business unit is operating in a hyperinflationary environment
    • It sets out the principles of restating the value of assets and liabilities of a foreign operation before applying the translation principles in FRS21/IAS21
 
  • FRS20/IAS20
    • This Standards is relevant to entity that received govern grants in various forms
    • This Standard integrate government grant with other Standards such as when:
      • a grant involving assets, it will be liked to FRS16/IAS16 Property, Plant and Equipment or FRS38/IAS38 Intangible assets
      • a grant relating to government lending will be linked to FRS39/IAS39 Financial Statement: Recognition and Measurement
 
Standards affecting specialised industries and businesses
  • FRS41/IAS41
    • This Standards is applicable for businesses in the rearing of livestock, market gardening, plantation and all forms of agricultural activities involving biological assets
    • It sets out the principles for recognising and measuring biological assets arising from agricultural activities as well as the application of fair value accounting to biological assets and its disclosures
    • Interaction between FRS16 and FRS 41 for bearer plant
 
  • FRS106/IFRS6
    • This Standard is concern with the accounting treatment for expenditure incurred in the exploration stage and also the evaluation stage of natural resources in extractive industries
 
  • FRS114/IFRS14
    • This Standard permits a first-time adopter of IFRS that is within its scope to continue to recognise and measure its regulatory deferral account balances in its first and subsequent IFRS financial statement in accordance with its previous GAAP
    • This Standard requires entities:
      • to present regulatory deferral account balances as separate line items classified as asset or liability in the statement of financial position and
      • to present movements in those account balances as separate line items in profit or loss and other comprehensive income
      • specific disclosure to identity the nature of, and risks associated with, the rate regulation that has resulted in the recognition of regulatory deferral account balances
 
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. Those who are keen on attending a concise practical course that can comprehensively cover the principles of the selected FRSs 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 = 7.00 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

Registration is closed

Date & Time

26 Sep 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709