Course Detail(A227ET : FRS 115, Revenue from contracts with customers: Engineering and Construction)

A227ET : FRS 115, Revenue from contracts with customers: Engineering and Construction

3.50 CPE Hours (Category 1)
Classroom
In Collaboration with:  

Programme Objective
 
Gain an understanding of the new revenue recognition requirements, the latest developments and the potential impacts to your financial statements
 
When and how to account for combined contracts and contract modifications? How much revenue should be recognized after evaluating factors such as variable consideration? Should contract costs, such as pre-contract costs and costs to fulfil a contract, be capitalized or expensed? These are common questions asked by entities in the engineering and construction (E&C) industry who are in the middle of transiting to the new converged standard on revenue recognition. Entities will need to consider changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting.
 
This half day workshop provides insights and practical tools to increase the participant’s understanding of the new requirements in FRS115, with enhanced focus in the engineering and construction industry. Learning is achieved via theory and examples on changes required in order to meet the FRS115 requirements. Additionally, participants will gain insights into real world examples, common issues and pitfalls from experienced professionals who support clients in implementing new standards, including the new revenue standard.

Programme Outline

  • In-depth learning of the new five-step approach to apply the standard
  • Understand the solutions to industry specific questions, such as:
    • How to define the contract, such as when to combine contracts, and when and how to account for change orders and other modifications?
    • How to define the contract price, including variable consideration, customer-furnished materials, and claims from customers?
    • How to measure performance using recognition methods, such as the percentage-of-completion method and input/output methods?
    • How to account for contract assets and liabilities?
    • How to recognize revenue when there are uninstalled materials?
 
Training Methodology
 
Classroom style with quizzes, case studies
 
Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

Finance professionals (Accounting, Reporting), CFO, Controllers, Finance Managers

Competency Mapping

Category 1 = 3.50 Hours

Schedule & Fees

Date & Time

28 Jun 2018 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Date & Time

13 Nov 2017 (9:00 AM - 12:30 PM)

Registration is closed

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Senthilnathan Sampath
Managing Director
 
Senthil is a Managing Director from the Accounting Advisory Services in PwC Singapore with 16 years working experience. He has extensive practical experience across complex IFRS financial reporting. He specializes in GAAP conversions and technical accounting advice and has worked on accounting conversions with various corporate and financial institutions in Asia, Middle East and United Kingdom.
 
He serves as the key technical director for a number of assurance engagements in the financial services sectors: banks, insurance companies and fund managers. He also performs various training on current accounting topics, and has experience designing and managing highly participative programs on IFRS training.
 

Sanjna Punjabi
Senior Manager
 
Sanjna is an experienced senior manager with PwC Accounting Advisory Services and has more than 13 years of audit, business advisory and regulatory experience. As a member of the PwC Global network of IFRS reporting specialist, she provided consulting services on complex financial reporting issues, performed financial statement reviews & conducted various internal / external trainings.
 
Prior to her current role in PwC, she was a part of the Accounting Standards Council (ASC) Secretariat, providing technical accounting input on emerging issues in accounting standard development, during local stakeholder outreaches and as a member of the ASC delegation in international / regional accounting standard setting bodies meetings.

Programme Objective
 
Gain an understanding of the new revenue recognition requirements, the latest developments and the potential impacts to your financial statements
 
When and how to account for combined contracts and contract modifications? How much revenue should be recognized after evaluating factors such as variable consideration? Should contract costs, such as pre-contract costs and costs to fulfil a contract, be capitalized or expensed? These are common questions asked by entities in the engineering and construction (E&C) industry who are in the middle of transiting to the new converged standard on revenue recognition. Entities will need to consider changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting.
 
This half day workshop provides insights and practical tools to increase the participant’s understanding of the new requirements in FRS115, with enhanced focus in the engineering and construction industry. Learning is achieved via theory and examples on changes required in order to meet the FRS115 requirements. Additionally, participants will gain insights into real world examples, common issues and pitfalls from experienced professionals who support clients in implementing new standards, including the new revenue standard.

Programme Outline

  • In-depth learning of the new five-step approach to apply the standard
  • Understand the solutions to industry specific questions, such as:
    • How to define the contract, such as when to combine contracts, and when and how to account for change orders and other modifications?
    • How to define the contract price, including variable consideration, customer-furnished materials, and claims from customers?
    • How to measure performance using recognition methods, such as the percentage-of-completion method and input/output methods?
    • How to account for contract assets and liabilities?
    • How to recognize revenue when there are uninstalled materials?
 
Training Methodology
 
Classroom style with quizzes, case studies
 
Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

Finance professionals (Accounting, Reporting), CFO, Controllers, Finance Managers

Competency Mapping

Category 1 = 3.50 Hours

Programme Facilitator(s)

Senthilnathan Sampath
Managing Director
 
Senthil is a Managing Director from the Accounting Advisory Services in PwC Singapore with 16 years working experience. He has extensive practical experience across complex IFRS financial reporting. He specializes in GAAP conversions and technical accounting advice and has worked on accounting conversions with various corporate and financial institutions in Asia, Middle East and United Kingdom.
 
He serves as the key technical director for a number of assurance engagements in the financial services sectors: banks, insurance companies and fund managers. He also performs various training on current accounting topics, and has experience designing and managing highly participative programs on IFRS training.
 
Sanjna Punjabi
Senior Manager
 
Sanjna is an experienced senior manager with PwC Accounting Advisory Services and has more than 13 years of audit, business advisory and regulatory experience. As a member of the PwC Global network of IFRS reporting specialist, she provided consulting services on complex financial reporting issues, performed financial statement reviews & conducted various internal / external trainings.
 
Prior to her current role in PwC, she was a part of the Accounting Standards Council (ASC) Secretariat, providing technical accounting input on emerging issues in accounting standard development, during local stakeholder outreaches and as a member of the ASC delegation in international / regional accounting standard setting bodies meetings.

Upcoming Schedule

Registration is closed

Date & Time

28 Jun 2018 (9:00 AM - 12:30 PM)

Fee (inclusive of GST)

For Members: $ 320.00
For Non-Members: $ 370.00

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Venue

Marina One, East Tower 7 Straits View
Level 11, CARE Room
Marina One, East Tower
Singapore 018936