Understanding key accounting standards - Singapore Workshop 2016

The program will be based on the current financial reporting standards applicable in Singapore and will focus on the practical application to efficiently prepare financial statements. 

The program is structured with active participation from the delegates, and will include illustrative financial statements, case studies, and examples on significant FRS and their application.

Concepts and presentations
• FRS 1 – presentation of statements and the conceptual framework
• Elements of the financial statement
•IAS 7 – cash flow statements
• IAS 14 – segment reporting
•Statement of financial performance
•Statement of changes in equity or SORIE
• FRS 105 – assets held for sale and discontinued operations
• FRS 8 – accounting policies

Inventories
• FRS 2 – inventories
• Lower of cost and market & cost to sell approach

Property, plant and equipment
• FRS 16 – tangible assets
• FRS 40 – investment property
• FRS 23 – interest capitalisation

Intangibles
• IAS 38 – intangible assets
• Qualifying asset and identifying useful live problems

More on assets
• FRS 17 – leases
• FRS 36 – impairment of assets

Financial Instruments
• FRS 32 – Financial instruments: presentation
• FRS 39 – Financial instruments: measurement
• FRS 107 – Financial instruments: disclosures
• FRS 109 - Financial Instruments (new standard)
• Practice Problems (calculation of effective interest rate, impairment in categories of HtM and Loans & Receivables)

Liabilities
• FRS 37 – provisions
• FRS 19 – pensions
• Practice Problems (Contingent liabilities, best estimates on provisions, actuarial gains and losses)
• FRS 12 – deferred tax

Revenue
• FRS 11 – construction contracts
• FRS 18 – revenue

Learning objectives

The following are the learning outcomes of the program:
• Understanding of the current requirements of key SFRS
• Hands-on application of recognition and measurement principles under SFRS
• Learn how to solve practical accounting problems under SFRS
• Hear insights from the following subject matter expert:

Michél Herrmann
Michel has over 11 years of experience in financial reporting and accounting advisory.  Prior to founding HERRMANN CONSULTING, Michel has worked for PwC (PricewaterhouseCoopers) in Germany and Singapore where he was in charge of the accounting advisory business. During his time with PwC, he worked on various assignments including tax planning, SFRS/IFRS conversions projects, technical accounting advise, IPOs, SEC filings and due diligences across a wide variety of clients. Michel is also a regular speaker in financial conferences and seminars and since fall 2010 a Professor for “Advanced Accounting And Auditing” at the private University of Friedrichshafen (Germany).   Michel received a master degree from the University of Mannheim. He is certified as a German CPA, German Tax Advisor, US CPA and CA Singapore.

Audience

This program is suitable for Accountants, Financial Managers, Finance Controllers and anyone who is interested in the key SFRS requirements and its application.

1 day

loading...