Understanding key accounting standards: Recognition and measurement principles - Workshop SG 2018 

This workshop aims to provide an introduction and detailed overview of important Singapore Financial Reporting Standards (SFRS) requirements. Analyse key requirements of the current financial reporting standards applicable in Singapore. Using illustrative financial statements, case studies, and significant FRS and their application, the workshop will focus on the practical application to efficiently prepare financial statements.

Key Topics Covered: 

• Financial instruments
  • FRS 32
  • Recognition of debt and equity in financial statements
  • Measurement of debt and equity in compound financial instruments (warrants, preference shares etc.)
  • FRS 39
  • Recognition of financial instruments under the mixed measurement approach
  • Measurement under the categories of FVTPL, HtM, Loans & Receivables, AFS
  • FRS 109 - Financial Instruments (new standard)
  • Recognition of financial instruments under the new standard and complex instrument categories
  • Classification of instruments under the new categories
  • Measurement under the categories of fair value and amortised cost
  • Practice Problems (calculation of effective interest rate, impairment in categories of HtM and Loans & Receivables)
• Liabilities
  • FRS 37
  • Recognition of provisions and dealing with account issues under uncertainty
  • Measurement under best estimate and weighted average approach
  • FRS 19 – pensions
  • Practice Problems (Contingent liabilities, best estimates on provisions, actuarial gains and losses)
  • FRS 12 – deferred tax
  • Recognition of deferred tax assets and liabilities in local tax environment
  • Measurement of deferred tax by balance sheet approach
  • Use of enacted tax rate
• Revenue
  • FRS 11 – construction contracts
  • Measurement of work in progress by percentage of completion method
  • FRS 18 – revenue
  • Measurement of sales using the relative fair value model
  • Allocation of discounts in complex revenue transactions

This workshop is part of the Finance For the Future Program and is eligible for funding support of more than 40%* off the workshop fees. Eligibility conditions apply. Enter code FUTURE18 at checkout.

*Discount based on member price

Trainer Profile:

Michél Herrmann

Michél has over 12 years of experience in financial reporting and accounting advisory. Prior to founding HERRMANN CONSULTING, Michél 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. Michél 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). Michél received a master degree from the University of Mannheim. He is certified as a German CPA, German Tax Advisor, US CPA and CA Singapore.

Learning objectives

• 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

Audience

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