Accounting for Revenue, Assets and Liabilities Workshop

FP Consultants International Pte Ltd
Singapore, Singapore, Singapore

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced
Teacher/Instructor: Danny, Tan Boon Wooi
Fee: S$798

Course Description:

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This three-day course provides a practical guide to the salient feature of accounting for assets, liabilities and revenue. Detail analysis of the technical requirement of each Standard including the linkages and interrelationship between each of the standards. The course highlights the accounting implications of applying fair value measurement in light of volatile economic conditions.

The course also provides update on most recent documents issued by IASB in related topics.

Outline

�Inventory

- Recognition, measurement and disclosure of inventories
- Identifying cost of inventory
- Borrowing cost and effective financial arrangement in acquisition of inventory
- Estimating net realisable value
- Disclosures

�Property plant and equipment

- Identifying items and parts of PPE
- Recognition and derecognition of PPE
- Measurement of initial and subsequent costs
- transfer of assets
- issues of depreciation
- Cost model and revaluation model
- Disclosures

�Leases

- Identifying finance lease and operating lease
- Issue of classifying leasehold land and building as operating lease
- Dealing with leasehold property classified as investment property
- Sales and lease back as:
�Finance lease
�Operating lease
- Disclosures

�Impairment of assets
- The procedures of impairment
- Estimating:
�Fair value less cost to sell
�Value in use
- Impairment of intangible assets with indefinite useful life
- Impairment of Cash Generating Units with goodwill
- Impairment of subsidiary in:
- Separate financial statements
- Consolidated financial statements
º Reversal of impairment
º Disclosures

�Intangible assets

- Recognition and identification criteria for intangible assets
- Measurement of initial and subsequent costs
- Internally generated goodwill and intangible assets
- Amortisation of intangible with finite and indefinite useful life
- Cost model and revaluation model
- Disclosures

�Investment property

- Recognition and measurement of investment property
- Identifying investment property
- The impact of fair value model and cost model
- Dealing with leasehold property classified as operating lease by lessee
- Dealing with investment properties in group of companies
- Dealing with transfers to and from investment property
- Disclosures

�Non-current assets held for sale and discontinued operations

- Identifying non-current assets held for sale
- Concept of disposal group
- Non-current assets to be abandoned
- Measurement of non-current assets held for sale
- What constitute discontinued operation
- changes to a plan of sale
- Presentation and disclosure
- How to determine discontinued operations
- Presenting the results of discontinued operations

�Topics relating to assets:

- Borrowing Costs: Procedure of capitalisation of borrowing costs
- Government Grants: Accounting for non-financial government grant and capital grant
- Goodwill: subsequent accounting for goodwill and impairment of goodwill
- Deferred Tax Assets: recognition and measurement
- Financial Assets:
�Recognition, measurement and impairment of financial assets
�Accounting for investment in subsidiary, associates and Jointly control entities

�Revenue

- Using practical illustration to explore the technical content of IAS 18:

�Sales of goods

- Applying the recognition rules to complex sale arrangement in practice

�Rendering services

- examine the application of stages of completion method
- sales contract at early stages

�Interest, royalties and dividends

- examine the interaction with IAS 39
- applying amortised cost using effective interest rate
- Applying fair value to measurement of revenue
- Interest free credit
- Very long credit terms
- Consideration other than cash
- Embedded financial instruments within sales invoice
- Disclosures

�Event after balance sheet date

- How to identify an adjusting and non-adjusting event
- Dividends declared after balance sheet date
- The issue of going concern
- Date of authorisation for issue

�Provisions

- The differences between provision and other liabilities
- How to identify:
�Existence of past event that is an obligating event
�Existence of present obligation
�Probable outflow of resources embodying economic benefits
�Reliable estimate of the obligation
- When to recognise a provision
- Issues to be considered when measuring provision:
�Using best estimate
�Risk and uncertainties
�Present value
�Future event
�Expected disposal of assts
- Managing provision in future period:
�When there is a change in provision
�How to use the provision
- How to handle:
�Future operating losses
�Onerous contracts
�Restructuring
- Disclosure

�Contingent liabilities

- Definition, measurement and Disclosure

�Contingent assets

- Issues arising from contingent assets

�Reimbursements

- Recognition, measurement, presentation and disclosure of reimbursements

Who should attend

�Main target audience - Practicing Accountants:
- Company accountants
- Internal/external auditors
- Preparer of financial statements

�Others (Prerequisite - sound accounting knowledge) :
- Finance director
- Lecturers

...''

Elements of this syllabus are subject to change.

Phone:+65 6509 0298

School Address:

28 Genting Lane, #07-06 Platinum 28 Singapore 349585


Jobs & Resumes: Singapore
Houses & Roommates: Singapore
Travel Agencies: Singapore

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