Overview

The Financial Reporting Surveillance Programme (FRSP) introduced by ACRA covers both listed and private companies, and its primary objective is to guide companies to meet the requirements in the Accounting Standards so as to provide investors with reliable and meaningful financial statements for decision-making.

ACRA has the legislative power to bring the courts to bear on companies that have committed serious financial-reporting breaches, so that they will be compelled to restate, re-audit and re-file their financial statements. Companies which commit less serious breaches will be asked to restate the comparative figures, or include or improve the disclosures in the following year's financial statements.

To guide Directors in reviewing their organisations’ upcoming financial statements, ACRA has recently published the FRSP areas of review focus for the FY2017 FS. This programme is part of the Professional Skills Series, designed specifically for Accountants involved in financial statements preparation and for Auditors who are auditing financial statements. The Trainer will walk you through the areas of review focus indicated by ACRA and the potential risks of misstatement in the financial statements in these areas.

Programme Outline

In this workshop, we will draw lessons from mistakes made in real life applications. The situations covered will include:

• Going concern – Can the entity continue to operate in the near term (at least 12 months)?
• Value of long-lived assets – Any indication of impairment? If yes, has an impairment test been conducted? If a previous impairment loss is reversed, is this supported by real improvement in performance or economic conditions?
• Significant one-off gains or losses – Does it make business sense?
• Consolidation or Equity Accounting – Looking beyond legal forms, has the rights to participate in decision-making held by various parties been considered?
• Business acquisitions – Have other intangible assets been carved out from goodwill and separately recognised? What is the date of acquisition for accounting purposes?
• Statement of cash flows – Are cash flows appropriately classified within operating, investing or financing cash flows?

This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).