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SFRS (I) 15 Revenue from Contracts with Customers and its Application to the Construction Industry

Expert Speaker Tan Yee Peng

$535.00 (including GST)

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Overview

The new revenue standard – effective 1 January 2018 – is likely to affect the way the construction industry account for revenue, whether in terms of timing or amount. The old and familiar FRS 11 Construction Contracts is withdrawn and the construction industry has effectively lost its contract accounting rulebook; construction companies would now have to abide by the same principles of the generic revenue standard.

This one-day workshop aims to provide you with an overview of the new revenue standard and a discussion of the key issues impacting your industry.

Programme Outline

The full-day interactive programme will include many exercises and worked examples and will cover the following:

Overview of SFRS(I) 15

  • Scope of SFRS(I) 15
  • The 5-step model
    • Step 1 Identify the contract with a customer
    • Step 2 Identify the performance obligations in the contract
    • Step 3 Determine the transaction price
    • Step 4 Allocate the transaction price to the performance obligations in the contract
    • Step 5 Recognise revenue when or as the entity satisfies a performance obligation
  • Contract costs
  • Identifying and accounting for contract modifications
  • Other issues such as sales with a right of return, warranties, onerous contracts, etc.
  • Presentation and disclosures

Industry Issues 

  • Accounting for pre-contract costs
  • Identifying contract performance obligations
  • How to measure revenue – variable consideration
  • How to account for revenue – over time or at a point in time
  • Measuring contract progress
  • How to account for contract modifications e.g. variations and claims
  • How to account for loss-making contracts

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

Expert Speaker

Tan Yee Peng

Tan Yee Peng is an Adjunct Associate Professor of the Nanyang Business School, Nanyang Technological University (NTU) and is a regular trainer on accounting topics. 

Yee Peng previously served as a partner of KPMG in Singapore and has more than twenty years of accounting and auditing experience.  As an audit and advisory partner, Yee Peng was closely involved in providing accounting and advisory services to her clients in both the private and public sectors.  She also acted as the Reporting Accountant and auditor for several companies listed on the Singapore Exchange. 

Yee Peng was also appointed as the partner in charge of KPMG’s Professional Practice Department which is responsible for the technical and professional standards of the Firm as well as the partner for the firm’s Learning & Development department which oversees the developmental needs of its 2,000 staff.  
 
Yee Peng holds a Bachelor of Accountancy (First Class Honours) degree from the Nanyang Technological University and is a Fellow of the Institute of Singapore Chartered Accountants and a member of the Singapore Institute of Directors.   

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