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FRS 115 for the IT Industry: Practical Applications and Important Implications

Expert Speaker Chee Hay Kheong Daniel

$321.00 (including GST)

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Overview

FRS 115 – Revenue from Contracts With Customers has changed the way many technology businesses account for their contracts. The new standard will be difficult to apply for the IT industry due to the fact that many entities will provide multiple goods and services to customers under one contract.

FRS 115 is far more complex than the previous FRS 18, and can drastically alter the pattern of revenue recognition and pattern of profit for companies applying the standard.  

Programme Outline

This practical workshop will cover the application of the requirements in FRS 115 for the IT industry, including:

  • Timing of Revenue Recognition
  • Timing of Revenue Recognition – Licences
  • Contracts that contain multiple goods and services
  • Contracts that have variable consideration
  • Contracts with right of return
  • Contract modification
  • Long term contracts
  • Principal vs agents

Cases will be used to illustrate the application of the above and the recording entries.

This workshop qualifies for 3.5 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 multi-national corporations, 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).

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