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SFRS (I) 15 Revenue from Contracts with Customers: Dissecting the Complexities of the new Standard

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 you account for revenue, whether in terms of timing or amount. Many companies have under-estimated the complexities of the standard and the assessment and implementation effort required to comply with the standard. With the use of practical examples, this workshop will give you an in-depth understanding of this new standard.

Programme Outline

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

  • 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, customer loyalty programmes, non-refundable up-front fees, onerous contracts, etc.
  • Presentation and disclosures

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

Target Audience

Accountants, Auditors and Professionals who need to be aware of the requirements of the new Revenue Standard

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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