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Mandatory Reporting Requirements: IFRS Convergence, Sustainability and Integrated Reporting - Preparing for the Challenges in 2018!

Expert Speaker Dr James C Wong

$650.00 (including GST)

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Overview

The regulatory landscape for listed companies in Singapore is changing rapidly in both financial and non-financial reporting. Having to deal with new and updated financial reporting standards had always been the norm. On top of this, there is now the impending convergence with International Financial Reporting Standards (IFRS) that will be effective for annual periods beginning on or after January 2018.

When this IFRS convergence occurs, listed companies will need to prepare financial statements according to a new Singapore financial reporting framework identical to the IFRS. Preparing for this will involve at least two matters. Firstly, understanding and evaluating the impact this move will have on the financial statements. Secondly, implementing changes in accounting policies and procedures to meet the new requirement.

Sustainability reporting has crept into the Singapore business lexicon these days, and it may sound daunting to some. Listed companies had been dealing with governance, risk and compliance (GRC) issues since the release of the inaugural Code of Corporate Governance in 2001. From 2017, they will also have to be concerned with environmental, social and governance (ESG) risks and opportunities.

While the number of entities had grown, the listed companies that had voluntarily published sustainability reports are still in the minority. With the latest change however, all Singapore listed companies will be required to publish a sustainability report annually from the year 2018.

This seminar is part of the Corporate Practice Series, designed specifically to provide Accounting and Finance Professionals timely and practical updates on these regulatory changes. You will also get to learn about the best practices while you embark on your learning journey.

What You Will Learn

At the end of this seminar, you will:

  • Be updated on the latest requirements regarding IFRS convergence and sustainability reporting
  • Understand the issues that may arise when implementing IFRS
  • Gain an appreciation of the Global Reporting Initiative (GRI) G4 and International Integrated Reporting frameworks

Programme Outline

Morning session

IFRS Convergence

  • What is IFRS convergence?
    • When and how will the convergence take place
    • The main differences between IFRS and Singapore Financial Reporting Standards (SFRS)
    • An overview of IFRS 1 – First Time Adoption of IFRS

Sustainability Reporting

  • Background to sustainability reporting.
  • What are the SGX requirements?

Afternoon session

Sustainability Reporting (cont’d)

  • What are the main features of the GRI G4 Framework?
  • Case studies on sustainability reports of local listed companies.

Integrated Reporting

  • Background to integrated reporting

Introduction to the International Integrated Reporting Framework 

Expert Speaker

Dr James C Wong

Dr Wong started his career in the USA with the predecessor firm to what is now KPMG.  Following graduate business school in the US, he stayed on to work with a Fortune 500 company in the foodservice and manufacturing industries. He had gained valuable corporate experience in his various capacities as Internal Auditor, Corporate Controller and Treasurer.

Dr Wong rejoined KPMG Singapore as Partner, Risk Advisory Services. In his capacity as Practice Leader, James started and headed the internal audit practice. He was also selected by KPMG US as the engagement partner on internal audit and partner audit engagements in the Asia-Pacific region covering several of their clients in the technology industry.

In addition to being a Member of the American Institute of Certified Public Accountants (AICPA, USA) and the Institute of Internal Auditors (IIA, USA) , Dr Wong also holds the Chartered Global Management Accountant (CGMA) and the Certification in Risk Management Assurance (CRMA) credentials.

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