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Financial Reporting Standards: Observations from ACRA’s Financial Reporting Surveillance Programme (FRSP)

Expert Speaker Chee Hay Kheong Daniel

$430.00 (including GST)

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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.

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. Real life examples will be illustrated to help you avoid making the common errors.

Programme Outline

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

  • Application of consolidation standards in determining the existence of control
  • The determination of goodwill
  • The impairment analysis of goodwill
  • The determination of net assets acquired in business combination
  • Classification of revenue
  • Cash flow statement errors
  • Fair value of property
  • Construction contract – percentage of completion determination
  • The impairment of financial assets
  • Going concern assumption
  • Recent changes to FRSP
  • Update on ACRA's focus areas for this year’s FRSP

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 multi-national corporations, managing their operations in Singapore and Asia.                            

Daniel is a highly sought-after seminar trainer, and 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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