Hot Topics and Key Developments in FRS - 2009

Aug 25 2009

The Meritus Mandarin



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Empowering you to Effective Financial Reporting

Whilst the economy appears to have turned the corner from the global recession, the outcome still remains uncertain. As such, when reading financial statements, shareholders, investors, creditors and other stakeholders continue to focus highly on disclosures about liquidity, market risks, significant accounting estimates and judgments, early warning disclosures about potential impairments, and in certain instances, going-concern considerations.

Furthermore, FRS continues to change in tandem with developments from the International Accounting Standards Board (IASB). To date, there are 24 FRS and interpretations to FRS that are expected to change as a result; 15 of which have been issued/nearly issued as new or revised standards and applicable in 2009 and 2010. In addition, the recent announcement of the planned convergence of IFRS with SFRS (for listed companies) by 2011 will warrant early preparation to reduce impact from implementating IFRS.


Highlights of our workshop

Our workshop aims to provide practical insights into the common application issues of the FRS applicable in 2009 amidst the current economic climate. To assist you in keeping abreast of the current developments, we will also highlight the principles of the new/revised standards expected to be effective in 2010 and cover the key differences between SFRS and IFRS. The key topics to be covered are:

Hot topics on current FRS

Provisions on onerous contracts and restructuring costs, impairment of non-financial assets, disclosures surrounding financial instruments, and disclosures of significant accounting estimates and judgment.

Key Standards affecting FY 2009 (with a focus on application issues)

  • FRS 1(revised) – Presentation of Financial Statements
  • FRS 23(revised) – Borrowing Costs
  • FRS 27(revised) – Distribution from subsidiary, joint ventures and associates
  • FRS 40(revised) – Investment Property
  • FRS 108 – Operating Segments
  • IFRS 7(revised) – Financial Instruments: Disclosures

Key standards affecting FY 2010

  • Overview of FRS 103(revised) and FRS 27(revised) – Accounting for Business Acquisitions
  • IFRIC 15 – Agreements for the Construction of Real Estate
  • Amendments to IFRS 2 – Cash settled share-based payment transactions

Other developments

  • ED FRS 39 Financial Instruments: Classification and Measurement
  • Key amendments under Annual Improvements Project 2008
  • IFRS for Small and Medium-sized entities
  • Differences between SFRS and IFRS

Who should attend?
Chief Financial Officers, Financial Controllers, Finance Managers, Financial and Tax Accountants, Financial Analysts, Auditors and anyone who is involved in any aspect of financial or corporate reporting. The seminar also brings to you excellent networking opportunities to discuss financial reporting matters among accounting professionals and others with an interest in financial reporting standards.


Date & Time
25 August 2009, 9am to 5pm


Fee*
$750 (PwC clients/alumni)
$850 (Public)

* Fees include 7% GST, lunch, refreshments and seminar kit and a copy of “IFRS Manual of Accounting 2009”.

* Send three persons from one company to enjoy a 7% discount on fee.

 

More information about the seminar, including registration details, is available in the flyer > Download