The process of compliance to both MFRS 15 and MFRS 16 involves a significant amount of management estimation and judgement and this could be material to the financial statements. Join us in the webinar to get insights and understanding of the topics.
Day 1 - Practical application of MFRS 15 Revenue from Contracts with Customers
Date: 25 November 2020, Wednesday
Time: 9.00am - 5.15pm
Day 2 - Current issues on Compliance with MFRS 16 Leases
Date: 26 November 2020, Thursday
Time: 9.00am - 5.15pm
Speaker
Danny Tan, FCMA, FCCA, CA(Singapore), CA(M), BA(HONS), ELON, MBA
Danny is a partner of a consulting firm providing technical training and consultancy services and has over 35 years of experience in public practice, commerce and industry. He trained with a firm of Chartered Accountants in London where he qualified as a professional accountant. Danny provides training in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is a project manager with MASB and holds advisory roles in financial reporting committees and working groups on IFRS technical matters. Danny holds an Honours Degree in Economics (UK), an MBA in Finance (UK) and a Master in Advanced Business Practice (Australia). He is a Fellow Member of CIMA (UK) and ACCA (UK), and a member of ISCA, MIA, and CTIM.
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Day 1 - Practical application of MFRS 15 Revenue from Contracts with Customers
Date: 25 November 2020, Wednesday
Time: 9.00am - 5.15pm
- Practical Case Studies to Applying the Five-Step Approach: How to apply the five-step approach to revenue from contracts with customers arising from various industries and businesses
Step 1. Identifying and assessing existence of a contract with customers
Step 2. Establish present obligation(s) in the contract
Step 3. Determining the transaction price
Step 4. Allocating the transaction price
Step 5. Recognise revenue upon transfer of control
- Dealing with Contract Costs
- Presentation and Disclosure
- Observation on Compliance Issues
Day 2 - Current issues on Compliance with MFRS 16 Leases
Date: 26 November 2020, Thursday
Time: 9.00am - 5.15pm
- Identifying a Lease Contract, Assessing
- Exemptions for Lessee to Recognise the Asset and Liability of a Lease Contract
- Separating Components of a Lease Contract for Lessor and Lessee
- Accounting for Lessee
- Accounting for Lessor
- Intermediate Lessor: Transaction Involving Property
- Presentation and Disclosure for Lessee and Lessor
- Sale and Leaseback Transactions for Both Seller-Lessee and Buyer-Lessor
- Transitional Provision
- Observation on Compliance Issues
