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Accounting for Revenue, Assets and Liabilities 4-6 Mar '09| 3 Days
About the seminar
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This three-day course provides a practical guide to the salient feature of accounting for assets, liabilities and revenue. Detail analysis of the technical requirement of each Standard including the linkages and interrelationship between each of the standards. The course highlights the accounting implications of applying fair value measurement in light of volatile economic conditions.
The course also provides update on most recent documents issued by IASB in related topics.
IFRS covered:
√ IAS 2 Inventories
√ IAS 16 Property, Plant and Equipment
√ IAS 17 Leases (covering accounting for leasehold properties)
√ FRS 36 Impairment of Assets
√ IAS 38 Intangible Assets
√ IAS 40 Investment Properties
√ IFRS 5 Non-current Assets Held for Sale and Discontinued operations
√ IAS 23 Borrowing Costs
√ IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
√ IFRS 3 Business Combinations (covering accounting treatment for goodwill)
√ IAS 12 Income Taxes (covering accounting for deferred tax assets)
- Recognition, measurement and disclosure of inventories
- Identifying cost of inventory
- Borrowing cost and effective financial arrangement in acquisition of inventory
- Estimating net realisable value
- Disclosures
• Property plant and equipment
- Identifying items and parts of PPE
- Recognition and derecognition of PPE
- Measurement of initial and subsequent costs
- transfer of assets
- issues of depreciation
- Cost model and revaluation model
- Disclosures
• Leases
- Identifying finance lease and operating lease
- Issue of classifying leasehold land and building as operating lease
- Dealing with leasehold property classified as investment property
- Sales and lease back as: • Finance lease • Operating lease
- Disclosures
• Impairment of assets
- The procedures of impairment
- Estimating: • Fair value less cost to sell • Value in use
- Impairment of intangible assets with indefinite useful life
- Impairment of Cash Generating Units with goodwill
- Impairment of subsidiary in:
- Separate financial statements
- Consolidated financial statements
º Reversal of impairment
º Disclosures
• Intangible assets
- Recognition and identification criteria for intangible assets
- Measurement of initial and subsequent costs
- Internally generated goodwill and intangible assets
- Amortisation of intangible with finite and indefinite useful life
- Cost model and revaluation model
- Disclosures
• Investment property
- Recognition and measurement of investment property
- Identifying investment property
- The impact of fair value model and cost model
- Dealing with leasehold property classified as operating lease by lessee
- Dealing with investment properties in group of companies
- Dealing with transfers to and from investment property
- Disclosures
• Non-current assets held for sale and discontinued operations
- Identifying non-current assets held for sale
- Concept of disposal group
- Non-current assets to be abandoned
- Measurement of non-current assets held for sale
- What constitute discontinued operation
- changes to a plan of sale
- Presentation and disclosure
- How to determine discontinued operations
- Presenting the results of discontinued operations
• Topics relating to assets:
- Borrowing Costs: Procedure of capitalisation of borrowing costs
- Government Grants: Accounting for non-financial government grant and capital grant
- Goodwill: subsequent accounting for goodwill and impairment of goodwill
- Deferred Tax Assets: recognition and measurement
- Financial Assets: • Recognition, measurement and impairment of financial assets • Accounting for investment in subsidiary, associates and Jointly control entities
• Revenue
- Using practical illustration to explore the technical content of IAS 18:
• Sales of goods
- Applying the recognition rules to complex sale arrangement in practice
• Rendering services
- examine the application of stages of completion method
- sales contract at early stages
• Interest, royalties and dividends
- examine the interaction with IAS 39
- applying amortised cost using effective interest rate
- Applying fair value to measurement of revenue
- Interest free credit
- Very long credit terms
- Consideration other than cash
- Embedded financial instruments within sales invoice
- Disclosures
• Event after balance sheet date
- How to identify an adjusting and non-adjusting event
- Dividends declared after balance sheet date
- The issue of going concern
- Date of authorisation for issue
• Provisions
- The differences between provision and other liabilities
- How to identify: • Existence of past event that is an obligating event • Existence of present obligation • Probable outflow of resources embodying economic benefits • Reliable estimate of the obligation
- When to recognise a provision
- Issues to be considered when measuring provision: • Using best estimate • Risk and uncertainties • Present value • Future event • Expected disposal of assts
- Managing provision in future period: • When there is a change in provision • How to use the provision
- How to handle: • Future operating losses • Onerous contracts • Restructuring
- Disclosure
• Contingent liabilities
- Definition, measurement and Disclosure
• Contingent assets
- Issues arising from contingent assets
• Reimbursements
- Recognition, measurement, presentation and disclosure of reimbursements
Who should attend
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• Main target audience - Practicing Accountants:
- Company accountants
- Internal/external auditors
- Preparer of financial statements
Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny also has two years of public practice experience in Malaysia in Between 1996 and 1997 where he was an audit manager with a firm of accountants.
He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas. Danny is serving as a project manager to the Malaysian Accounting Standard Board in several working groups.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a member of Malaysian Institute of Accountants, a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants and an associate member of Malaysian Institute of Taxation.
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 65090292.
