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UNITS

Webinar | ACCA

Applied FRS 118: navigating the new income statement and disclosure rules

The issuance of FRS 118 Presentation and Disclosure of Financial Statements (aligned with the international IFRS 18) marks the most significant overhaul of financial reporting in decades

Overview

supporting clients

Set to replace FRS 1 for annual periods beginning on or after 1 January 2027, this standard fundamentally transforms how performance is communicated to stakeholders.

This comprehensive workshop provides a deep dive into the mandatory changes affecting the primary financial statements. Participants will explore the new "structured" income statement, the strict regulation of Management-defined Performance Measures (MPMs), and enhanced principles for data aggregation. Through illustrative examples and transition guidance, this session ensures that finance professionals are equipped with a clear roadmap to navigate this transformative change well ahead of the effective date.

Outline

FRS 118 at a glance

  • Key impacts
  • Key actions

Income statement structure

  • Classifying income and expenses
  • Analysis of operating expenses
  • Income and expenses totals and subtotals

Management-defined performance measures (MPM)

  • What are MPMs
  • Where to include MPMs
  • What to disclosure for MPMs

Aggregation and disaggregation

  • Principles of aggregation and disaggregation
  • Guidance for labels and descriptions

Other changes for the financial statements

  • Statement of cash flows
  • Balance sheet
  • Earnings per share disclosures

Transition to FRS 118

Illustrative examples

  • Statement of profit or loss for an entity that is a manufacturer
  • Statement of profit or loss for an entity that is a manufacturer that provides financing to customers as a main business activity
  • Note – specified expenses by nature
  • Note – management-defined performance measures

Daniel Chee

Mr Daniel Chee holds an Honours degree in Accountancy from the National University of Singapore and was 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 in Singapore and in the United Kingdom. He also has more than five years of senior management experience with multinational corporations, managing their operations in Singapore and Asia. He was an adjunct associate professor at NUS Business School and then an adjunct professor with the Singapore University of Social Sciences. Mr Chee was a committee member of both the IT Committee and the Examination Committee of the Institute of Singapore Chartered Accountants, and was a Committee member of the Disciplinary Sub-Committee of the Accounting and Corporate Regulatory Authority.

CPD units

Attendance to this session will accord you with 7 CPD units (ACRA Category 1).

A CPD certificate will be sent to you by email within 3 business days after your completion of this seminar.

Pricing and booking information

Price

Member 415 SGD

Affiliate 420 SGD

Approved employer 465 SGD

Student 420 SGD

Public 495 SGD

Location

Singapore

Date & time

17 June 2026, 09:00 - 17:00 Singapore

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