UNITS

Webinar | ACCA

Essential technical updates for audit professionals

This comprehensive course is designed to provide audit professionals and public accountants with critical updates and insights into the latest standards and regulations affecting financial reporting and audit practices

Overview

With a focus on practical application and understanding, this webinar will cover significant changes in financial reporting standards, audit considerations for group financial statements, and the latest requirements in anti-money laundering and counter-terrorism financing for professional accountants in Singapore.

Learning outcomes

By attending this webinar, you will understand:

FRS 115 for revenue recognition in construction contracts, focusing on timing, penalty clauses, and methods for recognising revenue over completion stages.
The revised SSA 600 (effective 15 December 2023) for special considerations in audits of group financial statements and component auditors' work.
EP 100 updates (effective 15 December 2023) regarding the redefinition of engagement teams and group audits and their impact on audit processes.
EP 200 updates (effective 1 July 2023) on anti-money laundering and counter-terrorism financing guidelines for professional accountants in Singapore.

Format

This session will be run as a Webinar format on Zoom.

Who should attend?

This course is essential for audit professionals seeking to stay updated on the latest standards and regulations impacting their practice. It is suitable for auditors at all levels who are involved in financial reporting, group audits, and compliance.

ACCA Singapore CPD Subsidy

ACCA Singapore is currently offering a special subsidy to active members, affiliates and students to support them in their professional development. This offer is available on selected courses here and on a limited basis. Terms and conditions apply.

Promotions

Open to Global Participants

Please email us to book under ACCA rates if you are a global ACCA member / affiliate / student or for query on class status prior to booking.

Partner Offer

CA ANZ, CPA, ICAEW, IIA Singapore, SCTP & ISCA members enjoy 10% off public rates. Please contact jasmine.wong@accaglobal.com to enquire.

Group Discounts

Get 10% off when you sign up as a group of 2 or more (not applicable to Member / Affiliate / Student rates). Apply this discount code GROUP2MORE to your order on the payment summary.

Note: All workshops and courses listed are subject to change. Please contact us to confirm the workshop/course status of commencement if you are not based in Singapore, and require travel arrangements.

Outline
Speaker
Additional information

Financial Reporting: FRS 115

FRS 115: Addressing Issues in recognising revenue from construction contracts

Determining whether revenue should be recognised over the stages of completion (i.e. over time) or at the end of the contract (i.e. at a point in time)
Determining the contract amount to be recognised when there is performance penalty clause
Recognising revenue over the stages of completion:
- Input methods: Addressing wastages, unbillable re-work costs
- Input methods: Addressing significant third cost that is not proportional to the entity’s satisfaction of performance obligation
- Input methods – cost-to-cost method: update total cost
- Output methods

SSA Update

SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)

Issue date: 3 June 2023

Effective date: 15 December 2023

EP 100 Update

Revisions to the Code Relating to the Definition of Engagement Team and Group Audits (“ET-GA FP”)

Issue date: 30 August 2023

Effective date: 15 December 2023

EP 200 Update

Anti-Money Laundering and Countering the Financing of Terrorism - Requirements and Guidelines for Professional Accountants in Singapore

Issue date: 1 June 2023

Effective date: 1 July 2023

This webinar will qualify for:

3.5 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1)

2.5 CPE hours in Ethics and Professionalism (Category 2)

1.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3)

Daniel Chee

Daniel 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.

Daniel 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 a total of 7.0 CPD units in the following categories:

3.5 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1)
2.5 CPE hours in Ethics and Professionalism (Category 2)
1.0 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3)

A CPD certificate will be sent to you by email within 2 business days after your completion of this webinar.

Price

Price (excluding VAT) 390 SGD

Member 320 SGD

Affiliate 330 SGD

Approved employers 350 SGD

Student 330 SGD

Public 390 SGD

Location

Singapore

Date & time

22 November 2024, 09:00 - 17:00

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