Course Detail(TECH2019 : ISCA FRC-AFA Financial Reporting & Business Conference 2019)

TECH2019 : ISCA FRC-AFA Financial Reporting & Business Conference 2019 NEW

7.00 CPE Hours (Category 1, Others)
Classroom

 

Programme Overview

The event is a celebration of the 21st AFA Conference hosted by ISCA. Held biennially since 1978, this year’s AFA Conference is expected to attract an estimated 200 participants comprising delegates and business leaders from the ten ASEAN countries as well as senior members of the Singapore accountancy profession. 

 

To fully harness the potential that ASEAN presents as an economic block, businesses should gear up, transform and embrace disruption and technology. In this regard, the “Financial Reporting and Business Conference” would be bringing distinguished leaders from diverse fields to share their insights on the latest developments in financial reporting and business strategies for ASEAN. Participants will also enjoy opportunities to network, exchange business ideas,  and build new professional connections with those who share similar interests.

Programme Outline

 

Time

Programme

8.30am

Registration

9.00am

Welcome Address

Mr Kon Yin Tong, President, Institute of Singapore Chartered Accountants (ISCA) and President, ASEAN Federation of Accountants (AFA)

9.10am

Message from FRC Chairman

ISCA’s FRC is committed to support professional accountants in Singapore in addressing financial reporting challenges through the issuance of ISCA Financial Reporting guidance.

In line with the above and to formalise the level of authority associated with ISCA Financial Reporting guidance, ISCA will be launching the “Codification Framework for ISCA Financial Reporting Guidance”. Two new financial reporting guidance will also be launched at this Conference.

Mr Klemmer will also share on some of the latest financial reporting developments including recent agenda decisions published by the IFRS Interpretations Committee (IFRIC) as well as the upcoming Interest Rate Benchmark Reform (IBOR).

Mr Reinhard Klemmer, Chairman, ISCA Financial Reporting Committee (FRC) and ISCA FRC Core Sub-Committee; Partner, KPMG Singapore

9.30am

SPPI Test in IFRS 9: Grasping the principles

IFRS 9 Financial Instruments fundamentally rewrites the accounting rules for financial instruments. One key change is the introduction of a new approach for financial asset classification – the “Solely Payments of Principal and Interest on the principal amount outstanding” (SPPI) test. Prof Chua will share certain Singapore-specific application challenges arising from IFRS 9 and how these challenges are addressed in ISCA’s five interrelated technical bites on the SPPI test.

Prof Chua Kim Chiu, Member, ISCA FRC Core Sub-Committee and ISCA SFRS(I) 9 Financial Instruments Working Group; Professor (Practice), NUS Business School, National University of Singapore

10.15am

Morning Tea Break

10.35am

Insights into Real Property Valuation for Financial Reporting

ISCA will be launching its Practice Guidance: “Real Property Valuation for Financial Reporting – Best practices when engaging valuers: Considerations for Scope of Work and Valuation Report”. This Practice Guidance seeks to bridge the expectation gaps and facilitates a smooth valuation process amongst the reporting entity, valuer and auditor. In this segment, Mr Lie will share practical issues and pain points encountered by stakeholders in the valuation process when reporting real property interests at their fair value. He will share insights into the deliberations by the FRC Valuation Sub-Committee and how the Practice Guidance addresses the practical issues.

Mr Lie Kok Keong, Member, ISCA Financial Reporting Committee; Chairman, ISCA FRC Valuation Sub-Committee; Partner, PricewaterhouseCoopers Ltd

11.00am

The new Leases standard is upon us – Are you ready for it?

2019 is the year of application of the new Leases standard, there is a magnitude of challenges arising. In this segment, Ms Chan will highlight some of these pressing but common issues and provide practical tips to aid entities in addressing them.

Ms Chan Yen San, Member, ISCA Financial Reporting Committee and ISCA FRC Core Sub-Committee; Partner, KPMG Singapore

11.45am

Staying ahead of the curve – knowing the areas of review focus and avoiding common pitfalls in financial reporting

Financial reporting standards have become increasingly complex and requires preparers of financial statements to exercise greater use of professional judgement. It is, therefore, critical for entities to be kept up to date on ACRA’s latest areas of review focus. In this segment, Ms Kok will be sharing on these areas of review focus as well as highlighting some key judgemental and challenging areas to take note of. Insights on common pitfalls to avoid in financial reporting will also be touched on in this segment.

Ms Kok Moi Lre, Member, ISCA FRC Core Sub-Committee; Chairperson, ISCA Financial Statements Review Committee; Partner, PwC LLP

12.30pm

Question & Answer Session

Mr Reinhard Klemmer (Moderator)
Ms Chan Yen San
Ms Kok Moi Lre
Mr Lie Kok Keong

1.00pm

Networking Lunch

2.00pm

AFA President Hand Over Ceremony

2.10pm

New AFA President Acceptance Speech

Mr Wan Tin, Incoming AFA President and President, Myanmar Institute of Certified Public Accountants (MICPA)

2.15pm

Adoption and Implementation of International Financial Reporting Standards (IFRS) Standards by ASEAN

Majority of the ASEAN member states have mandated the adoption of IFRS. However, many multinational enterprises and corporations (MNEs/MNCs) still face issues and hurdles in preparing IFRS-compliant financial statements. Gain insights and deeper understanding of these hurdles and how accountancy profession can contribute to the successful adoption and implementation of IFRS.

  • Prof Lindawati Gani, National Council Member, Institute of Indonesia Chartered Accountants (IAI)
  • Mr Sonexay Silaphet, Vice President, Lao Chamber of Professional Accountants and Auditors (LCPAA)
  • Ms Guek Teav, Board Member, Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA)
  • Mr Wan Tin, President, Myanmar Institute of Certified Public Accountants (MICPA)

Moderator: Mr Simon Tay, Executive Director, Professional Practices & Technical, Malaysian Institute of Accountants (MIA)

3.00pm

Know your value: The latest on International Valuation Standards (IVS)

Implementation of new IFRS Standards has brought implementation challenges for stakeholders, with IFRS 13 taking the limelight for bringing valuation into modern financial reporting. Accountants and those with interest in financial reporting now more than ever, need to be aware of the latest in IVS, how the standards interact with IFRS and financial reporting in general, and recent valuation issues relevant to financial reporting.

Mr Nick Talbot, Chief Executive Officer, International Valuation Standards Council (IVSC)

3.30pm

Manoeuvring US-China Trade War & Brexit: Implications for ASEAN

Both the United States and China are important economic partners of ASEAN – the US is the 4th largest trading partner for ASEAN while China’s Belt and Road Initiative (BRI) presents vast opportunities to enhance greater global economic integration and investment linkages within ASEAN. The two countries continue to be embroiled in a trade war, with debilitating consequences for business and governments alike. In another part of the globe, the UK must act quickly to settle its trading relationship with European Union and the rest of the world. As these uncertainties continue, what implications do they hold for businesses in ASEAN?

Mr Kishore Mahbubani, Distinguished Fellow, Asia Research Institute, National University of Singapore

4.30pm

Breaking the barriers: Innovation in ASEAN

Debates of late have been centred around how technology disruption would threaten jobs. But can technology be the means of creating social impact, increase jobs and improve the livelihoods of people?

Mr Wilson Koh, Group Treasurer, Grab

5.00pm

ASEAN through the lens of an investor

With ASEAN’s potential in becoming the fourth largest economy by 2030, prospects in the region are promising -- improvements in the investment environment, technological developments, growing middle class and advancing regional integration. It becomes crucial for companies to stay competitive and most importantly, grow. Hear why this company invested and strengthened its foothold in ASEAN.

Mr Darren Tan, Chief Financial Officer, OCBC

5.30pm

End of Conference

*Please note that the programme is subject to changes without further notice.

 

Training Methodology

Presentations
Panel Discussions

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Professional Accountants in Practice (PAIP), Professional Accountants in Business (PAIB), Entrepreneurs, Business Leaders and Consultants

Competency Mapping

Category 1 = 4.00 Hours
Others = 3.00 Hours

Schedule & Fees

Date & Time

26 Nov 2019 (9:00 AM - 5:30 PM)

There are no seats available.

Fee (inclusive of GST)

For Members: $ 286.76
For Non-Members: $ 318.86

Programme Facilitator(s)

TBC

Venue

1 Farrer Park Station Road
Grand Ballroom, Level 6
One Farrer Hotel
Singapore 217562

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


To be announced at a later date

 

Programme Overview

The event is a celebration of the 21st AFA Conference hosted by ISCA. Held biennially since 1978, this year’s AFA Conference is expected to attract an estimated 200 participants comprising delegates and business leaders from the ten ASEAN countries as well as senior members of the Singapore accountancy profession. 

 

To fully harness the potential that ASEAN presents as an economic block, businesses should gear up, transform and embrace disruption and technology. In this regard, the “Financial Reporting and Business Conference” would be bringing distinguished leaders from diverse fields to share their insights on the latest developments in financial reporting and business strategies for ASEAN. Participants will also enjoy opportunities to network, exchange business ideas,  and build new professional connections with those who share similar interests.

Programme Outline

 

Time

Programme

8.30am

Registration

9.00am

Welcome Address

Mr Kon Yin Tong, President, Institute of Singapore Chartered Accountants (ISCA) and President, ASEAN Federation of Accountants (AFA)

9.10am

Message from FRC Chairman

ISCA’s FRC is committed to support professional accountants in Singapore in addressing financial reporting challenges through the issuance of ISCA Financial Reporting guidance.

In line with the above and to formalise the level of authority associated with ISCA Financial Reporting guidance, ISCA will be launching the “Codification Framework for ISCA Financial Reporting Guidance”. Two new financial reporting guidance will also be launched at this Conference.

Mr Klemmer will also share on some of the latest financial reporting developments including recent agenda decisions published by the IFRS Interpretations Committee (IFRIC) as well as the upcoming Interest Rate Benchmark Reform (IBOR).

Mr Reinhard Klemmer, Chairman, ISCA Financial Reporting Committee (FRC) and ISCA FRC Core Sub-Committee; Partner, KPMG Singapore

9.30am

SPPI Test in IFRS 9: Grasping the principles

IFRS 9 Financial Instruments fundamentally rewrites the accounting rules for financial instruments. One key change is the introduction of a new approach for financial asset classification – the “Solely Payments of Principal and Interest on the principal amount outstanding” (SPPI) test. Prof Chua will share certain Singapore-specific application challenges arising from IFRS 9 and how these challenges are addressed in ISCA’s five interrelated technical bites on the SPPI test.

Prof Chua Kim Chiu, Member, ISCA FRC Core Sub-Committee and ISCA SFRS(I) 9 Financial Instruments Working Group; Professor (Practice), NUS Business School, National University of Singapore

10.15am

Morning Tea Break

10.35am

Insights into Real Property Valuation for Financial Reporting

ISCA will be launching its Practice Guidance: “Real Property Valuation for Financial Reporting – Best practices when engaging valuers: Considerations for Scope of Work and Valuation Report”. This Practice Guidance seeks to bridge the expectation gaps and facilitates a smooth valuation process amongst the reporting entity, valuer and auditor. In this segment, Mr Lie will share practical issues and pain points encountered by stakeholders in the valuation process when reporting real property interests at their fair value. He will share insights into the deliberations by the FRC Valuation Sub-Committee and how the Practice Guidance addresses the practical issues.

Mr Lie Kok Keong, Member, ISCA Financial Reporting Committee; Chairman, ISCA FRC Valuation Sub-Committee; Partner, PricewaterhouseCoopers Ltd

11.00am

The new Leases standard is upon us – Are you ready for it?

2019 is the year of application of the new Leases standard, there is a magnitude of challenges arising. In this segment, Ms Chan will highlight some of these pressing but common issues and provide practical tips to aid entities in addressing them.

Ms Chan Yen San, Member, ISCA Financial Reporting Committee and ISCA FRC Core Sub-Committee; Partner, KPMG Singapore

11.45am

Staying ahead of the curve – knowing the areas of review focus and avoiding common pitfalls in financial reporting

Financial reporting standards have become increasingly complex and requires preparers of financial statements to exercise greater use of professional judgement. It is, therefore, critical for entities to be kept up to date on ACRA’s latest areas of review focus. In this segment, Ms Kok will be sharing on these areas of review focus as well as highlighting some key judgemental and challenging areas to take note of. Insights on common pitfalls to avoid in financial reporting will also be touched on in this segment.

Ms Kok Moi Lre, Member, ISCA FRC Core Sub-Committee; Chairperson, ISCA Financial Statements Review Committee; Partner, PwC LLP

12.30pm

Question & Answer Session

Mr Reinhard Klemmer (Moderator)
Ms Chan Yen San
Ms Kok Moi Lre
Mr Lie Kok Keong

1.00pm

Networking Lunch

2.00pm

AFA President Hand Over Ceremony

2.10pm

New AFA President Acceptance Speech

Mr Wan Tin, Incoming AFA President and President, Myanmar Institute of Certified Public Accountants (MICPA)

2.15pm

Adoption and Implementation of International Financial Reporting Standards (IFRS) Standards by ASEAN

Majority of the ASEAN member states have mandated the adoption of IFRS. However, many multinational enterprises and corporations (MNEs/MNCs) still face issues and hurdles in preparing IFRS-compliant financial statements. Gain insights and deeper understanding of these hurdles and how accountancy profession can contribute to the successful adoption and implementation of IFRS.

  • Prof Lindawati Gani, National Council Member, Institute of Indonesia Chartered Accountants (IAI)
  • Mr Sonexay Silaphet, Vice President, Lao Chamber of Professional Accountants and Auditors (LCPAA)
  • Ms Guek Teav, Board Member, Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA)
  • Mr Wan Tin, President, Myanmar Institute of Certified Public Accountants (MICPA)

Moderator: Mr Simon Tay, Executive Director, Professional Practices & Technical, Malaysian Institute of Accountants (MIA)

3.00pm

Know your value: The latest on International Valuation Standards (IVS)

Implementation of new IFRS Standards has brought implementation challenges for stakeholders, with IFRS 13 taking the limelight for bringing valuation into modern financial reporting. Accountants and those with interest in financial reporting now more than ever, need to be aware of the latest in IVS, how the standards interact with IFRS and financial reporting in general, and recent valuation issues relevant to financial reporting.

Mr Nick Talbot, Chief Executive Officer, International Valuation Standards Council (IVSC)

3.30pm

Manoeuvring US-China Trade War & Brexit: Implications for ASEAN

Both the United States and China are important economic partners of ASEAN – the US is the 4th largest trading partner for ASEAN while China’s Belt and Road Initiative (BRI) presents vast opportunities to enhance greater global economic integration and investment linkages within ASEAN. The two countries continue to be embroiled in a trade war, with debilitating consequences for business and governments alike. In another part of the globe, the UK must act quickly to settle its trading relationship with European Union and the rest of the world. As these uncertainties continue, what implications do they hold for businesses in ASEAN?

Mr Kishore Mahbubani, Distinguished Fellow, Asia Research Institute, National University of Singapore

4.30pm

Breaking the barriers: Innovation in ASEAN

Debates of late have been centred around how technology disruption would threaten jobs. But can technology be the means of creating social impact, increase jobs and improve the livelihoods of people?

Mr Wilson Koh, Group Treasurer, Grab

5.00pm

ASEAN through the lens of an investor

With ASEAN’s potential in becoming the fourth largest economy by 2030, prospects in the region are promising -- improvements in the investment environment, technological developments, growing middle class and advancing regional integration. It becomes crucial for companies to stay competitive and most importantly, grow. Hear why this company invested and strengthened its foothold in ASEAN.

Mr Darren Tan, Chief Financial Officer, OCBC

5.30pm

End of Conference

*Please note that the programme is subject to changes without further notice.

 

Training Methodology

Presentations
Panel Discussions

Closing Date for Registration

1 week before programme or until full enrolment.

Intended For

Professional Accountants in Practice (PAIP), Professional Accountants in Business (PAIB), Entrepreneurs, Business Leaders and Consultants

Competency Mapping

Category 1 = 4.00 Hours
Others = 3.00 Hours

Programme Facilitator(s)

To be announced at a later date

Upcoming Schedule

There are no seats available.

Date & Time

26 Nov 2019 (9:00 AM - 5:30 PM)

Fee (inclusive of GST)

For Members: $ 286.76
For Non-Members: $ 318.86

Programme Facilitator(s)

TBC

Venue

1 Farrer Park Station Road
Grand Ballroom, Level 6
One Farrer Hotel
Singapore 217562