June 6, 2018

2017 FRS Seminar 2017 – Rising to the Challenges

Foo Kon Tan LLP is one of Singapore’s most established and respected accountancy practices. Foo Kon Tan LLP, Chartered Accountants of Singapore and its associated companies provide a full range of assurance, tax and advisory services to help clients navigate the ever changing dynamics of the business and regulatory environments in the domestic as well as global markets. Today, they are amongst the top 7 accountancy practices in Singapore.

Come August 17, they are conducting the following seminar to give an overview on what is sustainability reporting, how does it impact the company and its stakeholders, and how does it affect company valuation? Foo Kon Tan LLP’s Director and Partners will also take this opportunity to go through the introduction of the new revenue recognition standard.

Programme Outline

Revenue Recognition – A closer look at the new revenue recognition standard, FRS 115
Revenue recognition will change dramatically with the introduction of the new standard, FRS 115 Revenue from Contracts with Customers. All organisations will face some challenges and additional work in relation to the implementation of the new standard. This will have a significant impact for many, especially entities where the current FRS provides little application guidance. Since FRS 115 was first introduced few years ago, there have been some clarifications and changes made. Now, get updated on the changes, clarifications and the sectors that are most affected by FRS 115.

Preparing for the New Financial Instruments Standard, FRS 109
FRS 109 Financial Instruments will replace FRS 39 Financial Instruments: Recognition and Measurement. The new Standard is complex and will have a considerable impact on financial performance, operations and financial reporting systems, especially in relation to the new impairment requirements. What are the changes between FRS 109 and FRS 39? Are you ready for the upcoming changes, in particularly the expected credit losses model, a paradigm shift?

Sustainability Reporting
A sustainability report goes beyond the financial, employee, environmental and social data; it demonstrates how the company integrates broader risks and opportunities into its long-term strategy, risk management, operating policies and procedures, and the trade-offs between these issues. This means that sustainability reporting pulls together information that sits in separate reporting strands to explain how the firm creates value for its customers and stakeholders. What are the reporting requirements in the Singapore context? How do you implement sustainability reporting?