EXCELLENCE IN CORPORATE GOVERNANCE
The first AC Chapter Committee has organized a series of “pit stop”
sessions to specially help AC Chapter members deep dive into specific
areas of significance to ACs.
Date : 19 July 2018, 0900 to 1100
Topic: Harnessing the Full Potential of Internal Audit
The pace of innovation in every industry is accelerating and risk
professionals face the growing challenge of helping their organisations
ensure effective processes and controls exist without hindering its
progress. For this AC pit stop, we brought together two speakers who
will share their expert views and different perspectives on how to
harness the full potential of internal audit.
Mr. David Toh, PwC, will share the results of the 2018
PwC’s State of the Internal Audit Profession Survey and provide a closer
look into how internal audit functions are creating a technology- and
talent- enabled foundation to support their organisation’s innovation
Date : 28 June 2018, 0900 to 1100
Topic: Getting Ready for FRS 116 (Leases)
From 2019, the accounting treatment of leases by lessees will change fundamentally.
FRS 116 eliminates the current dual accounting model for lessees, which
distinguishes between on-balance sheet finance leases and off-balance
sheet operating leases. Instead, there is a single, on-balance sheet
accounting model that is similar to current finance lease accounting.
Bringing operating leases on-balance sheet and accounting it like
finance lease will make lessees appear to be more asset-rich but also
more heavily indebted. The resulting impact on key financial performance
indicators may be significant.
Date : 23 May 2018, 0900 to 1100
Topic: THE AC’S ROLE IN CRISIS MANAGEMENT
Small to mid-sized listcos operate in a world with far less media and investor attention than the big caps. With less access to "oxygen of capital" due to lower valuations, liquidity and public profile, they face many challenges.
At the same time, they occasionally face crisis situations, be it the sudden loss of a major customer, a plant accident, internal corporate fraud and, increasingly, shareholder activism.
Date : 29 March 2018, 0900 to 1100
Topic: AML/CFT for Non-Financial Companies
There is a common misconception among non-financial companies that requirements for Singapore’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regime is only applicable to the financial sector and in particular, the financial institutions.
In Singapore, Terrorism (Suppression of Financing) Act TSOFA requires any persons (including entity) to inform the Police if they are in possession of property or has information about a transaction belonging to a terrorist.
Date : 8 January 2018, 0900 to 1100
Partner: Ernst & Young LLP, KPMG LLP and PwC LLP
Topic: Financial Reporting and Audit Considerations for 2018
Rapid changes are taking place in Singapore’s audit and financial reporting landscape. 2017 saw the implementation of the enhanced auditor’s reports (EARs), which provided investors with greater transparency over the audit process. 2018 will see the next wave of accounting changes. Two major new accounting standards will be effective: FRS 109 Financial Instruments and FRS 115 Revenue from Contracts with Customers. At the same time, Singapore listed companies will apply a new financial reporting framework identical to the International Financial Reporting Standards (IFRS).
Held on 16 November 2017, 0900 to 1100
Topic: Demystifying Sustainability Reporting and Integrated Reporting
The SGX has made sustainability reporting a requirement on a “comply or explain” basis with effect from financial year 2017 onwards. Over time, annual reports are expected to evolve beyond reporting of statutory financial performance to disclosing fully the value created by the enterprise and how it will be sustained in the future.
The session will:
Held on 3 November 2017, 0900 to 1100
Partner: Deloitte & Touche
Topic: The Critical Role of ACs in Valuation and Impairment of Assets
Many board members often lament that the capital markets undervalue their companies due to the lack of appreciation for their businesses. Yet in many cases, companies have not developed their own rigorous, detailed perspective on what value lies within their companies. An honest assessment of a company’s value lies at the heart of this issue.
Held on 7 September 2017, 0900 to 1100
Topic: Practical Implications of FRS 109 Accounting for Financial Instruments
The new Standard introduces significant changes in the accounting for financial instruments, particularly in the areas of classification and measurement, impairment and hedge accounting. In this seminar, you will learn how FRS 109 affects various balance sheet items including trade receivables, intercompany loans, investments, contract assets and the profitability of the company using practical examples. We will also share key governance questions to ask your management to ensure FRS 109 had been applied appropriately.
Held on 27 July 2017, 0900 to 1100
Topic: Practical Implications of FRS 115 Revenue from Contracts with Customers
ACRA and ASC have issued reminders to directors to pay attention to the significance of and changes in FRS 115. The session will focus on the most common issues faced by companies when implementing the new standard:
Held on 12 April 2017, 0900 to 1100
Topic: FRSP and AQIs
This Pit Stop will cover two of ACRA’s key regulatory programmes, the FRSP and the AQIs Disclosure Framework, targeted at helping audit committees raise the quality bar of financial reporting and audit in Singapore.
Held on 16 February 2017, 0900 to 1100
Topic: Relevance of the Enhanced Auditor’s Report to Directors, ACs and Management
The enhanced auditor’s report is effective for audits of financial statements for periods ending on or after 15 December 2016. The session covered what the changes are from the conventional audit report, with particular emphasis on:
The session also discussed how ACs should prepare for the AGM in the light of the enhanced auditor’s report.
Course dates are subject to change.
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