Course Information

Start Date 23 Jan 2017, Monday
End Date 24 Jan 2017, Tuesday
Time 09:00 am
Venue 100 Orchard Road, Concorde Hotel Singapore
Fee S$ 1280 | S$ 768 After PIC Grant of 40% Inclusive of 2 coffee breaks, light refreshments and buffet lunch
Contact 6720 3333
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Registration Form

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23
Jan 2017

The Complete Guide to Accounting Differences between FRS and US GAAP

INTRODUCTION

This Masterclass aims to alert you to the major differences between IFRS and US GAAP as they exist today, and to the timing and scope of accounting changes moving forward, which include the impact of the different accounting rules on the financial statements of the companies.

FRS & GAPP Understanding, Interpretation and Application

Conducted by International Tax and Accounting Expert, Michel Herrmann CPA (US and Singapore), this Masterclass aims to cover practical techniques to effectively manage the impact of conversion on balance sheet and profit & losses in term of revenue recognition policies. Additionally, you will also be provided with an inside on the current roadmap of IFRS in the US (acceptance by SEC) and will highlight the latest exposure drafts and joint projects of the IASB and FASB.

Key Takeaways

Through case studies, group discussions and facilitator presentations, you will

  • Instant Answers to your doubts and queries in applying FRS and GAAP
  • Gain Personal Advice and valuable insights from industry expert
  • Practical Issues: Learn to prepare reporting packages for consolidation.
  • Application: Understand the principles of the FRS and US GAAP standards on measuring and recognition.
  • A practical comparison of FRS and GAPP, their similarities and differences
  • Implementation: Get an understanding of the sweeping changes expected for those accounting standards to better prepare yourself and your systems now.
  • Addresses and resolve accounting requirements of which today’s auditors, accountants and preparers of financial reports need to be aware of these new requirement
Who Should Attend
  • Chief Financial Officers, Financial Controllers, Finance Managers, Auditors, Accountants
  •  Those involved in the preparation and interpretation of financial statements
  • Those who want to understand the key differences between FRS and US GAAP
  • Other users of financial information will also find the programme beneficial
ACCOUNTING EXPERT: Michél Herrmann, WP, StB, CPA (US and Singapore)

Michél previously worked for PricewaterhouseCoopers in Europe and Asia providing accounting and tax advice, audit and structuring services to German and International companies.

He was also the lead accounting advisoron IPOs and M&A activities for Singapore and US-based clients.

He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas ofbusiness combinations, revenue recognition, deferred tax and financial instruments. He is currently the Managing Director of Herrmannconsulting, an accounting and tax advisory firm.

He is a frequent speaker at accounting conventions and seminars. He has authored and co-authored multiple publications on International Accounting and Accounting Structuring. He recently published an article concerning the accounting treatment of sales and licensing of intangible assets.

Michél graduated with a Master of Business Administration degree from the University of Mannheim and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA. Michél is a member ofthe Institute of German CPAs, the AiCPA and the ICPAS. Some of his clients include ST Electronics, DBS, Sony Asia Pacific, AVIVA, Nomura TuV Asia Pacific, Schering-Plough and Lufthansa AG.

Program Highlights
  • Overview of IFRS / US GAAP Differences
    • Conceptual Framework
    • Financial Statements
    • Segment disclosures
    • Interim reporting
    • Discontinued operations
  • Impact of accounting differences in practise
    • Equity items
    • Assets
      • Inventories
      • Property, plant and equipment
      • Borrowing costs
      • Intangible assets
      • Investment property
      • testing
    • Liabilities
      • Employee benefits, including pensions
      • Provisions and contingencies
      • Leases
      • Deferred taxes
    • Revenue Recognition
  • Impact on Business Combinations, Consolidations & Mergers
    • Business combinations, including a recap of changes resulting from the new standard
    • Consolidations and accounting for NCI
    • Common control transactions
  • Convergence Issues
    • Prospects and timetable for IFRS/US GAAP convergence
    • Short term convergence topics
    • IASB and FASB joint projects