(English) COMPLETE WEBINAR SERIES - Managing the Accounting for Assets, Liabilities, Revenue and Expenses by Tan Kok Tee

Everything you need to know about Managing the Accounting for Assets, Liabilities, Revenue and Expenses

Payment include

• Lesson 1 : Managing the Accounting for Assets, Liabilities, Revenue and Expenses
  • (Sat) 06 March 2021, Saturday, 9:00 am – 1:00 pm
• Lesson 2 : Managing the Accounting for Assets, Liabilities, Revenue and Expenses
  • (Sat) 13March 2021, Saturday, 9:00 am – 1:00 pm
• Lesson 3 :Managing the Accounting for Assets, Liabilities, Revenue and Expenses
  • (Sat) 20 March 2021, Saturday, 9:00 am – 1:00 pm
• Lesson 4 : Managing the Accounting for Assets, Liabilities, Revenue and Expenses
  • (Sat) 27 March 2021, Saturday, 9:00 am – 1:00 pm

If you wish to get FULL WEBINAR SERIES (Lesson 1-4) ,

Payment inclusive of Replay, Certificate of Completion to manually claim your CPD/CPE points. Download of PDF Notes. Only PDF training materials are downloadable. MP4 Video Replays are non-downloadable (unlimited streaming is available for mp4 replays).

No Jam. No Parking.Bee Happy. Learn Online.

Introduction

It is a requirement for all assets, revenue and liabilities are accounted for appropriately in accordance with Accounting Standards set by the Authorities and Policies set by the organization within the framework of the Accounting Standards.

Recognition and measurement of assets, revenue and liabilities give rise simultaneously to the recognition of other elements affecting the Profit and Loss, Cash Flow and the Shareholders equity situation in an organization.

For example, the requirement to recognize future decommissioning cost as an asset would simultaneously create a liability at initial stage of recognition and that such liability can be subject to change in value at a later date affecting the organization’s financial management.

This training will thus help all Accounting personnel to get equip with a comprehensive knowledge in accounting for the Assets and Liabilities to provide appropriate Financial Information to management to make a more effective decision especially during this COVID 19 pandemic time.

Learning Objectives

• Enrich the fundamental knowledge and concept of Accounting for Assets and Liabilities in practice.
• Identify the requirements to comply requirements set in the Accounting Standards and Policies of treating each and every such transaction.
• Master the understanding of substance over form kind of asset recognition in Leases.
• Systematically identify the areas of concern in the Assets and Liabilities Accounting for highlighting to Management for prompt corrective action.
• Take timely corrective actions in overcoming financial weakness.

Target Participants

• Accounts and Administrative Assistants,
• Junior Accounts Executives & Accounts Supervisors,
• Fresh Accountants / Accounting Graduates,
• Finance Managers / Assistant Finance Managers
• All other persons who are involved in and/or interested to reskill or enhance their practical accounting skills to support their business operations.

Lesson 1

1. Accounting for Property, Plant and Equipment

• Introduction
• Initial Recognition and Measurement
• Treatment of Decommissioning, dismantling and restoration cost.
• Subsequent Measurement – cost or revaluation model
• Component Accounting - Treatment of major part replacement
• Depreciation, Amortization and Fair Value
• De-recognition
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issues in Accounting

2. Accounting for Investment Property

• Definition
• Initial recognition and measurement
• Subsequent measurement
• De recognition and Transfers
• Disclosure requirement

Lesson 2

1. Accounting for Inventories

• Concept of Inventory
• Initial recognition and measurement under cost convention
• Valuation method – FIFO and Weighted Average
• Its write down and Net Realization Value
• Physical inventory management system – perpetual vs. periodic
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.

2. Accounting for Intangible Assets

• Introduction
• Initial recognition and measurement
• Internally Generated Intangibles such as Research and Development Activities.
• Subsequent measurement – Subsequent added cost, Amortization, Impairment and Fair Value measurement
• De-recognition
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting

3. Accounting for Biological Assets

• Definition
• Initial recognition and measurement
• Subsequent measurement – Fair Value
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting

Lesson 3

1. Accounting for Accounts Receivables

• Types of Accounts Receivables
• At which point is sales / revenue recognized that give rise to trade receivables
• Delivery terms that impact sales recognition
• Concept of matching and realization
• Its write down and Net Recoverable Value
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issues in Accounting

2. Accounting for Common Operational Basic Financial Instruments

• Demand and Fixed deposits
• Commercial papers and bills held
• Loans and Notes receivable and payables
• Bonds and similar debt instruments
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting

3. Impairment of Assets

• Objective and Scope of Accounting Standards
• Circumstances of impairment
• Review process
• Recognition of impairment loss
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting

Lesson 4

1. Accounting for Liabilities

• Classifications
• Accounts Payables
• Provisions and Contingencies
• Accounting for Preference Shares
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting

2. Accounting for Revenue

• Sales of Goods
• Rendering of services
• Construction contract
• Renovation contract
• Interest, Royalties and Dividends
• Lessor in leases
• Government Grants
• Deferred payment and Barter Trades
• Treatment of loyalty points, cash vouchers, etc.
• Examples of revenue recognition concepts.
• Comparison between MPERS and MFRS framework.
• Issues in Accounting

3. Accounting for Expenses

• Classification of expenditure – Revenue and Capital Expenditure
• Recognition and Measurement of Expenses
• Interest Expense element for long credit term that exceed 1 year.
• Treatment of Interest cost and its Effective Interest Rate
• Disclosure Requirements
• Comparison between MPERS and MFRS framework.
• Issue in Accounting