Seminar - FRS Updates @ 09/10/07
Wednesday, October 10, 2007
Seminar - FRS Updates @ 09/10/07 went for seminar on above topic yesterday with my boss.. is a whole day seminar from 9-5pm.. i think for this entry, only those who are finance pple then will understand..
my company paid for this course for me.. abt 200+ bucks for this 1 day seminar by Mr Ng Eng Juan (Hopefully i din spell wrongly) who is a famous author of the Master Tax Guide and also a professor at NTU... this course contributes 7 CPE hours..
after this seminar, i really hav phobia in what i'm doing.. and i mean it.. standards are getting more and more difficult to understand, more difficult to apply, more disclosures to be made... then after so much trouble, some of the standards are inconsistent with one another.. really headache...
what did the seminar covered? there are several new frs been issued as FRS 101 to FRS 112.. we go through some of them and also those amendments to existing FRSs... some examples of this new FRS/amendments:
FRS 23 - Borrowing costs - now need to be capitalised.. no longer hav a option to choose to expense or capitalise.. wef - i forgotten hee, i think is 1/1/2009
FRS 41 - Invt properties - the definition is been redefined... and need be captured at F/V and subject to impairment test every b/s date
FRS 102 - share based payments are now made to be v complicated.. depending is whether equity settled or cash settled... and have to be accounted for differently... and for those treasury shares, can be tax-deductible, thus need to be accounted for deferred tax also...
FRS 107 (forgotten is it 107) - Financial guarantees contracts - wef 1/1/2009 have to account in parent's book for guarantee liability if parent is acting as a guarantor...
and many many more changes...
P/L, B/S and etc all have changes to be made with the new FRS that are coming up... really alot alot of things need to consider now...
is really tough to be accountant now... *faint*... fair value here and there.. discounted cashflow to be calculated everywhere... really v v v v v tough...
i am really considering to change to a new profession/career.. lol... i even told my boss i wanna resign before 2009... bt my mom keeps tell me, must hav confidence in myself, afterall this is the profession that i have chosen myself...
anyway, if any of you are interested in the new updates.. i can lend you my notes for photocopy.. is about 3/4 of the arch file thickness... next tue having another seminar on consolidation accounts... (veron, i think i meet you after this class? then i can pass you both notes for photocopying? then we arrange for another meetup for discussion?)
really benefits alot.. i think is a MUST attend course annually for all finance pple... the vol of the changes are scary!
just to let you all know what.. conservative approach is not longer valid in accounting anymore... now must be neutral approach.. *_*
headache...
