Objective:

· This seminar provides professional accountants with a structured overview of selected current developments in financial reporting, auditing and professional ethics. It is designed to help participants identify the practical implications of the listed updates

Seminar outline:

Accounting standards update = 4.5 hours

1. FRS 118 Presentation and Disclosure in Financial Statements

· FRS 118 will replace FRS

· Presentation of income and expenses in operating, investing and financing categories

· Presentation of operating expenses by nature or by function or by mixed method

· Disclosure of management-defined performance measures

2. FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures"

· Elective FRS for qualified entities

· Reduced disclosure for entities electing to apply FRS 119

3. FRS 109 Amendments

· Derecognition of financial liabilities

o Derecognition of financial liabilities by cheque transfer

o Derecognition of financial liabilities using electronic payment system

· Investment in equity designed at fair value through other comprehensive income

o Additional disclosure relating FVOCI investment in equity

Auditing standards update = 2 hours

1. SSA 570 (Revised 2024), Going Concern

· Newly added definition for “material uncertainty related to going concern” that explains the phrase “may cast significant doubt”.

· Risk assessment relating to going concern issue

· Auditor’s evaluation of going concern issue – period to be covered

· Separate going concern section in audit report

2. SSA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

· New stand-back requirements on fraud risk assessment

· A new requirement to obtain an understanding of the entity’s whistleblower programme

· Additional guidelines on responding to fraud

Code of Ethics update = 30 minutes

1. EP 100 (revised on 20 March 2025) to adopt the IESBA’s final pronouncement, Revisions to the Code Addressing Tax Planning and Related Services (Tax Planning FP).

· Establishing a credible basis for tax planning arrangements

· Stand-back requirements on reputational consequences, commercial consequences; and wider economic consequences.