IMAS Training: How will the changes of International Financial Reporting Standards (IFRS) affect the industry?

IMAS Training: How will the changes of International Financial Reporting Standards (IFRS) affect the industry?

3 Sep 2004

IMAS is hosting a talk on the Impact of International Financial Reporting Standards (IFRS) ? How will the changes affect the fund management industry? by Justin Ong, Partner, Leader ? Wealth Management Practice, and Choo Eng Beng, Senior Manager, Professional Services Group, PricewaterhouseCoopers Singapore on:

Date : Friday, 3rd September 2004
Time : 12.30 – 2.00pm, lunch will be served
Venue : To be confirmed
Fee : $20 members, $50 non members (excluding GST)

The impact of International Financial Reporting Standards (IFRS) on the Investment Management Industry Changing to IFRS is a strategic business issue, not just a theoretical exercise in restating and presenting financial data. While IFRS has been in place for some time, many in the investment management industry have yet to fully appreciate the impact IFRS, especially IFRS 39 on Financial Instruments, will have on their operations and client reporting. This session will seek to raise awareness of some of the issues which will arise from the application of IFRS, in particular IFRS 39 which is due to be effected on 1 January 2005. The topics covered will include:

IFRS in the investment management industry – where are we?
Investments – Classification and valuation, hedging
Unitholders – Equity versus liability
Measurement versus functional versus reporting currency
Client reporting issues – retail versus institutional; what are your clients doing?

Justin Ong was admitted to partnership with PricewaterhouseCoopers Singapore on 1 July 2003. In his new role as the leader of the Wealth Management Practice of the Singapore Firm, he is responsible for servicing organisations in the private banking and wealth management industry in Singapore. Justin has more than 12 years of experience in fund management advisory work, including two years spent in London. He has extensive experience in dealing with specific issues in the investment management industry and sits on the Investment Management Association of Singapore’s Compliance Sub-Committee. Justin also leads the Singapore firm’s practice in AIMR-PPS / GIPS performance measurement and verification work.

Eng Beng is a senior manager with the PricewaterhouseCoopers Professional Standards Group (PSG) in charge of corporate reporting. His role in PSG includes keeping abreast of local and international developments in accounting standards and any matters relating to corporate reporting so as to provide advisory services to members of the Assurance and Business Advisory Services (ABAS) Department and in developing internal guidance, internal and external training materials on these matters.

Eng Beng has over 10 years of experience in public accounting, with two years in London in the Global Corporate Reporting Group (GCRG). GCRG supports the PwC Global IAS Board on various matters concerning IFRS which includes quality of application, training, marketing and communication with the International Accounting Standard Board.

Please click here for presentation.

Veronica Chee
IMAS Secretariat

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