FiNET

Financial Skills Development

CAMBODIA FINANCIAL REPORT STANDARD FOR SMES: Part 1(Applicable for Single Entities)
MONDAY-TUESDAY 17-18 SEPTEMBER 2012 Phnom Penh, Cambodia

FiNET CENTER-PHNOM PENH, CAMBODIA

I N T R O D U C T I O N

Sypnosis: National Accounting Council of Cambodia had announced the adoption of IFRS for SMEs, in its entirety. This is a very much awaited initiative by Cambodia SMEs entrepreneurs and reporting accountants, in bringing local companies reporting matching with global standards. CFRS for SMEs (Cambodian Financial Reporting Standards for Small and Medium Enterprises) requires all private limited companies in Cambodia, to comply with immediate effect. Adopting and implementing CFRS for SMEs is easy and achievable only if you are guided accordingly. Let this programme take you through this journey in discovering a much simpler way in financial reporting. Experience our programme in the most interactive and practical way the way it should be. About the IFRS for SMEs: The IFRS for SMEs is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. The standard is a result of a five-year development process with extensive consultation of SMEs worldwide. It is built on the foundation of full IFRSs, however, many of the principles for recognizing and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced. Revisions to the IFRS for SMEs will be limited to once every three years. The IFRS for SMEs is separate from full IFRSs and is therefore available for any jurisdiction to adopt whether or not it has adopted the full IFRSs. It is also for each jurisdiction to determine which entities should use the standard. It is effective immediately on issue. Benefits of the IFRS for SMEs The benefits of global financial reporting standards are not limited to entities whose securities are traded in public capital markets. The benefits of the IFRS for SMEs include improved access to capitalfinancial institutions, creditors and venture capitalists provide funding across borders and operate multinationally. The IFRS for SMEs provides a consistent basis of accounting for entities that operate in more than one jurisdiction and thereby reduces the costs of reporting. Moreover, in many jurisdictions the IFRS for SMEs improves the quality of financial reporting, thereby enhancing the overall confidence in the accounts of SMEs. It also reduces the significant costs involved of maintaining standards on a national basis and provides a platform for growing businesses that are preparing to enter public capital markets, where application of full IFRSs is required.

I F R S F O R S M E S

Why you should attend this programme:

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Execute your responsibilities and job requirement, exactly what is expected, with great confidence and competence All study materials, IFRS references and illustrations will be provided for easy reference Learn from the experts trained by IFRS in delivering IFRS modules Our focus on practical implementation of IFRS in the real reporting world, makes the learning on such difficult subject; interesting and engaging You can build on technical and practical knowledge even if you have no relevant qualification and experience in financial reporting Our study materials is comprehensive and precise to Cambodia specific, to guide you in all implementations and financial reporting

W H Y T H I S P R O G R A M

O B J E C T I V E S

Upon completion of the programme, participants will be able to: 1. Understand the recognition criteria and the necessary disclosures required in CFRS for SMEs 2. Use the toolkit to implement CFRS for SMEs in their workplace 3. Learn how to use CFRS for SMEs recommended Presentation and disclosure checklist in ensuring completeness and compliance 4. Learn with illustrations used in current practitioners, to ease implementations 5. Transit to CFRS for SMEs with minimal disruptions and better prepared with this enhanced knowledge 6. Learn and Embark to CFRS for SMEs swiftly, all in two days. Module 1: Introduction & Framework 1. Definition of small entities 2. Basic concepts and pervasive principles 3. Financial Statement presentations a) Statement of financial position b) Statement of comprehensive income and income statement c) Statement of changes in equity and statement of income & retained earnings d) Statement of cash flows e) Notes to accounts 4. Accounting policies, estimates & errors Module 2: Assets 1. Property, plant & equipment 2. Investments property 3. Intangible assets other than goodwill 4. Inventories 5. Impairment of assets Module 3: Liabilities 1. Leases 2. Income tax 3. Liabilities & equity 4. Basic financial instruments & other financial instrument issues 5. Employee benefits 6. Government grants 7. Provision & contingencies Module 4: Other important matters 1. Revenue 2. Share-based payments 3. Hyperinflation 4. Events after the end of reporting period 5. Related party transactions 6. Specialized industries Module 5: Transition 1. First time adoption 2. Important considerations and planning before transit to CFRS for SMEs

K E Y T O P I C S

T A R G E T

A U D I E N C E

Instructor lead discussions, interactive presentations, Demonstrated illustrations hands on exercises, 10mins debriefing session and Questions & Answers This programme is designed for accountants, accounting technicians, accounts executives, financial reporting officers, internal auditors, external auditors and academicians For companies reporting using or plan to adopt CFRS for SMEs. We wish to extend this programme to other countries in ASEAN Region and Africa whom had adopted or most likely to adopt IFRS for SMEs.

A P P R O A C H

Mr. Kenny Tay CA(M), FCCA, FCMA, CPA (Kampuchea), started his banking career with the Chase Manhattan Bank Group in 1979 and had since worked Dow Banking Ltd Switzerland, United Overseas Bank Australia, Royal Trust Company Ltd of Canada and Asia Finance Pty Ltd, Australia. Kenny is currently the Managing Consultant of Finet Associates Sdn Bhd and Training Director of Finet Center, Cambodia which is involved in designing, developing and delivering management development programmes, specializing in financial skills training. He also undertakes business improvement consulting assignments relating to business process improvements, credit risk control, cost reduction initiatives and strategic planning. He was a lecturer and an examiner for Financial Management in the Malaysia Institute of Managements Diploma programme in the 1990s. He is also the business consultant for the Securities Industry Development Corporation / Securities Commission of Malaysia. Or Ms. Jessica Hong CA(M) CPA, is a Malaysian Chartered Accountant and holds a Bachelor of Accountancy from University of Malaya and she completed her post-graduate studies in Management Development Programme at INSEAD, Singapore. She was trained by Michael Wells, Director, IFRS Education Initiative, IFRS Foundation and Paul Pacter, IASB Member & Chairman of the SME Implementation Group in Singapore recently, to be an IFRS Trainer (IFRS is International Financial Reporting Standard). Jessica is now the trainer for SFRS for Small Entities (IFRS for SMEs equivalent) in Institute of Certified Public Accountants of Singapore. Some of her major clients she worked with during her career include Moet Hennessy Singapore, Boston Scientific Singapore, ACCA, Bursa Malaysia, Securities Commission of Malaysia,
Sime Darby, British Amoco Chemicals, Maybank, Hwang DBS, CIMB, MSIG, Maxis Communications, United Overseas Bank Malaysia, KICPAA Kampuchea Institute of Certified Accountants and Auditors, OCBC Bank, ANZ Royal Bank and Acleda Bank.

S P E A K E R

Date Time Venue Attire Fee

Monday-Tuesday, 17 & 18 September 2012 8:30am 5:00pm Hotel Office attire USD 350.00 per participant, exclusive 10% VAT The above fee including programme materials, meals and refreshments. Payment of fee must be made at least 3 days before commencement of the programme. Friday, 14 September 2012 Kindly contact @ 023 217 230-231 or 012 386 625 Participation is limited to 50 on a first-come-first served basis. FiNET Center reserves the right to decline any nominations, without the obligation of providing any reason. Confirmation of participation is by official notification from Finet Center. FiNET Center, Phnom Penh-Cambodia No. E-08, St Emerald, Sangkat Tomnub Toeuk, Khan Chamkarmorn, PP FiNET Center No. E-08, St Emerald, Sangkat Tomnub Toeuk, Khan Chamkarmorn, PP Tel: 023 217 230-231 Email: finet.center@gmail.com or afinvt@gmail.com Website: www.finetcambodia.com The intensive nature of Finet Center programme requires the participants full undivided attention and attendance at all sessions. Participants should be free of their professional obligations for the duration of the Programme. Early bird before 31st August 2012 = 10% discount Payment in group of 5 = 15% discount Payment in group of 10 = 20% discount

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