Event Details

The financial reporting landscape takes a new turn with the issuance of new accounting standards, namely: PFRS 15, Revenue from Contracts with Customers, and PFRS 16, Leases. These standards are expected to impact company financials across several industries.

Firstly, PFRS 15 is expected to revolutionize the way entities recognize the top-line account in the income statement: revenue. It requires a 5-step model where an entity recognizes revenue to depict the transfer of promised goods and services to customers at an amount the entity is expected to receive in exchange for those goods and services. The standard also tackles matters such as variable consideration, contract modifications, significant financing component, right to return, among others.

On the other hand, PFRS 16 was issued in response to the off-balance sheet treatment of leases by lessees which greatly understates, at least from an analyst's perspective, gearing and leverage ratios. Under the standard, lessees will not be required to capitalize all leases with the exception of short-term and low-value leases. PFRS 16 requires the recognition of a right-of-use (ROU) asset with a corresponding recognition of lease liability on their balance sheets.


Jul 5, 2019

8 AM - 5 PM

Add to Calendar

PICPA Building
700 Shaw Boulevard
National Office, Mandaluyong, Metro Manila, Philippines

Show on map

Agenda

  • 7 AM - 8 AMRegistration of participants
    8 AM - 12 PMSession 2 – PFRS 15, Revenue from Contracts with Customers
    • Background on PFRS 15
    • The 5-step model
    • (1) Identify the contract
    • (2) Identify the performance obligations
    • (3) Determine the transaction price
    • (4) Allocate the transaction price
    • (5) Recognize the revenue
    • Contract modifications
    • Volume discounts
    • Significant financing component
    • Right to return
    • Variable consideration
    12 PM - 1 PMLunch Break
    1 PM - 6 PMSession 3 – PFRS 16, Leases
    • Background on PFRS 16
    • Elements of a lease contract
    • Splitting lease and non-lease components
    • Recognition and measurement of ROU asset
    • Amortized cost of measuring the lease liability
    • Disclosure requirements
    • Effect analysis on:
    • Profit and loss
    • Gearing ratios

Speakers

Documents

BILLING REQUEST FORM_2.docx

Tickets

PFRS 15 and 16

Registration Fee for Members in Good Standing
Amount is inclusive of VAT

Primary Member Price ₱1,680
Essentials of Income Tax

Registration Fee for Members NOT in Good Standing and Non-Members
Amount is inclusive of VAT

₱2,240

Seminar FAQs

SEMINAR RELATED

FREQUENTLY ASKED QUESTIONS:


  • Why is online reservation important?

Making your online reservation in advance will help us plan for the correct number of participants. Your reservation is counted and considered in the printing of the lecture materials for your use during the seminar, as well as in making reservation for your food (lunch, a.m. and p.m. snacks).

  • How do I reserve online?


Please visit Seminar /Training Schedules, select your desired schedule and seminar and click "Reserve" on its last column. A page will show in your screen: fill in your information and submit the page. A confirmation window will pop and say your reservation is successful. You will also receive a confirmation email almost instantaneously.


  • How will I know if my online reservation is confirmed at PICPA?

Your reservation is considered confirmed until you inform PICPA of your intention to cancel not later than three (3) days before the seminar date. If you choose to deposit your payment in our bank account, please indicate your name and PRC ID No. (if available) in the deposit slip and email us the scanned copy of the deposit slip as proof of payment. If you need a billing statement, please accomplish the "Request for SOA" (below) and send it to training@picpa.com.ph

  • Seminar Fees

Seminar fees are indicated on the page "Seminar/Training Schedules" reservation page.  PICPA Members in good standing enjoy special discounted rates on most of our seminar offerings. 


  • What are my payment options? 

You can remit your payment as follows:

  1. Direct Payment: Visit our office and pay directly to the cashier – by cash or credit card. Our main office address is: PICPA Building, 700 Shaw Blvd, Mandaluyong City.


  1. Bank Deposit: Whether in cash or in check (with PICPA as the payee), indicate the account name "Philippine Institute of Certified Public Accountants, Inc. and deposit to one of the banks, as below:


UNION BANK: Account Number 100840069691

PNB: Account Number 123110026804


After the bank deposit has been made, please indicate your name and PRC ID No. (if available) in the deposit slip and send us the scanned copy of the teller-validated deposit slip by email to: training@picpa.com.ph. The original copy of your Official Receipt will be issued to you upon registration on the day of the seminar.


Please make sure a copy of your payment document is transmitted to the PICPA Training Division at least three (3) days before the seminar to avoid inconveniences.


  1. Online payment via Credit Card Authorization:  Accomplish the downloadable form Authority to Charge Credit Card" at the end of this section (Seminar Related FAQs) and send it to training@picpa.com.phThe original copy of your Official Receipt will be issued to you upon registration on the day of the seminar.


  • What happens if a seminar schedule is changed or cancelled?

While we make every effort to avoid changes to our schedule, PICPA reserves the right to change any seminar offering.  If for any reason, PICPA cancels a seminar, seminar fee will be refunded in full. Likewise, in the event that PICPA reschedules the seminar, you will be notified of the changes accordingly.

  • How can I cancel my reservation? 

Requests for cancellation of reservation to slot/s on the seminar/s will only be validated if sent through the registered email address or through the registered mobile number." Phone call cancellations must be followed through with the said email/SMS cancellation requestotherwise the cancellation being requested over the phone is not validated.


Only on extreme cases, a phone call cancellation may be validated if the person cancelling over the phone can secure andprovide all of the following:

  • one valid reason why he/she cannot send an email or SMS/text message to do the cancellation
  • a valid reason for cancelling the seminar reservation
  • three (3) personal details in his registration form (to verify identity)
  • verbal approval from the PICPA Training Division officers: Ms. Jennie Quintana, Ms. Salve Degillo or Mr. Josue Sengco.


  • What is the cancellation policy if advance payment has already been made?

A full refund will be given provided we receive a notice of cancellation by email at least 7 days before the seminar date. A 50% refund will be given if the notice is received within 48 hours before the seminar date. Notice of cancellation received less than 48 hours before the seminar date including no-shows is not entitled to a refund.

Your payment will be refunded the in same mode that it was remitted to PICPA

  • What if I made the reservation but was unable to attend the seminar?

As you have made a reservation, PICPA would have also made the necessary logistical preparations for your food and training materials. For this, PICPA will send you a NO-SHOW billing of Php 500.00 commensurate to the administrative and logistic costs incurred.

  • Do you accept walk-ins?

We accept walk-ins if there are still seats available on the day of the seminar. If the seminar has reached fully a booked status, we cannot guarantee that we can provide seats and hard copies of the lecture materials.

  • What does my seminar fee include?


The seminar fee covers meals (lunch, am/pm snacks), lecture materials and Certificate of Attendance


  • What time does the seminar begin and end?

The registration starts at 7:00 am. Seminar begins at around 8:00 am and generally adjourns no later than 5:30 pm.

  • Parking

As we have limited space, free parking is on a first-come, first-served basis.

  • Registration on the day of the seminar

Participants with confirmed reservations simply need to sign on the attendance sheet located at the registration counter. For seminars spanning beyond one day, participants will have to sign on the attendance sheet for each day.

  • Certificate of Attendance

Certificate of attendance will be distributed at the end of the seminar on the assigned training rooms. You are encouraged to get your certificate of attendance as we discard unclaimed certificates.

  • Who do I contact for additional questions not covered by FAQs?

Contact the PICPA Training Division at (02) 723-0691 to 93 or 09175805872 (Globe) or 09199114086 (Smart)


Community

Discover and connect with other attendees.

TR
Menu