Hong Kong Institute of CPAs/FTC CPD Programme CASE STUDY

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1 Hong Kong Institute of CPAs/FTC CPD Programme MAY-SEP 2006 Are you aware of the effect of IFRS? Are you interested in enhancing your prospects through the HKICPA / ICAEW IFRS Award Programme? CASE STUDY HK Int. 2 The appropriate policies for hotel properties Henderson Land Development Company Limited Interim Report 2005 With the Hong Kong Financial Reporting Standards fully converged with IFRS from 1 January 2005, organizations at the same time also need to review and change their financial polices, processes and systems to those of the new standards. Treatment In prior years, the Group s hotel properties were stated at their open market value based on annual professional valuation and no depreciation was provided on hotel properties held on lease of more than 20 years. Upon the adoption of HK Int. 2 as from 1 July 2005, all owneradopted hotel properties are stated at cost less accumulated depreciation and impairment losses. Impact With the adoption of HK Int. 2, the opening balance of retained profits and property revaluation reserve as of 1 Jul 2005 has reduced by HK$ 108 million and HK$ 309 million respectively. In addition, the charge has reduced the profit attributable to equity shareholders for the six months ended 31 December 2005 by HK$ 7.5 million.

2 Worried about the effect of the new accounting standards (IFRS)? NEW CPD COURSE FOR 2006 CPD ICAEW Certificate Preparatory Programme CPD ICAEW Diploma Preparatory Programme The Hong Kong Institute of Certified Public Accountants (HKICPA) and The Financial Training Company (FTC) are co-running courses, allowing you to keep up to date with the latest changes in financial reporting, corporate governance and assurance. With the arrival of IFRS, the global business community now faces a challenge to ensure that it is adequately prepared. The Institute of Chartered Accountants in England & Wales (ICAEW) offer an assessment and award programme in IFRS (website: The programme is aimed at all users and preparers of financial information and will enable them to understand and apply international standard. If you need to demonstrate the competence in IFRS, or are looking to enhance your career prospects as an IFRS specialist, the ICAEW offers a highly respected qualification. Enroll now on our tailor-made programme (CPD 1601 &1602 courses) will help you to prepare for the Certificate and Diploma assessment. Study time and Examination format IFRS Certificate Level 1 The Certificate focuses on broad knowledge and understanding of the international standards. It is estimated that the equivalent of 70 hours full time study is required on average. The assessment is a computer-based 2-hour exam and is entirely objective testing (multiple choices) style questions. The assessment consists of 55 questions; 50 one markers and 5 three markers and the pass mark is 70%. IFRS Diploma Level 2 The Diploma focuses on technique requirements of the international standards. It is estimated that the equivalent of 120 hours full time study is required on average. The assessment is a computer-based 2.5-hour exam and consists of 50% short scenario and 50% essay questions. The pass mark is 65%. Students Comments from Nov 05 and Mar 06 Excellent lecturer possesses great knowledge and is willing to offer help Useful course notes with presentation slides for quick reference Examples used are easy to understand and clearly explained Exactly what I need to know for IFRS update

3 COURSE INFORMATION MAY Course Code Course Name Course Content Course Information CPD US GAAP Vs PRC GAAP PRC Accounting Rules and Systems Date : 19 May 2006 (Fri) PRC Accounting Standards and recent development Overview of US GAAP Comparison on revenue recognition, ESOP, impairment CPD x 3 hours Financial Instruments Accounting Standards IAS 32 & 39 Implementation Workshop Overview of financial instrument accounting standards Classifications and accounting treatment Embedded derivatives and structured products Hedging Measurement Structured finance and special purpose entities Financial statements disclosure Date : May 2006 (Wed & Thu) Fees : HK$ 4,480 (member) HK$ 5,600 (non-member) CPD US GAAP Vs International Financial Reporting Standards (IFRS) Sources, regulation, and hierarchy Presentation of financial statements Revenue recognition Accounting for assets and liabilities (including leases, PPE, inventories, impairments, loss contingencies, and retirement benefits) Review of sample GAAP reconciliations Date : 26 May 2006 (Fri) CPD GAAP Comparison - HK GAAP Vs PRC GAAP Background / sources of HK GAAP and PRC GAAP Major differences between HK GAAP and PRC GAAP Presentation of financial statements under HK GAAP and PRC GAAP GAAP adjustments Date : 27 May 2006 (Sat) JUN CPD x 3 hours ICAEW Certificate Preparatory Programme A complete overview of all IFRS you need to know for the exam Focus on important aspects through lectures and questions practice - The reporting environment - Financial reporting statements - Revenue reporting - Assets and liability reporting - Reporting for financial instruments - Reporting and disclosure - Sector reporting - Group reporting - Reporting implementation Date : Jun 2006 (Mon-Wed) Fees : HK$ 6,720 (member) HK$ 8,400 (non-member) CPD x 3 hours HK Accounting Standards Update Overview of HK accounting standards Update on the new HK financial reporting standards Update on financial reporting exposure drafts The continuing impact of the convergence with IFRS Date : 23 Jun 2006 (Fri) Fees : HK$ 1,120 (member) HK$ 1,400 (non-member) JUL CPD x 3 hours ICAEW Certificate Preparatory Programme A complete overview of all IFRS you need to know for the exam Focus on important aspects through lectures and questions practice - The reporting environment - Financial reporting statements - Revenue reporting - Assets and liability reporting - Reporting for financial instruments - Reporting and disclosure - Sector reporting - Group reporting - Reporting implementation Date : Jul 2006 (Mon-Wed) Fees : HK$ 6,720 (member) HK$ 8,400 (non-member)

4 Revised on 6 April 2006 Course Code Course Name Course Content Course Information CPD Introduction to International Financial Reporting Standards (IFRS) and HK GAAP The International Framework & its impact on HK GAAP Principles of IFRS Presentation of financial statements under IFRS and HK GAAP Summary of the main principles of key IFRS including any differences from HK GAAP Date : 20 Jul 2006 (Thu) CPD International Financial Reporting Standards (IFRS) - Further Aspects IAS 12 & HKAS 12 Deferred taxation IAS 19 & HKAS 19 Employee benefits IAS 40 & HKAS 40 Investment Properties IFRS 3 & HKFRS 3 Business combinations IAS 38 & HKAS 38 Intangibles IAS 36 & HKAS 36 Impairments Date : 21 Jul 2006 (Fri) CPD Group Accounting Workshop Identification of subsidiaries, exemptions & exclusions The fair value exercise & goodwill Recognition & treatment of intangibles Consolidation methods & adjustments Disposals Complex group structures Acquisitions & mergers Associates & joint ventures Impairment reviews The continuing impact of the convergence with IFRS Date : 22 Jul 2006 (Sat) SEP CPD IAS for Financial Services Companies IAS 32 & 39 Financial instruments IAS 18 Revenue recognition - Interest income IAS 17 Leases IFRS 3 Business combinations IFRS 1 First time application of IFRS Date : 27 Sep 2006 (Wed) CPD Impact on adoption of IFRS for users of accounts The significance of 2005 for IFRS Presentation and contents of IFRS financial statements The impact of the move to IFRS on key performance indicators Date : 28 Sep 2006 (Thu) CPD Corporate Governance after Sarbanes-Oxley Overview of the Sarbanes-Oxley Act 2002 (affecting US registrants) Overview of the changes in the Combined Code applicable from 2005 The COSO framework for internal control The financial statement assertions and how they link to risk and controls The control process - objectives, risks, controls, key controls, assurance The implementation process for s404 of Sarbanes-Oxley Date : 29 Sep 2006 (Fri) UPCOMING COURSES CPD CPD CPD CPD CPD CPD CPD ICAEW Diploma Preparatory Programme SME Financial Reporting Standard US GAAP vs PRC GAAP HK Accounting Standards Update Financial Instruments Accounting Standards IAS 32 & 39 Implementation Workshop GAAP Comparison - HK GAAP Vs PRC GAAP US GAAP Vs International Financial Reporting Standards (IFRS)

5 A group of FTC Kaplan experts will be running courses in Hong Kong in the months of May, June, July & September 2006 to share their expertise to Hong Kong accounting and investment professionals. Bruce Cowie Charles Batchelor Connie Richardson Judy Randle Lynda Bullimore Sikan Tong is a UK Chartered Accountant and has been lecturing on Financial Reporting for the past 20 years. He specialises in IFRS, US & UK GAAP, and is acknowledged expert in IFRS particularly IAS 32 & 39. is responsible for writing and keeping FTC s international accounting standards material technically up to date. He is a leading authority in Financial Reporting Compliance issues, UK GAAP and IFRS. is a UK Chartered Accountant who worked as an auditor for Deloitte s before becoming a lecturer at a UK university. She has been teaching auditing and accounting in Singapore since At FTC, she specialises in Auditing and Financial Reporting. has over 15 years of training experience, expert in all aspects of both international and UK Financial Reporting and has lectured extensively throughout the UK and in Cyprus, Germany and Malaysia. is a UK Chartered Accountant and a CFA Charterholder who has based in HK for the past 8 years. She has extensive exposure to UK & US GAAP and IRFS and was the preferred trainer for IFRS is a member of ACCA and CICPA and has lectured extensively in PRC GAAP, UK GAAP and IFRS. He taught PRC GAAP vs US GAAP, PRC GAAP vs IFRS in Hong Kong, Shanghai and Shenzhen. Suhnylla Kler is FCCA and an investment and offshore banker, qualified with KMPG. She has trained and consulted with professionals throughout Asia Pacific and has had in excess of 12 years of extensive experience in the financial and accounting services industry. YOUR PROFESSIONAL PARTNER part of Kaplan, Inc., a leading international provider ucational and career services. Kaplan is a wholly d subsidiary of The Washington Post Company : WPO). FTC has over forty years financial training ence in the UK. FTC HK has been training partners to major CPA firms and financial institutions for the past the past 15 years. For more information, please do not hesitate to contact: Jonathan Ng Tel: Shirley Wong Tel:

6 BOOKING FORM CPD PROGRAMME To make your booking, please complete the booking form and fax or post it to us CONTACT DETAILS Contact Person Company name Company address Telephone Fax COURSE CODE NAME OF PARTICIPANTS JOB TITLE MEMBER NO. FEES HKICPA members - must provide HKICPA ID to verify status. Total $ PAYMENT DETAILS Cash / EPS $ Cheque I enclose a cheque made payable to "The Financial Training Company Limited" $ Credit Card Master Card VISA AE $ Card No. Card Holder: Expiry Date: Signature: CANCELLATIONS If you are unable to attend, you may substitute an alternate delegate at no extra charge. Please let us know as soon as possible. Payment of the course fee is due prior to the course date. Please inform us in writing if you intend to cancel. We accept cancellations up to 14 days before the event and will refund your fees less an administrative charge of HK$500. Cancellations made within 14 days of the event will not be refunded. Delegates may attend an alternative course free of charge if cancelled at least 4 working days before the course. We reserve the right to alter the published programme, speaker(s), or to cancel an event at our discretion, in which case our liability shall be restricted only to any fees paid to us. I agree to the terms and conditions stipulated above. Signature: _ Date: ADMIRALTY: Unit 2, 1/F Far East Finance Centre 16 Harcourt Road, Admiralty Tel: Fax: OPENING HOUR 9:00am - 9:00pm Mon-Fri 9:00am - 6:00pm Sat, Sun & Public Holiday WANCHAI: 5/F Siu On Centre, 188 Lockhart Road, Wancahi OFFICE: 4th Floor, Lippo Centre, Tower Two, 89 Queensway, Hong Kong. Tel: Fax: , OPENING HOUR 9:00am - 5:30pm Mon - Fri 9:00am - 12:00nn Sat Sun & Public Holidays Closed LIBRARY: 9:00am - 7:00pm Mon to Fri 9:00am - 12:00nn Sat Sun & Public Holidays Closed