The Business Research and Training Center (BRTC) of the Faculty of Business Administration (FBA), University of Macau (UM) has concluded its 5th batch of International Financial Reporting Standards (IFRS) professional training. The sessions were conducted across three successive weekends in May 2024 on the university’s campus.

This latest series focused on the standard relating to Insurance Contracts (IFRS 17), which highlights significant changes in new reporting treatment on insurance liabilities. The series also demonstrates how IFRS 17 could improve the reliability and transparency in reporting insurance contracts.

The executive training was conducted by seasoned IFRS instructor, Mr. Derek Chan, from the University of Macau. The event attracted a diverse audience of around 40 participants, including top executives from insurance firms, auditors, partners, and senior managers from Big 4 and local accounting entities, financial analysts, as well as practitioners from the public and utilities sectors.

With the full adoption of IFRS 17 yet to occur in Macau, this training is the joint effort of BRTC and Professional Committee of Accountants (CPC) to preemptively equip accounting professionals in Macau with the necessary knowledge and skills to cope with the upcoming enforcement of these international standards. Moving forward, the FBA-BRTC of UM is expected to organize more IFRS training programs, fostering continued advancement in financial reporting practices within Macau and cultivating modern financial talents so as to support Macau SAR’s “1+4” Diversified Development Strategy.

The Business Research and Training Center (BRTC) of the Faculty of Business Administration (FBA), University of Macau (UM) has successfully completed the 4^th batch of International Financial Reporting Standards (IFRS) professional training, which took place over four consecutive weekends in October and November of 2023 at the university campus.

This latest series focused on two standards relating to Financial Instruments (IFRS7 and IFRS9).  The lectures dived deep into the concepts and treatment of Recognition and Measurement, Impairment, Hedge Accounting and Disclosures.  The series has attracted around 60 registrations, consisting of senior auditors and partners from Big 4 and other local accounting firms, financial analysts and top executives from financial institutions and manufacturing sector, as well as practitioners from the public, utilities and gaming sectors.

The executive training was conducted by experienced IFRS trainers, including Prof. Feng Tang and Mr. Derek Chan (both from UM), who are experts in the field. During the training sessions, participants received guidance on how to treat financial instruments in different scenarios and prepare disclosure reports that comply with international standards.   Both the BRTC and CPC are planning to organize more similar training programs in the future to help accounting practitioners in Macau stay up-to-date with international financial reporting standards, which will also benefit their clients.

The Business Research and Training Center (BRTC) of the Faculty of Business Administration (FBA), University of Macau (UM) has successfully completed the 3^rd batch of International Financial Reporting Standards (IFRS) professional training, which took place over four consecutive weekends in May 2023 at the university campus.

IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) to ensure financial reporting transparency and comparability across different countries. The two distinct topics of this series – IFRS 2 (Share-based Payment) and IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) have attracted over 80 registrations, consisting of senior auditors and partners from Big 4 and other local accounting firms, financial analysts and top executives from financial institutions, as well as practitioners from the public, utilities and gaming sectors.

The executive training was conducted by experienced IFRS trainers, including Prof. Morris Liu and Mr. Derek Chan (both from UM), who are experts in the field. During the training sessions, participants received interactive guidance on case studies and demonstration of real-life disclosure examples to gain a deeper understanding on the practical application of these standards in the real-world scenarios.  Upon completion of the training sessions, participants will receive certificates issued by UM and the Professional Committee of Accountants (CPC) of Macau.