Course Detail(A196 : Analysis and Review of Public Sector Accounting: SB-FRS (Live Webinar))

SDF Funding, SkillsFuture Credit, UTAP Funding

A196 : Analysis and Review of Public Sector Accounting: SB-FRS (Live Webinar)

14.00 CPE Hours (Category 1)
Classroom

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be conducting via Live Webinar.

Please do check the details before confirmation your registration for the course/session.

Introduction

The ‘Statutory Board Financial Reporting Standards’ (SB-FRS) are issued by the Accountant-General and are required to be complied by all Statutory Boards in Singapore. SB-FRS is set by reference to Singapore Financial Reporting Standards (SFRS) issues by The Accounting Standards Council (ASC). Both sets of standards are virtually similar in principles and technical requirements but are applied in different operating environments. Private sector companies predominantly operate in a profit making business environment whereas Statutory Boards often operate in an environment to satisfy a set of social services or obligations in accordance with the objectives of a specific Statutory Board. Therefore the activities of the Statutory Boards are mainly non-profit making, however certain activities may be required to earn income. The interpretation of the principles of the Standards may be different for both the private and public sector. An example of a notable difference is in the interpretation of the principle ‘future economic benefit’, which is determined based on pure financial benefits for private sector entities, whereas it may not always be so for public sector entities.
 
Programme Objective
The seminar gives a practical analysis and review of selected SB-FRSs. It is intended for busy professionals requiring a refresher course on the technical principles of SB-FRS and their applications in accordance with Generally Accepted Accounting Practice in public sector environment. The seminar uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners of SB-FRS may interpret the standards differently from private sector and how these differences may be overcome based on past experience and the use of judgement derived from the “Framework”.

Programme Outline

 AN OVERVIEW OF SELECTED STANDARDS
 
 PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS
SB-FRS 1Presentation of Financial Statements
SB-FRS 7Statement of Cash Flows
SB-FRS 24Related Party Disclosures
 REVENUE, OTHR INCOME, EXPENSE AND OTHER TRANSACTIONS AND EVENTS
SB-FRS 115Revenue from Contracts with Customers
SB-FRS 1001Accounting and Disclosure for Non-Exchanges Revenue
SB-FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors
SB-FRS 10Events After the Reporting Period
 STANDARDS AFFECTING MEASUREMENT
SB-FRS 21The Effect of Changes in Foreign Exchange Rates
SB-FRS 23Borrowing Costs
SB-FRS 113Fair Value Measurement
 
 
 
ASSETS AND LIABILITIES
 ACCOUNTING FOR ASSETS
SB-FRS 2Inventories
SB-FRS 105Non-current Assets Held for Sale and Discontinued Operations
SB-FRS 16Property, Plant and Equipment
SB-FRS 40Investment Property
SB-FRS 38Intangible Assets
SB-FRS 36Impairment of Assets
 ACCOUNTING FOR OBLIGATIONS
SB-FRS 37Provisions, Contingent Liabilities and Contingent Assets
SB-FRS 20Accounting for Government Grants and Disclosure of Government Assistance
SB-FRS 116Leases
 
 
 
FINANCIAL INSTRUMENTS AND
ACCOUNTING FOR INVESTMENT INTERESTS
 
 FINANCIAL INSTRUMENTS
SB-FRS 32Financial Instruments: Presentation
SB-FRS 107Financial Instruments: Disclosure
SB-FRS 109Financial Instruments: Recognition and Measurement
 BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS
SB-FRS 103Business Combinations
SB-FRS 27Separate Financial Statements
SB-FRS 28Investments in Associates and Joint Ventures
SB-FRS 110Consolidated Financial Statements
SB-FRS 111Joint Arrangement
SB-FRS 112Disclosure of Interest in Other Entities
 
 SB-FRS Guidance Notes
SB-FRS-GN1Accounting and Disclosure for Funds, Grants Accumulated Surplus and Reserves
SB-FRS-GN2Accounting and Disclosure for Donations
SB-FRS-GN3Accounting and Disclosures for Trust Funds
SB-FRS-GN4Related Party Disclosures
SB-FRS-GN5Reporting of CPF Contributions and Key Management Personnel Compensation
SB-FRS-GN6Disclosure on Management Entities
SB-FRS-GN7Accounting for Sponsorship Received

 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course that examines the application of SB-FRS and the Guidance Notes applicable to Statutory Bodies are welcome to attend.

Competency Mapping

Category 1 = 14.00 Hours

Schedule & Fees

Date & Time

19 Aug 2020 (9:00 AM - 5:00 PM)
20 Aug 2020 (9:00 AM - 5:00 PM)

Registration is closed

Fee (inclusive of GST)

For Members: $ 652.70   $ 522.16
For Non-Members: $ 783.24   $ 626.59
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore

Date & Time

29 Aug 2019 (9:00 AM - 5:00 PM)
30 Aug 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

26 Feb 2019 (9:00 AM - 5:00 PM)
27 Feb 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

30 Aug 2018 (9:00 AM - 5:00 PM)
31 Aug 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 8 April 2021
Course Reference Number: CRS-N-0035485

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 

Funding Period: Until 8 April 2021
Funded Hours: 14 hours
Course Reference Number: CRS-N-0035485

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

 

3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 01 April 2020 – 31 March 2021.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

 

Programme Facilitator(s)


Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be conducting via Live Webinar.

Please do check the details before confirmation your registration for the course/session.

Introduction

The ‘Statutory Board Financial Reporting Standards’ (SB-FRS) are issued by the Accountant-General and are required to be complied by all Statutory Boards in Singapore. SB-FRS is set by reference to Singapore Financial Reporting Standards (SFRS) issues by The Accounting Standards Council (ASC). Both sets of standards are virtually similar in principles and technical requirements but are applied in different operating environments. Private sector companies predominantly operate in a profit making business environment whereas Statutory Boards often operate in an environment to satisfy a set of social services or obligations in accordance with the objectives of a specific Statutory Board. Therefore the activities of the Statutory Boards are mainly non-profit making, however certain activities may be required to earn income. The interpretation of the principles of the Standards may be different for both the private and public sector. An example of a notable difference is in the interpretation of the principle ‘future economic benefit’, which is determined based on pure financial benefits for private sector entities, whereas it may not always be so for public sector entities.
 
Programme Objective
The seminar gives a practical analysis and review of selected SB-FRSs. It is intended for busy professionals requiring a refresher course on the technical principles of SB-FRS and their applications in accordance with Generally Accepted Accounting Practice in public sector environment. The seminar uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners of SB-FRS may interpret the standards differently from private sector and how these differences may be overcome based on past experience and the use of judgement derived from the “Framework”.

Programme Outline

 AN OVERVIEW OF SELECTED STANDARDS
 
 PRESENTATION AND DISLCOSURE OF FINANCIAL STATEMENTS
SB-FRS 1Presentation of Financial Statements
SB-FRS 7Statement of Cash Flows
SB-FRS 24Related Party Disclosures
 REVENUE, OTHR INCOME, EXPENSE AND OTHER TRANSACTIONS AND EVENTS
SB-FRS 115Revenue from Contracts with Customers
SB-FRS 1001Accounting and Disclosure for Non-Exchanges Revenue
SB-FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors
SB-FRS 10Events After the Reporting Period
 STANDARDS AFFECTING MEASUREMENT
SB-FRS 21The Effect of Changes in Foreign Exchange Rates
SB-FRS 23Borrowing Costs
SB-FRS 113Fair Value Measurement
 
 
 
ASSETS AND LIABILITIES
 ACCOUNTING FOR ASSETS
SB-FRS 2Inventories
SB-FRS 105Non-current Assets Held for Sale and Discontinued Operations
SB-FRS 16Property, Plant and Equipment
SB-FRS 40Investment Property
SB-FRS 38Intangible Assets
SB-FRS 36Impairment of Assets
 ACCOUNTING FOR OBLIGATIONS
SB-FRS 37Provisions, Contingent Liabilities and Contingent Assets
SB-FRS 20Accounting for Government Grants and Disclosure of Government Assistance
SB-FRS 116Leases
 
 
 
FINANCIAL INSTRUMENTS AND
ACCOUNTING FOR INVESTMENT INTERESTS
 
 FINANCIAL INSTRUMENTS
SB-FRS 32Financial Instruments: Presentation
SB-FRS 107Financial Instruments: Disclosure
SB-FRS 109Financial Instruments: Recognition and Measurement
 BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS
SB-FRS 103Business Combinations
SB-FRS 27Separate Financial Statements
SB-FRS 28Investments in Associates and Joint Ventures
SB-FRS 110Consolidated Financial Statements
SB-FRS 111Joint Arrangement
SB-FRS 112Disclosure of Interest in Other Entities
 
 SB-FRS Guidance Notes
SB-FRS-GN1Accounting and Disclosure for Funds, Grants Accumulated Surplus and Reserves
SB-FRS-GN2Accounting and Disclosure for Donations
SB-FRS-GN3Accounting and Disclosures for Trust Funds
SB-FRS-GN4Related Party Disclosures
SB-FRS-GN5Reporting of CPF Contributions and Key Management Personnel Compensation
SB-FRS-GN6Disclosure on Management Entities
SB-FRS-GN7Accounting for Sponsorship Received

 
Training Methodology
Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course that examines the application of SB-FRS and the Guidance Notes applicable to Statutory Bodies are welcome to attend.

Competency Mapping

Category 1 = 14.00 Hours

Programme Facilitator(s)

Danny Tan

Danny has over 30 years of experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny specialises in International Financial Reporting Standards (IFRSs) and in the last 15 years he is a partner of a firm providing training and consulting in the areas of preparing and presenting financial statements in accordance with IFRSs.


Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants, a member of Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
 

Upcoming Schedule

Registration is closed

Date & Time

19 Aug 2020 (9:00 AM - 5:00 PM)
20 Aug 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 652.70   $ 522.16
For Non-Members: $ 783.24   $ 626.59
Early Bird Discount till 31 Aug 2020

Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore