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 1 | Presentation of Financial Statements |
SB-FRS 7 | Statement of Cash Flows |
SB-FRS 24 | Related Party Disclosures |
| REVENUE, OTHR INCOME, EXPENSE AND OTHER TRANSACTIONS AND EVENTS |
SB-FRS 115 | Revenue from Contracts with Customers |
SB-FRS 1001 | Accounting and Disclosure for Non-Exchanges Revenue |
SB-FRS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
SB-FRS 10 | Events After the Reporting Period |
| STANDARDS AFFECTING MEASUREMENT |
SB-FRS 21 | The Effect of Changes in Foreign Exchange Rates |
SB-FRS 23 | Borrowing Costs |
SB-FRS 113 | Fair Value Measurement |
| ASSETS AND LIABILITIES |
| ACCOUNTING FOR ASSETS |
SB-FRS 2 | Inventories |
SB-FRS 105 | Non-current Assets Held for Sale and Discontinued Operations |
SB-FRS 16 | Property, Plant and Equipment |
SB-FRS 40 | Investment Property |
SB-FRS 38 | Intangible Assets |
SB-FRS 36 | Impairment of Assets |
| ACCOUNTING FOR OBLIGATIONS |
SB-FRS 37 | Provisions, Contingent Liabilities and Contingent Assets |
SB-FRS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
SB-FRS 116 | Leases |
| FINANCIAL INSTRUMENTS AND ACCOUNTING FOR INVESTMENT INTERESTS |
| FINANCIAL INSTRUMENTS |
SB-FRS 32 | Financial Instruments: Presentation |
SB-FRS 107 | Financial Instruments: Disclosure |
SB-FRS 109 | Financial Instruments: Recognition and Measurement |
| BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS |
SB-FRS 103 | Business Combinations |
SB-FRS 27 | Separate Financial Statements |
SB-FRS 28 | Investments in Associates and Joint Ventures |
SB-FRS 110 | Consolidated Financial Statements |
SB-FRS 111 | Joint Arrangement |
SB-FRS 112 | Disclosure of Interest in Other Entities |
| SB-FRS Guidance Notes |
SB-FRS-GN1 | Accounting and Disclosure for Funds, Grants Accumulated Surplus and Reserves |
SB-FRS-GN2 | Accounting and Disclosure for Donations |
SB-FRS-GN3 | Accounting and Disclosures for Trust Funds |
SB-FRS-GN4 | Related Party Disclosures |
SB-FRS-GN5 | Reporting of CPF Contributions and Key Management Personnel Compensation |
SB-FRS-GN6 | Disclosure on Management Entities |
SB-FRS-GN7 | Accounting 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
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 08 Apr 2021
Course Reference Number: TGS-2020501120
All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. You may wish to use your SFC to pay for partial/full ISCA course fees.
On 1 Oct 2020, the Government provided a one-off SkillsFuture Credit Top-up of $500 for all eligible Singaporeans aged 25 or above by 31 Dec 2020. Singaporeans aged 40 to 60 by 31 Dec 2020 will also receive an Additional SkillsFuture Credit (Mid-Career Support) of $500 which can be used for courses under: (i) SGUnited Skills Programme, (ii) SGUnited Mid-Career Pathways Programme – Company Training, and (iii) Career Transition Programmes. This additional SFC (Mid-Career Support) is NOT applicable for use on ISCA courses. (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:
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 08 Apr 2021
Funded Hours: 14 hours
Course Reference Number: TGS-2020501120
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”.
| For course run start date before 1 Nov 2020, submit training grant application in SCN until 30 Nov 2020. | For course run start date on or after 1 Nov 2020, Enterprises/employers are NOT required to log into TPGateway/SCN to submit training grant. |
Remarks | • Step 2: After receiving email that the programme status is confirmed, please proceed to submit the Training Grant application via SkillsConnect Portal (https://www.skillsconnect.gov.sg/). Employers of company-sponsored participants must submit training grant via SkillsConnect 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. | The employee’s enrolment, attendance and assessment recordswill be submitted by ISCA onto TPGateway. |
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 members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *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 1 | Presentation of Financial Statements |
SB-FRS 7 | Statement of Cash Flows |
SB-FRS 24 | Related Party Disclosures |
| REVENUE, OTHR INCOME, EXPENSE AND OTHER TRANSACTIONS AND EVENTS |
SB-FRS 115 | Revenue from Contracts with Customers |
SB-FRS 1001 | Accounting and Disclosure for Non-Exchanges Revenue |
SB-FRS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
SB-FRS 10 | Events After the Reporting Period |
| STANDARDS AFFECTING MEASUREMENT |
SB-FRS 21 | The Effect of Changes in Foreign Exchange Rates |
SB-FRS 23 | Borrowing Costs |
SB-FRS 113 | Fair Value Measurement |
| ASSETS AND LIABILITIES |
| ACCOUNTING FOR ASSETS |
SB-FRS 2 | Inventories |
SB-FRS 105 | Non-current Assets Held for Sale and Discontinued Operations |
SB-FRS 16 | Property, Plant and Equipment |
SB-FRS 40 | Investment Property |
SB-FRS 38 | Intangible Assets |
SB-FRS 36 | Impairment of Assets |
| ACCOUNTING FOR OBLIGATIONS |
SB-FRS 37 | Provisions, Contingent Liabilities and Contingent Assets |
SB-FRS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
SB-FRS 116 | Leases |
| FINANCIAL INSTRUMENTS AND ACCOUNTING FOR INVESTMENT INTERESTS |
| FINANCIAL INSTRUMENTS |
SB-FRS 32 | Financial Instruments: Presentation |
SB-FRS 107 | Financial Instruments: Disclosure |
SB-FRS 109 | Financial Instruments: Recognition and Measurement |
| BUSINESS COMBINATIONS, SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS |
SB-FRS 103 | Business Combinations |
SB-FRS 27 | Separate Financial Statements |
SB-FRS 28 | Investments in Associates and Joint Ventures |
SB-FRS 110 | Consolidated Financial Statements |
SB-FRS 111 | Joint Arrangement |
SB-FRS 112 | Disclosure of Interest in Other Entities |
| SB-FRS Guidance Notes |
SB-FRS-GN1 | Accounting and Disclosure for Funds, Grants Accumulated Surplus and Reserves |
SB-FRS-GN2 | Accounting and Disclosure for Donations |
SB-FRS-GN3 | Accounting and Disclosures for Trust Funds |
SB-FRS-GN4 | Related Party Disclosures |
SB-FRS-GN5 | Reporting of CPF Contributions and Key Management Personnel Compensation |
SB-FRS-GN6 | Disclosure on Management Entities |
SB-FRS-GN7 | Accounting 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.