Course Detail(CSA001 : Practical Accounting Essentials)

SkillsFuture Credit

CSA001 : Practical Accounting Essentials

40.00 CPE Hours (Category 1)
Classroom

Important:
Funding Period: Until 15 July 2020
If you wish to use your SFC to pay for partial/full ISCA course fee , please login to the SFC portal (http://www.skillsfuture.sg/credit) with your Singpass, within 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to submit claim application via SkillsFuture Portal and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use.
 
SDF Funding (Corporate Registration only)
To enroll participants with SDF Funding, please click here to download the manual form.
Online registration via ISCA Portal will not be eligible for SDF Funding.

This course is formerly known as Certificate in SME Accounting: Fundamental Skills & Judgement in Applying FRSs

Programme Objective

The objective of this course is to elucidate the key fundamental requirements of the Singapore Financial Reporting Standards (“FRS”), sufficient to enable the participant to appreciate the thought process and accounting judgments applied in the preparation of financial statements. 
 

Programme Outline



User-added image

Traits of the course

  1. Does NOT overload with specific technical requirement of a FRS
  2. The structure of the course does not design around an individual FRS (unlike the outlines in the contract)
  3. Approach all FRSs as a ‘single set of documents”, thus accountants must master the skills of applying the ‘single set of documents’ to frame an accounting treatment that will fairly present the business decision, contractual terms, transactions and events that had taken place in practice
  4. Approach by elements of financial statements, key issues that are used repeated through out many FRSs and overall principles in applying FRSs in practice
  5. To enhance the ability of accountants to apply the ‘set of FRSs’ in concert to provide practical and professional treatments to transactions and events that are technically justifiable to stake holders (auditors, regulators and users) 
  6. To hone the professional thinking and mindsets of accountants with responsibility for financial reporting in accordance with FRSs
  7. Accountants cannot be endowed with a full knowledge of all the FRSs – therefore it is not the objective of this seminar to make you an expert in any individual FRS – BUT this seminar deals with common recognition and measurement principles that are applied commonly across FRSs
  8. The chart show the logic and design of the new course structure:

Day 1: Building the Foundation (The fundamental professional mindset)

Objective: Participants to have an overview of the objective of general purpose financial statements, fundamental concepts underlying their preparation, qualitative characteristics of useful financial statements and elements of financial statements.
 
 Programme Outline:
1Overview of the financial reporting environments
 
  • The financial reporting environment in Singapore
  • Objective of general purpose financial reporting
  • Qualitative characteristics of financial information for users
Analysis of important concepts
  • Going concern; Accrual concept; Materiality
2Elements of financial statements and choosing accounting policies
 Understanding and applying elements in practice
  • Financial position: assets, liabilities; equity 
  • Financial performance: Income and expense
Accounting policies
  • Deciding the appropriate accounting policies 
  • To discourage use of boiler plates approach
  • Highlight situations under which accounting policy choice is made
  • Deciding whether the entity is changing accounting policy or changing accounting estimate 
  • How an entity can change accounting policy
3Recognition of element of financial statements
 Recognition
  • What is future economic benefit and degree of degree of probability
  • The meaning of ‘reliability’
  • Substance of transactions over form
  • Contract and contractual
4Measurement concepts
 
  • Historical cost (Amortised cost method)
  • Fair value
  • Recoverable amount
  • Lower of cost and NRV 
  • Lower of CA and FV less cost of disposal
  • Present value: deciding cash flows and discount rate
 
Day 2: The Fundamental Skills of Presenting Financial Statements
 
Objective: Participants to proceed from the foundation built on Day 1, to develop the skills of presenting elements of financial statements that is ‘fairly presented’. To equip participants with the fundamental principles of presenting the main financial statements and how to manage the disclosure of financial information to support those main financial statements.
  
 Programme Outline:
1The fundamental of presenting a set of financial statements
 
  • Achieving fair presentation
  • Going concern consideration and disclosure
  • Materiality affecting presentation:
    • How to deciding line items, aggregation and offsetting of income and expense and assets and liabilities
  • The meaning of consistency of presentation
  • Presenting comparative information:
  • How to present notes in systematic order/manner
  • When to disclose judgement in applying accounting policies and estimating uncertainty
2Presenting financial position
 
  • Deciding order and format
  • Deciding additional line items, heading & sub-total
  • Current/non-current distinction
3Presenting financial performance and changes in equity
 Statement of profit or loss and other comprehensive income
  • Choosing an appropriate format for presenting profit or loss and other comprehensive income
Statement of changes in equity 
  • Understanding the format and components of equity
4Presenting cash flow information
 Statement of cash flows
  • What is Cash and Cash Equivalent
  • How to classify cash flows that is appropriate to the entity’s business

 Day 3: Assets and Impairment of assets 

Objective: Participants to proceed from the foundation built on Day 1, especially in the area of definition and recognition criteria of assets to classification of assets with specific characteristic as defined in each of the FRSs. This session address the principles of impairment of assets and the various models use in FRSs.

 
 Programme Outline:
1Assets – Definition and classification
 
  • Definitions and different categories of assets
  • Non-financial assets Vs. financial assets
  • Deciding the classification based on:
    • Business model and management intention
    • A question of facts and substance
  • Overview FRS classification principles depend on:
    • Held for use
    • Held for rental to other or Held to earn rental
    • Held for sale in ordinary course of business
    • Held for sale not in ordinary course of business
    • Right of use, Contractual rights
2A brief on accounting principles for specific asset
  Initial recognition/measurement
  • Recognition of specific assets
  • Determining initial cost – affected by other FRSs
Subsequent maintenance accounting
  • Accounting models: Cost, FVPL or FVOCI
  • Depreciation/amortisation
  • Transfers, Classification/reclassification
3Impairment of assets
 
  • The general concept of impairment of assets (FRS36)
    • Recoverable amount: higher of VIU and FV-COD
  • Different impairment methodologies (other FRS)
    • Expected credit loss 
    • Foreseeable losses 
    • probable future taxable profit
    • Lower of cost & Net realisabel value;
    • lower of carrying amount and fair value less cost of disposal; etc
 
Day 4: Obligations (liabilities)
 
Objective: Participants to proceed from the foundation built on Day 1, to gain an understanding on how various obligations arise. Distinguishing the probability of obligation and the circumstances that obligation creates liabilities.
 
 
 Programme Outline:
1Obligations à Resulted in creation of Liabilities
 
  • Probable Vs. possible obligation
  • Assessing transactions, events and contract giving rise to obligations
  • Effect of event after reporting period on obligations
2Accounting principles for specific liabilities
 Initial recognition/measurement
  • Provision Vs. Contingent liabilities
  • Determining contractual obligation
  • Circumstances creating constructive obligation
  • Best estimate of liabilities
Subsequent maintenance accounting
  • Review of obligation at end of period
  • Changes in value
3Interaction between assets and liability (Effect on income and expense)
 
  • Revenue: contract assets, contract liabilities and contract cost
  • Leases (Right-of-use asset and lease liability of a lessee)
  • Decommissioning cost (effect on liability and assets)

Day 5: Financial instruments and investment interests

Objective:  Participants to proceed from the foundation built on Day 1, to deal with contractual terms that give rise to financial instruments and the ability to recognise, measure and classify financial assets and financial liabilities. Understanding the complexity of classification of liability and equity for the issuer of financial instruments. Dealing with changes in investment interest from simple investment to substantial interest. 


 
 Programme Outline:
1Financial Instruments
 
  • Characteristics of financial instruments:
    • Contractual and Settlement terms
  • Issuer of financial instruments:
    • Determining liability or equity
    • Case study on various contractual terms
    • Settlement in own equity instruments
  • Recognition and derecognition: by case study
  • Measurement and accounting for:
  • Equity instruments
  • Debt instruments: long-term/short-term
  • Practical application:
  • Inter-company lending/borrowing
  • Financial guarantee contracts
  • Loan commitments for inter-company
2Substantial investment interest
 
  • Purchase substantial interest that is a business
  • Purchase a substantial interest that lead to:
    •  Control à Joint control à Significant influence
3Epilogue (Professional ethical consideration)
 
  • Applying your knowledge in practice and the ethical considerations
4Assessment
 
  • Testing of knowledge with multiple choice questions

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 course is intended for participants who possess a basic knowledge of accounting or financial reporting skills; and aspire to obtain a deeper understanding and appreciation of the financial reporting framework governing the preparation of financial statements in Singapore.

Competency Mapping

Category 1 = 40.00 Hours

Schedule & Fees

Date & Time

19 Jun 2019 (9:00 AM - 6:00 PM)
20 Jun 2019 (9:00 AM - 6:00 PM)
21 Jun 2019 (9:00 AM - 6:00 PM)
24 Jun 2019 (9:00 AM - 6:00 PM)
25 Jun 2019 (9:00 AM - 6:00 PM)

Registration is closed

Fee (inclusive of GST)

For Members: $ 1,288.00
For Non-Members: $ 1,418.00

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

20 Nov 2019 (9:00 AM - 6:00 PM)
21 Nov 2019 (9:00 AM - 6:00 PM)
22 Nov 2019 (9:00 AM - 6:00 PM)
25 Nov 2019 (9:00 AM - 6:00 PM)
26 Nov 2019 (9:00 AM - 6:00 PM)

Fee (inclusive of GST)

For Members: $ 1,288.00
For Non-Members: $ 1,418.00

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

20 Jun 2018 (9:00 AM - 6:00 PM)
21 Jun 2018 (9:00 AM - 6:00 PM)
22 Jun 2018 (9:00 AM - 6:00 PM)
25 Jun 2018 (9:00 AM - 6:00 PM)
26 Jun 2018 (9:00 AM - 6:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

31 May 2017 (9:00 AM - 6:00 PM)
01 Jun 2017 (9:00 AM - 6:00 PM)
02 Jun 2017 (9:00 AM - 6:00 PM)
08 Jun 2017 (9:00 AM - 6:00 PM)
09 Jun 2017 (9:00 AM - 6:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Date & Time

24 Nov 2016 (9:00 AM - 6:00 PM)
25 Nov 2016 (9:00 AM - 6:00 PM)
26 Nov 2016 (9:00 AM - 6:00 PM)
01 Dec 2016 (9:00 AM - 6:00 PM)
02 Dec 2016 (9:00 AM - 6:00 PM)

Registration is closed

Programme Facilitator(s)

Danny Tan

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 15 July 2020

Course Ref No.: CRS-N-0042289

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. SkillsFuture credit may be accumulated to pay for skills related course fees. For more information on the SkillsFuture Credit scheme, please visit http://www.skillsfuture.sg/credit

If you wish to use your SFC to pay for partial/full ISCA course fee , please login to the SFC portal (http://www.skillsfuture.sg/credit) with your Singpasswithin 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to submit claim application via SkillsFuture Portal and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use.


2] SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (eligibility criteria apply).
 
To enroll participants with SDF Funding, please click here to download the manual form.
Incomplete registration form will not be processed.  Online registration via ISCA Portal will not be eligible for SDF Funding. Please note that there will be an admin fee of $42.80 for any wrong registration or revision of invoice.
 
Funding Period: Until 15 July 2020
Funded Hours: 38 hours

Course Ref No.: CRS-N-0042289
 
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).

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.
 

Important:
Funding Period: Until 15 July 2020
If you wish to use your SFC to pay for partial/full ISCA course fee , please login to the SFC portal (http://www.skillsfuture.sg/credit) with your Singpass, within 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to submit claim application via SkillsFuture Portal and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use.
 
SDF Funding (Corporate Registration only)
To enroll participants with SDF Funding, please click here to download the manual form.
Online registration via ISCA Portal will not be eligible for SDF Funding.

This course is formerly known as Certificate in SME Accounting: Fundamental Skills & Judgement in Applying FRSs

Programme Objective

The objective of this course is to elucidate the key fundamental requirements of the Singapore Financial Reporting Standards (“FRS”), sufficient to enable the participant to appreciate the thought process and accounting judgments applied in the preparation of financial statements. 
 

Programme Outline



User-added image

Traits of the course

  1. Does NOT overload with specific technical requirement of a FRS
  2. The structure of the course does not design around an individual FRS (unlike the outlines in the contract)
  3. Approach all FRSs as a ‘single set of documents”, thus accountants must master the skills of applying the ‘single set of documents’ to frame an accounting treatment that will fairly present the business decision, contractual terms, transactions and events that had taken place in practice
  4. Approach by elements of financial statements, key issues that are used repeated through out many FRSs and overall principles in applying FRSs in practice
  5. To enhance the ability of accountants to apply the ‘set of FRSs’ in concert to provide practical and professional treatments to transactions and events that are technically justifiable to stake holders (auditors, regulators and users) 
  6. To hone the professional thinking and mindsets of accountants with responsibility for financial reporting in accordance with FRSs
  7. Accountants cannot be endowed with a full knowledge of all the FRSs – therefore it is not the objective of this seminar to make you an expert in any individual FRS – BUT this seminar deals with common recognition and measurement principles that are applied commonly across FRSs
  8. The chart show the logic and design of the new course structure:

Day 1: Building the Foundation (The fundamental professional mindset)

Objective: Participants to have an overview of the objective of general purpose financial statements, fundamental concepts underlying their preparation, qualitative characteristics of useful financial statements and elements of financial statements.
 
 Programme Outline:
1Overview of the financial reporting environments
 
  • The financial reporting environment in Singapore
  • Objective of general purpose financial reporting
  • Qualitative characteristics of financial information for users
Analysis of important concepts
  • Going concern; Accrual concept; Materiality
2Elements of financial statements and choosing accounting policies
 Understanding and applying elements in practice
  • Financial position: assets, liabilities; equity 
  • Financial performance: Income and expense
Accounting policies
  • Deciding the appropriate accounting policies 
  • To discourage use of boiler plates approach
  • Highlight situations under which accounting policy choice is made
  • Deciding whether the entity is changing accounting policy or changing accounting estimate 
  • How an entity can change accounting policy
3Recognition of element of financial statements
 Recognition
  • What is future economic benefit and degree of degree of probability
  • The meaning of ‘reliability’
  • Substance of transactions over form
  • Contract and contractual
4Measurement concepts
 
  • Historical cost (Amortised cost method)
  • Fair value
  • Recoverable amount
  • Lower of cost and NRV 
  • Lower of CA and FV less cost of disposal
  • Present value: deciding cash flows and discount rate
 
Day 2: The Fundamental Skills of Presenting Financial Statements
 
Objective: Participants to proceed from the foundation built on Day 1, to develop the skills of presenting elements of financial statements that is ‘fairly presented’. To equip participants with the fundamental principles of presenting the main financial statements and how to manage the disclosure of financial information to support those main financial statements.
  
 Programme Outline:
1The fundamental of presenting a set of financial statements
 
  • Achieving fair presentation
  • Going concern consideration and disclosure
  • Materiality affecting presentation:
    • How to deciding line items, aggregation and offsetting of income and expense and assets and liabilities
  • The meaning of consistency of presentation
  • Presenting comparative information:
  • How to present notes in systematic order/manner
  • When to disclose judgement in applying accounting policies and estimating uncertainty
2Presenting financial position
 
  • Deciding order and format
  • Deciding additional line items, heading & sub-total
  • Current/non-current distinction
3Presenting financial performance and changes in equity
 Statement of profit or loss and other comprehensive income
  • Choosing an appropriate format for presenting profit or loss and other comprehensive income
Statement of changes in equity 
  • Understanding the format and components of equity
4Presenting cash flow information
 Statement of cash flows
  • What is Cash and Cash Equivalent
  • How to classify cash flows that is appropriate to the entity’s business

 Day 3: Assets and Impairment of assets 

Objective: Participants to proceed from the foundation built on Day 1, especially in the area of definition and recognition criteria of assets to classification of assets with specific characteristic as defined in each of the FRSs. This session address the principles of impairment of assets and the various models use in FRSs.

 
 Programme Outline:
1Assets – Definition and classification
 
  • Definitions and different categories of assets
  • Non-financial assets Vs. financial assets
  • Deciding the classification based on:
    • Business model and management intention
    • A question of facts and substance
  • Overview FRS classification principles depend on:
    • Held for use
    • Held for rental to other or Held to earn rental
    • Held for sale in ordinary course of business
    • Held for sale not in ordinary course of business
    • Right of use, Contractual rights
2A brief on accounting principles for specific asset
  Initial recognition/measurement
  • Recognition of specific assets
  • Determining initial cost – affected by other FRSs
Subsequent maintenance accounting
  • Accounting models: Cost, FVPL or FVOCI
  • Depreciation/amortisation
  • Transfers, Classification/reclassification
3Impairment of assets
 
  • The general concept of impairment of assets (FRS36)
    • Recoverable amount: higher of VIU and FV-COD
  • Different impairment methodologies (other FRS)
    • Expected credit loss 
    • Foreseeable losses 
    • probable future taxable profit
    • Lower of cost & Net realisabel value;
    • lower of carrying amount and fair value less cost of disposal; etc
 
Day 4: Obligations (liabilities)
 
Objective: Participants to proceed from the foundation built on Day 1, to gain an understanding on how various obligations arise. Distinguishing the probability of obligation and the circumstances that obligation creates liabilities.
 
 
 Programme Outline:
1Obligations à Resulted in creation of Liabilities
 
  • Probable Vs. possible obligation
  • Assessing transactions, events and contract giving rise to obligations
  • Effect of event after reporting period on obligations
2Accounting principles for specific liabilities
 Initial recognition/measurement
  • Provision Vs. Contingent liabilities
  • Determining contractual obligation
  • Circumstances creating constructive obligation
  • Best estimate of liabilities
Subsequent maintenance accounting
  • Review of obligation at end of period
  • Changes in value
3Interaction between assets and liability (Effect on income and expense)
 
  • Revenue: contract assets, contract liabilities and contract cost
  • Leases (Right-of-use asset and lease liability of a lessee)
  • Decommissioning cost (effect on liability and assets)

Day 5: Financial instruments and investment interests

Objective:  Participants to proceed from the foundation built on Day 1, to deal with contractual terms that give rise to financial instruments and the ability to recognise, measure and classify financial assets and financial liabilities. Understanding the complexity of classification of liability and equity for the issuer of financial instruments. Dealing with changes in investment interest from simple investment to substantial interest. 


 
 Programme Outline:
1Financial Instruments
 
  • Characteristics of financial instruments:
    • Contractual and Settlement terms
  • Issuer of financial instruments:
    • Determining liability or equity
    • Case study on various contractual terms
    • Settlement in own equity instruments
  • Recognition and derecognition: by case study
  • Measurement and accounting for:
  • Equity instruments
  • Debt instruments: long-term/short-term
  • Practical application:
  • Inter-company lending/borrowing
  • Financial guarantee contracts
  • Loan commitments for inter-company
2Substantial investment interest
 
  • Purchase substantial interest that is a business
  • Purchase a substantial interest that lead to:
    •  Control à Joint control à Significant influence
3Epilogue (Professional ethical consideration)
 
  • Applying your knowledge in practice and the ethical considerations
4Assessment
 
  • Testing of knowledge with multiple choice questions

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 course is intended for participants who possess a basic knowledge of accounting or financial reporting skills; and aspire to obtain a deeper understanding and appreciation of the financial reporting framework governing the preparation of financial statements in Singapore.

Competency Mapping

Category 1 = 40.00 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

Date & Time

20 Nov 2019 (9:00 AM - 6:00 PM)
21 Nov 2019 (9:00 AM - 6:00 PM)
22 Nov 2019 (9:00 AM - 6:00 PM)
25 Nov 2019 (9:00 AM - 6:00 PM)
26 Nov 2019 (9:00 AM - 6:00 PM)

Fee (inclusive of GST)

For Members: $ 1,288.00
For Non-Members: $ 1,418.00

Programme Facilitator(s)

Danny Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709