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
04 Dec 2024 (9:00 AM - 5:00 PM)
05 Dec 2024 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
For Members:
$ 684.52
For Non-Members:
$ 815.32
Programme Facilitator(s)
Danny Tan
Venue
Online Classroom in or outside of
Singapore
Testimonial
Funding
1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.
To find out more on the UTAP funding and support validity period please click here.
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 is a consultant providing continuing professional development training for the accountancy profession as well as providing consultancy services on financial reporting technical matters. He has over 35 years’ experience in public practice, commerce, and industry. He was trained and qualified as a professional accountant with a firm in London. Danny conducts courses in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is currently a member of the Small and Medium-size Entities Implementation Group (SMEIG) that consider the need to amend IFRS for SMEs Accounting Standard and make recommendation to the Board of IASB. He is also a project manager for the MASB. He currently holds several advisory roles in financial reporting technical matters.
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 The Chartered Instituted of Management Accountants, and The Association of Chartered Certified Accountants. He is also a member of The Institute of Singapore Chartered Accountants, Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
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 is a consultant providing continuing professional development training for the accountancy profession as well as providing consultancy services on financial reporting technical matters. He has over 35 years’ experience in public practice, commerce, and industry. He was trained and qualified as a professional accountant with a firm in London. Danny conducts courses in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is currently a member of the Small and Medium-size Entities Implementation Group (SMEIG) that consider the need to amend IFRS for SMEs Accounting Standard and make recommendation to the Board of IASB. He is also a project manager for the MASB. He currently holds several advisory roles in financial reporting technical matters.
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 The Chartered Instituted of Management Accountants, and The Association of Chartered Certified Accountants. He is also a member of The Institute of Singapore Chartered Accountants, Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.