Course Detail(A196v : Analysis and Review of Public Sector Accounting: SB-FRS (Live Webinar))

UTAP Funding

A196v : Analysis and Review of Public Sector Accounting: SB-FRS (Live Webinar)

14.00 CPE Hours (Category 1)
Live Webinar

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

13 Feb 2025 (9:00 AM - 5:00 PM)
14 Feb 2025 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 587.51
For Non-Members: $ 699.78

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 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 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.

Upcoming Schedule

Date & Time

13 Feb 2025 (9:00 AM - 5:00 PM)
14 Feb 2025 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)


SGD pricing -

For Members: $ 587.51
For Non-Members: $ 699.78


Programme Facilitator(s)

Danny Tan

Venue

Online Classroom in or outside of
Singapore