SkillsFuture Credit, UTAP Funding
This session is delivered via live webinar (zoom platform). Programme ObjectiveThe basic consolidation training will focus on explaining how to do consolidation for all kinds of associated companies ranging from joint operations to subsidiaries. Starting from the initial recognition of a subsidiary in the group financial statement. Leading up to the subsequent consolidation entries for the future years to come.The training will give a comprehensive introduction into the new concepts of identifying control (FRS 110) highlighting the importance of review of potential voting rights, de-facto control and contractual agreements between shareholders. Furthermore the training will focus on the new concept of joint arrangements (FRS 111) and highlight practical applications and pitfalls in the consolidation methodology of single asset and liabilities consolidation as well as equity accounting.
Programme Objective
The basic consolidation training will focus on explaining how to do consolidation for all kinds of associated companies ranging from joint operations to subsidiaries. Starting from the initial recognition of a subsidiary in the group financial statement. Leading up to the subsequent consolidation entries for the future years to come.
The training will give a comprehensive introduction into the new concepts of identifying control (FRS 110) highlighting the importance of review of potential voting rights, de-facto control and contractual agreements between shareholders. Furthermore the training will focus on the new concept of joint arrangements (FRS 111) and highlight practical applications and pitfalls in the consolidation methodology of single asset and liabilities consolidation as well as equity accounting.
1. Consolidation Framework (Who has to consolidate?) (New Standards FRS110, FRS111 and FRS112)Consolidated Financial Statements – Subsidiaries And AssociatesDetermining Control And Significant InfluenceConsolidation Requirements And Procedures Individual Consolidation techniques (from Associates to Subsidiaries) 2. Identification And Consolidation Of AssociatesEquity Accounting Requirements And ProceduresDisclosures 3. Identification And Consolidation Of Joint Ventures (Joint Arrangements)Equity Accounting Requirements And ProceduresDisclosures 4. Acquisition Accounting – Consolidation of Subsidiaries FRS 27 (R)Year one consolidationRecognizing And Measuring Identifiable Assets Acquired, Liabilities AssumedContingent LiabilitiesLeasing ContractsIntangible AssetsDeferred tax in group FSRecognition Of Non-Controlling InterestRecognizing And Measuring Goodwill Or A Gain From A Bargain PurchaseYear two etc. (following the initial consolidation) 5. Recurring consolidation procedures concerning intercompany loans & Receivables, profit and losses, foreign currency 6. BenefitsPractical Issues: Examine practical issues faced by companies when accounting for consolidationApplication: Answer questions commonly encountered when implementing a consolidation Updates: Stay up-to-date with the latest developments in this area Pre-requisitesPlease take note of the following admission requirements:Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsoryMandatory for video camera to be turned on throughout the courseDisplay your official name (as per NRIC) in Zoom, to facilitate attendance taking Training MethodologyLecture style, with Exercises / Case Studies Closing Date for Registration1 week before programme or until full enrolment
1. Consolidation Framework (Who has to consolidate?) (New Standards FRS110, FRS111 and FRS112)
Individual Consolidation techniques (from Associates to Subsidiaries) 2. Identification And Consolidation Of Associates
3. Identification And Consolidation Of Joint Ventures (Joint Arrangements)
4. Acquisition Accounting – Consolidation of Subsidiaries FRS 27 (R)
5. Recurring consolidation procedures concerning intercompany loans & Receivables, profit and losses, foreign currency 6. Benefits
Pre-requisites
Please take note of the following admission requirements:
Training MethodologyLecture style, with Exercises / Case Studies Closing Date for Registration1 week before programme or until full enrolment
A Foundation Level programme for Accountants,Auditors, Finance Managers & Directors, Chief Financial Officers and Financial Controller and anyone who needs to prepare and verify the appropriateness of consolidated financial statements
1] SkillsFuture Credit (SFC)Funding Period: Until 31 Dec 2024Course Reference Number: TGS-2020505516
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 www.myskillsfuture.gov.sg)
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] 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
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