Course Detail(A225v : Accounting for Charities and Non-Profit Entities using Financial Reporting Standards (FRS) (Synchronous e-learning))

UTAP Funding, CCF Funding

A225v : Accounting for Charities and Non-Profit Entities using Financial Reporting Standards (FRS) (Synchronous e-learning)

7.00 CPE Hours (Category 1)
Live Webinar

This course is available in both Live Webinar (virtual) and Classroom (physical).

For this session, it will be delivered as LIVE WEBINAR. If you prefer to join the Classroom session, please register here.

 

This course is pre-approved for Charities Capability Fund (CCF) funding. Please refer to the Funding tab for more details on Eligibility Criteria and Application Procedures.


Programme Objective
 
To provide Accounting, Finance and Audit professionals with guidance on the accounting for non-profit entities such as clubs, cooperative, societies, business chambers and charities. This course will also cover the key financial statement reporting, disclosure and compliance requirements.

Programme Outline


Overview of financial reporting framework for non-profit entities in Singapore

  • Financial Reporting Standards
  • Charities Accounting standards
  • Other framework for smaller non-profit entities
  • Withdrawal of RAP 6 and replacement with CAS

 
Overview of non-profit sector in Singapore

  • Societies
  • Cooperative
  • Charities
  • Clubs
  • Business chambers

 
Overview of Business Vehicle for charities in Singapore

  • Companies Act, chapter 50, companies limited by guarantee
  • Societies Act, Chapter 311
  • Trustee Act, Chapter 337
  • Co-operative Societies Act, Chapter 62

 
Compliance requirement for non-profit entities: Key provisions on:

  • Charity Act
  • Charity Act (IPC)
  • Charity Act (account and annual report)
  • Charity Act (large charity)
  • Society Act
  • Society Regulations
  • Cooperative Societies Rules 2009
  • Trustee Act

 
Overview of the following Codes of Governance

  • Code of Governance for Registered Societies
  • Code of Governance for charities and IPC

 
Overview of internal control for charities and non-profit entities

  • Level of defense

 
Accounting for common finance statement items and its disclosures

  • Donations
    • designated donations;
    • general donations; and
    • donations in kinds
  • Grant
    • Operating grant; and
    • capital grant
  • Funds
    • trust funds; and
    • general funds
  • Reserve
    • General reserve;
    • Designated reserve; and
    • Restricted reserve
  • Deferred capital grants
  • Government grants
  • Assets held on trusts

 
Statutory obligation for charities:

  • Annual report
  • Financial statements
  • AGM
  • Governance instruments
  • Financial reporting and other info to sector administrator
  • Financial reporting and other info to NCSS
  • Tax submission to IRAS

 
Role of sector administrators and other regulators/enablers

  • 5 sector administrators
  • Charity commissioner
  • NCCS
  • ROS
  • Registry of co-operative societies


Pre-requisites

Please take note of the following admission requirements:

  • Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
  • Mandatory for video camera to be turned on throughout the course
  • Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
     
Training Methodology
Lecture style with exercises, practical case studies and problems-based-learning
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This Foundation to Intermediate Level programme is suitable for Accounting, Finance and Audit professionals who would like to achieve a deeper understanding on the issues involved in the accounting for non-profit entities.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

22 Apr 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 318.28
For Non-Members: $ 382.59

Programme Facilitator(s)

Dr Chinnu Palanivelu

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

2] CCF Training Grant

Charities Capability Fund (CCF) Training Grant provides co-funding for local training courses to help charities comply with regulatory requirements and build good governance standards.

Period of CCF pre-approval: 18 Sep 2023 to 17 Sep 2024

Eligibility Criteria

CCF funding is for eligible charities' staff (who have served in the Charities for at least 6 months with an official designation).

CCF Grants Coverage & Quantum

 

Funding Quantum

Nett Course Fees Payable (incl. GST)

Singaporeans/ PRs


 

Member: $245.38

Non-Member: $294.62

(80% of course fee)

Member: $61.34

Non-Member: $73.66

Employment Pass/ Work Permit Holders / S Pass Holders

Member: $184.03

Non-Member: $220.97

(60% of course fee)

Member: $122.69

Non-Member: $147.31

For Pre-approved Courses: Participants will pay the training provider the net course fees (after CCF funding). The training provider will claim the CCF approved funding directly from the CCF Secretariat.

Note:

  • CCF applications are subject to NCSS approval and only Board members/ staff in key governance and management areas with approved CCF applications are eligible for CCF funding.
  • The Applicant with approved CCF application (or “CCF-eligible participant”) pays the amount of course fees less CCF funding to ISCA. Payment can be made by corporate/individual means.
  • The Applicant has to create an ISCA Corporate Account here if they do not have an existing corporate account.

During the Course:

  • CCF-eligible participant to achieve minimum 75% attendance, and pass all assessments, if any.
  • All CCF-eligible participants are to complete a CCF Training Evaluation Form at the end of the course.
  • For course conducted online, CCF-eligible participants are to switch on their video function and display their full name.

Programme Facilitator(s)


 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.

This course is available in both Live Webinar (virtual) and Classroom (physical).

For this session, it will be delivered as LIVE WEBINAR. If you prefer to join the Classroom session, please register here.

 

This course is pre-approved for Charities Capability Fund (CCF) funding. Please refer to the Funding tab for more details on Eligibility Criteria and Application Procedures.


Programme Objective
 
To provide Accounting, Finance and Audit professionals with guidance on the accounting for non-profit entities such as clubs, cooperative, societies, business chambers and charities. This course will also cover the key financial statement reporting, disclosure and compliance requirements.

Programme Outline


Overview of financial reporting framework for non-profit entities in Singapore

  • Financial Reporting Standards
  • Charities Accounting standards
  • Other framework for smaller non-profit entities
  • Withdrawal of RAP 6 and replacement with CAS

 
Overview of non-profit sector in Singapore

  • Societies
  • Cooperative
  • Charities
  • Clubs
  • Business chambers

 
Overview of Business Vehicle for charities in Singapore

  • Companies Act, chapter 50, companies limited by guarantee
  • Societies Act, Chapter 311
  • Trustee Act, Chapter 337
  • Co-operative Societies Act, Chapter 62

 
Compliance requirement for non-profit entities: Key provisions on:

  • Charity Act
  • Charity Act (IPC)
  • Charity Act (account and annual report)
  • Charity Act (large charity)
  • Society Act
  • Society Regulations
  • Cooperative Societies Rules 2009
  • Trustee Act

 
Overview of the following Codes of Governance

  • Code of Governance for Registered Societies
  • Code of Governance for charities and IPC

 
Overview of internal control for charities and non-profit entities

  • Level of defense

 
Accounting for common finance statement items and its disclosures

  • Donations
    • designated donations;
    • general donations; and
    • donations in kinds
  • Grant
    • Operating grant; and
    • capital grant
  • Funds
    • trust funds; and
    • general funds
  • Reserve
    • General reserve;
    • Designated reserve; and
    • Restricted reserve
  • Deferred capital grants
  • Government grants
  • Assets held on trusts

 
Statutory obligation for charities:

  • Annual report
  • Financial statements
  • AGM
  • Governance instruments
  • Financial reporting and other info to sector administrator
  • Financial reporting and other info to NCSS
  • Tax submission to IRAS

 
Role of sector administrators and other regulators/enablers

  • 5 sector administrators
  • Charity commissioner
  • NCCS
  • ROS
  • Registry of co-operative societies


Pre-requisites

Please take note of the following admission requirements:

  • Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
  • Mandatory for video camera to be turned on throughout the course
  • Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
     
Training Methodology
Lecture style with exercises, practical case studies and problems-based-learning
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

This Foundation to Intermediate Level programme is suitable for Accounting, Finance and Audit professionals who would like to achieve a deeper understanding on the issues involved in the accounting for non-profit entities.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

 

Dr Chinnu Palanivelu, PA (ACRA), FCA (Singapore), CA (England &Wales), CPA (Aust.), FCCA, CMA, CFE, DBA, MBA, BSc (Hons)

Dr Chinnu is currently the Managing Partner of Stamford group of companies that involved audit, financial reporting, tax advisory, management consulting, company secretarial work and risk advisory. Before current appointment, he has more than 20 years of experience in public practice and commercial entities. He also appointed faculty member of various academic and professional institutions including James Cook University, University of Greenwich, LSBF, Kaplan, SIT, Singapore Accountancy Commission, ISCA, ACCA, ICAEW and Singapore Institute of Auditors. Dr Chinnu completed specialised Diploma in Tax, IFRS, SSA and adult trainings and teaching in higher education.

 

Dr Chinnu developed expertise in audit and accounting of societies, charities and IPCs. He is ISCA Care Volunteer (pro-bono) to advice charity on the governance, audit and accounting. He is a technical trainer and facilitator at ISCA and SMPs on various trainings related to non-profit entities where he trained few thousands of practitioners and finance professional. Dr Chinnu, as Public Accountant and auditors, audited more than 100 Societies, Charities, IPCs, and Co-operative societies, associations, clubs and Company Limited Guarantees.

 

Dr Chinnu served about 10 years in the Board and advisory committees of Ministry of Education, Ministry of Social and Family Development, Ministry of Culture, Community and Youth and Youth Corp Singapore. Dr Chinnu served more than 12 years in the grassroots in various position including auditor and Treasurer. For his contribution to grassroots, he was awarded PA Long Service Award and National Day Honour Medal. Dr chinnu also received recognition letter from ministries such as MSF and MOE, NS Gold status recognition and Total Defence award from Ministry of Defence.

Dr Chinnu currently serves on the Board of Directors/Executive committee of SCAPE Ltd, Rotary Foundation of Singapore Ltd, Singapore South Asia Chamber of Commerce and Industry, Rotatory Club of Singapore East, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers. He was served Board of Directors of Association of Persons with Special Needs, Singapore National Paralympic Council, SHINE Childers and Youth Service, Breast Cancer Foundation and Singapore Taekwondo Foundation.

He also served/serving Chairman or member of audit committee of Association of Persons with Special Needs, Singapore Taekwondo Foundation, Singapore Disability Sports Council, National Volunteer & Philanthropy Centre, SCAPE Ltd and Breast Cancer Foundation.

He also served/serving Treasurer of Rotary Foundation of Singapore Ltd, Societies of Kalaipithers, Tapestry Project Ltd and Abdul Kalam Vision Society.

He also served/serving Chairman/member of finance committee of Singapore National Paralympic Council, Singapore South Asia Chamber of Commerce and Industry, Association of Persons with Special Needs, Tapestry Project Ltd, Abdul Kalam Vision Society and Societies of Kalaipithers.

Dr Chinnu also served Honorary Secretary of Societies of Kalaipithers and Breast Cancer Foundation.

He also served management committee/advisory of various education institutions such as ACCA, Singapore Accountancy Academy Global Education, London School of Business and Finance and Association of Certified Fraud Examiners.

Dr Chinnu also appointed as Honorary Auditor of Singapore Indian Educational Trust, Abdul Kalam Vision Society, Global Organisation of People of Indian Origin, Societies of Kalaipithers and Guild of International Speakers and Trainers.

Chinnu was awarded Lifelong Learner Award by President of Singapore and received recognition from several institutions such as the ACCA, NCSS, APSN and SHINE. Dr Chinnu conferred Global Guru Award for his teaching, training and impact made to his participants. For his contribution to the society, non-profit institutions and nation building, he was awarded Honorary Doctorate degree (Doctor of Letters).

Dr Chinnu also conferred Global Leadership Award and under his Leadership, Stamford Assurance group awarded SME 500 award, Best Practice Firm award under SMP category by the Legacy International and Singapore 100 Entrepreneurs award.


Upcoming Schedule

Date & Time

22 Apr 2024 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 318.28
For Non-Members: $ 382.59

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

Online Classroom in or outside of
Singapore