This 1-day course introduces the Singapore Financial Reporting Standards (SFRS) for Small Entities. The course will provide a comprehensive understanding of key accounting principles, practical applications, and the simplified standards applicable to small businesses. Participants will also gain insights into presentation, recognition, measurement, and disclosure requirements, along with strategies to address common challenges in financial reporting. This course also includes updates from the 3^rd Edition of IFRS for SMEs.

Objectives

• Overview of IFRS for SMEs Accounting Standards:
  Explore the IFRS for SMEs project by the International Accounting Standards Board (IASB) and its relevance to small entities in Singapore, including local adjustments.
• Understanding Small Entities:
  Define what constitutes a "small entity" in Singapore and understand how these businesses differ from larger entities in terms of financial reporting requirements.
• Simplified Standards for Small Entities:
  Learn the benefits of the SFRS for Small Entities, which simplifies compliance while maintaining accuracy in financial reporting.
• Key Accounting Elements:
  Examine essential topics such as general technical requirements, financial statements, and specific elements related to assets, liabilities, equity, income, and expenses.

Programme Outline

The Reporting Environment for Small Entities

• IASB's SME Project:
  Introduction to the IASB’s initiatives for SMEs and their impact on global accounting standards.
• Application in Singapore:
  Understand the local adaptations of IFRS for SMEs and how they apply to Singapore’s regulatory environment and accounting practices.
• Definition and Characteristics of Small Entities:
  Discuss the criteria defining small entities and the specific considerations for preparing their financial statements.
• Stand-Alone Standards:
  Learn the specific standards applicable only to small entities and how they differ from the full FRS accounting standards.

General Requirements

• Pervasive Principles of SFRS for Small Entities:
  Understand the key characteristics of the standard, such as the application of undue cost or effort exemptions.
• Accounting Policies, Estimates, and Errors:
  Learn how to develop accounting policies, apply estimates, and correct errors in financial reporting.

The Financial Statements

• Financial Statement Presentation:
  Master the basics of presenting clear, compliant financial statements for small entities
• Statement of Financial Position:
  Explore the structure and presentation of a proper statement of financial position in accordance with the standard.
• Statement of Comprehensive Income and Income Statement:
  Learn how to prepare and present statements that reflect the financial performance of small entities.
• Notes to Financial Statements:
  Understand the key disclosures required in the notes to financial statements.

Specific Topics

• Inventories: Best practices for inventory accounting and valuation.
• Investment Property: Recognition and measurement for investment properties.
• Property, Plant, and Equipment: Proper treatment of fixed assets.
• Intangible Assets: Understanding why development costs cannot be capitalised.
• Government Grants: Specific application of government grants for small entities.
• Borrowing Costs: Why interest is expensed rather than capitalised.
• Financial Instruments: Accounting for financial assets and liabilities in small entities.
• Events After the Reporting Period: Handling significant events occurring after the financial year-end.

 

Training Methodology

A highly interactive session with trainer-led facilitation, live Q&As, quick polls/surveys, and self-assessment quizzes.

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

This program is an essential introduction to the SFRS for Small Entities. It equips participants with practical knowledge to navigate financial reporting requirements while ensuring compliance with regulatory standards. Engage in real-world scenarios and discussions that will prepare you to handle the unique accounting challenges of small entities.

Programme Facilitator(s)