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 3rd 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.
Competency Mapping
Category 1 = 7.00 Hours
Schedule & Fees
Date & Time
21 Jul 2025 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
SGD pricing -
For Members:
$ 328.09
For Non-Members:
$ 394.58
Programme Facilitator(s)
Danny Tan
Venue
Live Webinar in or outside of
Singapore
Testimonial
Funding
No funding Available!
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.
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 3rd 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.
Competency Mapping
Category 1 = 7.00 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.