Course Detail(A225 : Accounting for Charities and Non-Profit Entities using Financial Reporting Standards (FRS))

UTAP Funding

A225 : Accounting for Charities and Non-Profit Entities using Financial Reporting Standards (FRS)

7.00 CPE Hours (Category 1)
Classroom


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
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

19 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

18 Oct 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

15 Mar 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Date & Time

16 Oct 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Dr Chinnu Palanivelu

Testimonial

Funding

1] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 12 June 2019 – 31 March 2020.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.

 
To submit for UTAP claims, please visit 
http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
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)


User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 


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
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)

User-added image

Dr Chinnu Palanivelu

D.Litt. (Finance and Taxation), CA Singapore, FCCA, CPA (Australia), MBA (Finance), FAIA, CMA, B. Acc. (Hons), GRCP, GRCA, Dip IFRS, Cert IAS, ATP (Income Tax), Dip Tax
 
Dr. Chinnu is currently an Audit Partner with Stamford Assurance PAC. He worked with an international audit firm for a decade and Small and Medium-size practices for few years.
 
He has more than 20 years of experience in public practice, industry, government, non-profit sector, academia, technical and training. He has served for a wide range of clients including SGX-listed companies, several US SEC registrants, subsidiaries of large multi-national corporations, societies, charities, co-operatives, statutory boards, government linked companies, private equity funds, small and medium enterprises and owner-managed business. He also carried out pre-IPO audit, fraud investigation work and internal audit, etc. 
 
He is a regular trainer in ISCA CPE in several core auditing and financial reporting courses. He is also Adjunct Lecturer for Singapore CA programme, ICAEW professional course and James Cook University’s degree and master degree courses. Chinnu also conduct in-house training and technical consulting assignments for several Small-Medium Practices. He has passion for training and development and he has conducted numerous presentations which include seminars organised by the ISCA, ACCA, James Cook University, Kaplan, London School of Business and Finance, CPA Australia, ITE, National Council of Social Service, and Republic Polytechnic, just to name a few.
 
He is practicing member of ISCA, ACCA and Member of CPA Australia, Association of International Accountants, SID, Institute of Internal Auditors, ICMA (Australia), Association of Certified Fraud Examiners, SIATP, Institute for Adult Learning Singapore and International Association for Accounting Education and Research
 
He is currently serving and has served in many public and civic institutions in various capacities, including: Ministry of Education, Ministry of Social and Family Development, Singapore Youth Corps (MCCY), London School of Business and Finance, ACCA, People’s Association, Association for Person with Special Needs, Student Care Services, ITE and Association of Certified Fraud Examiners. He also chaired audit committee of Association for Person with Special Needs, Student and Public Practice committees of ACCA Singapore and also served finance, investment and tender committees, Honorary Treasurer and Auditor of various charities and societies.
 
Chinnu was conferred honorary Doctorate Degree (D. Litt.) in Finance and Taxation for his outstanding contribution to accounting and charity sectors in Singapore and India. Chinnu also received the President award for Lifelong Learner award, Appreciation Award from People’s Association for community services, Appreciation Award from ACCA for contribution to student development and an Excellent Volunteers Service Awards from National Council of Social Service and Ministry of Social and Family Development for contribution to family policies development and initiatives.

Chinnu is currently perusing Doctorate Degree in Financial reporting and Audit Quality from the University of Northampton (UK) and Chartered Secretary programme.

 

Upcoming Schedule

Date & Time

19 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Chinnu Palanivelu

Venue

60 Cecil Street
ISCA House
Singapore 049709