Course Detail(TECH069 : ISCA TECHNICAL LIVE WEBINAR 2020: Insights into accounting for COVID-19 Government Relief Measures)

TECH069 : ISCA TECHNICAL LIVE WEBINAR 2020: Insights into accounting for COVID-19 Government Relief Measures NEW

1.00 CPE Hours (Category 1)
Classroom

 

To help businesses survive the devastating effects of COVID-19, the Singapore Government has launched a slew of COVID-19 relief measures through the Unity, Resilience, Solidarity and Fortitude Budgets.

ISCA, through its Financial Reporting Committee (FRC) and COVID-19 Working Group (set up in collaboration with ACRA), has held various deliberations on areas of uncertainties arising from the accounting of key relief measures – Property Tax Rebate for 2020, Jobs Support Scheme and Rental Relief Framework for SMEs. Guidance is then provided on these areas of uncertainties through the various Financial Reporting Bulletins (FRBs) and COVID-19 Technical FAQs issued by ISCA.

During this one-hour webinar, ISCA FRC Chairman, together with ISCA Technical Deputy Director and ISCA Technical Manager*, will share key insights from the various guidance issued and thought processes underpinning the development of the guidance.

The key takeaways for participants of this webinar are as follows:

  • Understand the accounting implications arising from the COVID-19 government relief measures
  • Learn how these accounting implications are addressed in the FRBs and COVID-19 Technical FAQs
  • Get a glimpse of the key thought processes and deliberations behind the development of these guidance

* Please note that speakers may be subject to change without further notice

Programme Outline

Duration

Event

10.00am – 10.05 am

(5 minutes)

 

Opening Address

Ms Lim Ju May, Deputy Director, ISCA Technical Division

10.05 am – 10.20 am
(15 minutes)

Presentation 1: Accounting for the Rental Relief Framework for Small and Medium Enterprises and specified Non-Profit Organisations & COVID-19 Technical FAQs

Mr Reinhard Klemmer, Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Partner, KPMG LLP

10.20 am – 10.35 am
(15 minutes)
 

Presentation 2: Accounting for the Property Tax Rebate

Ms Lim Ju May, Deputy Director, ISCA Technical Division

10.35 am – 10:50 am
(15 minutes)

Presentation 3: Accounting for the Jobs Support Scheme

Ms Felicia Tay, Manager, ISCA Technical Division

10.50 am – 11:00 am
(10 minutes)

 

Closing Address and Key Takeaways

Mr Reinhard Klemmer, Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Partner, KPMG LLP

Note: The above programme may be subject to change without further notice*


Training Methodology

Presentation style with each of the speakers taking turns to present.

Venue

Important Notice: In view of the COVID-19 situation and to minimize the risk of community spread, we would like to inform you that the format of the seminar will be held as a live webinar. The live webinar will be web-based and accessible via desktops, laptops and any other mobile devices. For all registrants, a detailed set of instructions on how to access the webinar will be sent before the start of the live webinar.


Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

Both PAIPPs and PAIBs

Competency Mapping

Category 1 = 1.00 Hours

Schedule & Fees

Date & Time

05 Nov 2020 (10:00 AM - 11:00 AM)

Fee (inclusive of GST)

For Members: $ 50.00
For Non-Members: $ 70.00

Programme Facilitator(s)

Team of Professionals (TECH069)

Venue

Live Webinar in or outside of
Singapore

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


* Please note that speakers may be subject to change without further notice
 
Mr Reinhard Klemmer
Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Audit Partner, KPMG LLP
 
Reinhard is the Head of the Department of Professional Practice and an Audit Partner with KPMG Singapore with more than 25 years of experience.
 
In his current role as head of DPP, he is involved in all significant accounting discussions and audit methodology issues of the firm in Singapore. He is involved with the audit regulators in Singapore and represents KPMG Singapore in international discussions on accounting issues, in particular with the IASB.
 
Reinhard is leading accounting advisory projects in Singapore and the ASEAN region including current IFRS conversion projects. He is advising on accounting for acquisitions, hedge accounting, consolidation issues, complex transaction accounting as well as various other issues for a wide range of clients including financial institutions, government institutions, PE investors and real estate companies.
 
His audit portfolio includes a large listed Telco in Singapore, where he serves as the Group engagement partner as well as branches of regulated Banks in Singapore and the audit of a commodities trading company and a healthcare company.
 
Reinhard is the chairman of ISCA’s Financial Reporting Committee and a member of several other technical ISCA committees and chairs the workgroups on the implementation of the new consolidation standards and the new revenue recognition standard in Singapore.
 
Reinhard is a member of KPMG’s Global Topic Teams on revenue recognition and the topic team on valuation and impairment. He is very involved in technical issues and the interpretation and practical implementation of the respective accounting rules. He liaises on a regular basis with KPMG’s IFR-Group as well as other international members of the topic teams.
 
Ms Lim Ju May
Deputy Director, Technical Division, ISCA
 
Ju May heads ISCA’s TECHNICAL Division, which provides technical support in areas of financial reporting, ethics, audit, sustainability and specialised industries; and communicates insights and views to ISCA’s members and the wider accountancy community.
 
Through various technical committees that comprise representatives from various stakeholders in the corporate reporting eco-system, TECHNICAL hears issues from the ground and conceives initiatives to promote and enhance quality, consistency and best practices to uphold technical excellence. FRG 1 on best practices when engaging valuers for Real Property Valuation for Financial Reporting, FRG 2 on Accounting for Cryptoassets from a Holder’s Perspective, FRBs 5 & 6 on COVID-19 government relief measures, COVID-19 Technical FAQs, IFRS Convergence 2018 Implementation Roadmap, and Revenue Recognition for Sale of Uncompleted Residential Properties in Singapore are some of the publications issued by TECHNICAL.
 
Ju May is the author of ISCA’s Micro Accounting Model (MAM), a self-contained framework to assist businesses take the first but important step in preparing reliable financial information. She also authored other ISCA publications such as Sustainability Reporting Implementation Roadmap, CFOs for Sustainability Reporting Roundtable Report, Leases Roadmap, Technical Bites, and various others.
 
Before joining ISCA, Ju May was an auditor with firms such as PricewaterhouseCoopers and Ernst & Young. She holds a Bachelor in Economics, Accounting & Finance from the London School of Economics and Political Science.
 
Ms Felicia Tay
Manager, Technical Division, ISCA
 
Felicia is a Manager in ISCA’s Technical Division: Financial Reporting.  
 
As a technical staff in ISCA’s Technical Division, she provides technical support in the area of financial reporting; and communicates insights and views to our members and the wider accountancy community. She has over 5 years’ experience in her current role.
 
Her key role in ISCA is to issue technical guidances to aid the profession overcoming accounting challenges faced; provide technical advice to members; provide ISCA’s views to financial reporting consultation documents; organise conferences/seminars to provide outreach to the profession as well as play the role as Secretariat to ISCA’s Financial Reporting Committee.
 
Prior to joining ISCA, Felicia had 10 years of experience in audit practice. She is a Chartered Accountant of Singapore.

 

To help businesses survive the devastating effects of COVID-19, the Singapore Government has launched a slew of COVID-19 relief measures through the Unity, Resilience, Solidarity and Fortitude Budgets.

ISCA, through its Financial Reporting Committee (FRC) and COVID-19 Working Group (set up in collaboration with ACRA), has held various deliberations on areas of uncertainties arising from the accounting of key relief measures – Property Tax Rebate for 2020, Jobs Support Scheme and Rental Relief Framework for SMEs. Guidance is then provided on these areas of uncertainties through the various Financial Reporting Bulletins (FRBs) and COVID-19 Technical FAQs issued by ISCA.

During this one-hour webinar, ISCA FRC Chairman, together with ISCA Technical Deputy Director and ISCA Technical Manager*, will share key insights from the various guidance issued and thought processes underpinning the development of the guidance.

The key takeaways for participants of this webinar are as follows:

  • Understand the accounting implications arising from the COVID-19 government relief measures
  • Learn how these accounting implications are addressed in the FRBs and COVID-19 Technical FAQs
  • Get a glimpse of the key thought processes and deliberations behind the development of these guidance

* Please note that speakers may be subject to change without further notice

Programme Outline

Duration

Event

10.00am – 10.05 am

(5 minutes)

 

Opening Address

Ms Lim Ju May, Deputy Director, ISCA Technical Division

10.05 am – 10.20 am
(15 minutes)

Presentation 1: Accounting for the Rental Relief Framework for Small and Medium Enterprises and specified Non-Profit Organisations & COVID-19 Technical FAQs

Mr Reinhard Klemmer, Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Partner, KPMG LLP

10.20 am – 10.35 am
(15 minutes)
 

Presentation 2: Accounting for the Property Tax Rebate

Ms Lim Ju May, Deputy Director, ISCA Technical Division

10.35 am – 10:50 am
(15 minutes)

Presentation 3: Accounting for the Jobs Support Scheme

Ms Felicia Tay, Manager, ISCA Technical Division

10.50 am – 11:00 am
(10 minutes)

 

Closing Address and Key Takeaways

Mr Reinhard Klemmer, Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Partner, KPMG LLP

Note: The above programme may be subject to change without further notice*


Training Methodology

Presentation style with each of the speakers taking turns to present.

Venue

Important Notice: In view of the COVID-19 situation and to minimize the risk of community spread, we would like to inform you that the format of the seminar will be held as a live webinar. The live webinar will be web-based and accessible via desktops, laptops and any other mobile devices. For all registrants, a detailed set of instructions on how to access the webinar will be sent before the start of the live webinar.


Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

Both PAIPPs and PAIBs

Competency Mapping

Category 1 = 1.00 Hours

Programme Facilitator(s)

* Please note that speakers may be subject to change without further notice
 
Mr Reinhard Klemmer
Co-Chairman of ISCA COVID-19 Working Group; Chairman, ISCA Financial Reporting Committee; Audit Partner, KPMG LLP
 
Reinhard is the Head of the Department of Professional Practice and an Audit Partner with KPMG Singapore with more than 25 years of experience.
 
In his current role as head of DPP, he is involved in all significant accounting discussions and audit methodology issues of the firm in Singapore. He is involved with the audit regulators in Singapore and represents KPMG Singapore in international discussions on accounting issues, in particular with the IASB.
 
Reinhard is leading accounting advisory projects in Singapore and the ASEAN region including current IFRS conversion projects. He is advising on accounting for acquisitions, hedge accounting, consolidation issues, complex transaction accounting as well as various other issues for a wide range of clients including financial institutions, government institutions, PE investors and real estate companies.
 
His audit portfolio includes a large listed Telco in Singapore, where he serves as the Group engagement partner as well as branches of regulated Banks in Singapore and the audit of a commodities trading company and a healthcare company.
 
Reinhard is the chairman of ISCA’s Financial Reporting Committee and a member of several other technical ISCA committees and chairs the workgroups on the implementation of the new consolidation standards and the new revenue recognition standard in Singapore.
 
Reinhard is a member of KPMG’s Global Topic Teams on revenue recognition and the topic team on valuation and impairment. He is very involved in technical issues and the interpretation and practical implementation of the respective accounting rules. He liaises on a regular basis with KPMG’s IFR-Group as well as other international members of the topic teams.
 
Ms Lim Ju May
Deputy Director, Technical Division, ISCA
 
Ju May heads ISCA’s TECHNICAL Division, which provides technical support in areas of financial reporting, ethics, audit, sustainability and specialised industries; and communicates insights and views to ISCA’s members and the wider accountancy community.
 
Through various technical committees that comprise representatives from various stakeholders in the corporate reporting eco-system, TECHNICAL hears issues from the ground and conceives initiatives to promote and enhance quality, consistency and best practices to uphold technical excellence. FRG 1 on best practices when engaging valuers for Real Property Valuation for Financial Reporting, FRG 2 on Accounting for Cryptoassets from a Holder’s Perspective, FRBs 5 & 6 on COVID-19 government relief measures, COVID-19 Technical FAQs, IFRS Convergence 2018 Implementation Roadmap, and Revenue Recognition for Sale of Uncompleted Residential Properties in Singapore are some of the publications issued by TECHNICAL.
 
Ju May is the author of ISCA’s Micro Accounting Model (MAM), a self-contained framework to assist businesses take the first but important step in preparing reliable financial information. She also authored other ISCA publications such as Sustainability Reporting Implementation Roadmap, CFOs for Sustainability Reporting Roundtable Report, Leases Roadmap, Technical Bites, and various others.
 
Before joining ISCA, Ju May was an auditor with firms such as PricewaterhouseCoopers and Ernst & Young. She holds a Bachelor in Economics, Accounting & Finance from the London School of Economics and Political Science.
 
Ms Felicia Tay
Manager, Technical Division, ISCA
 
Felicia is a Manager in ISCA’s Technical Division: Financial Reporting.  
 
As a technical staff in ISCA’s Technical Division, she provides technical support in the area of financial reporting; and communicates insights and views to our members and the wider accountancy community. She has over 5 years’ experience in her current role.
 
Her key role in ISCA is to issue technical guidances to aid the profession overcoming accounting challenges faced; provide technical advice to members; provide ISCA’s views to financial reporting consultation documents; organise conferences/seminars to provide outreach to the profession as well as play the role as Secretariat to ISCA’s Financial Reporting Committee.
 
Prior to joining ISCA, Felicia had 10 years of experience in audit practice. She is a Chartered Accountant of Singapore.

Upcoming Schedule

Date & Time

05 Nov 2020 (10:00 AM - 11:00 AM)

Fee (inclusive of GST)

For Members: $ 50.00
For Non-Members: $ 70.00

Programme Facilitator(s)

Team of Professionals (TECH069)

Venue

Live Webinar in or outside of
Singapore