The Accounting Standards Council (ASC) of Singapore has issued an Amendment to SFRS (I) 16 and an Amendment to FRS 116 on Covid-19-Related Rent Concessions. The amendment applies for annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted.
The webinar will also cover the accounting for the Job Support Scheme (JSS) introduced by Singapore government who will co-fund the wages of local employees for nine months. A case will be used to illustrate the accounting for this government including the recognition criteria and timing, the double entries and the presentation and disclosure of JSS.
Scope of FRS 116 Amendment
The scope of the amendment and the conditions that must be met for the practical expedients to be applicable and the following common questions relating to the scope of the practical expedients:
The measurement and accounting for any change in lease payments resulting from the rent concession including the following common questions:
Presentation and Disclosure
Accounting for the Job Support Scheme (JSS)
This workshop qualifies for 1.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Accountants and Auditors
Chee Hay Kheong Daniel
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.
Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).
The webinar was recorded on 23 July 2020