Description

In response to the COVID-19 pandemic, the Singapore government has implemented measures such as the Job Support Scheme (JSS) and Property Tax Rebate scheme to help businesses defray cost and protect jobs. This webinar aims to cover the key considerations on how to account for the JSS payouts receivable by employers under the Singapore Government JSS and how to account for above property tax rebate granted by the Singapore Government to the landlord (from the landlord’s perspective) and how to account for the related rental rebate granted by the landlord to the tenant (from the tenant’s perspective).

In relation to the JSS, the webinar will cover:

• An overview of the JSS announced under the Unity Budget on 18 February 2020, and subsequently enhanced in the three supplementary budgets (the “Resilience Budget”, the “Solidarity Budget” and the “Fortitude Budget”) on 26 March 2020, 6 April 2020 and 26 May 2020 respectively
• Identifying the conditions for the JSS grant given
• Calculating the JSS wage payout
• Identifying the ‘related costs’ for which the JSS grant is intended to compensate
• Recognising the JSS income as wage support in the income statement
• Are employment agencies required to pass on the JSS payouts they receive to their customers?

In relation to the property tax rebate, the webinar will cover:

• An overview of the remission of property tax (“property tax rebates”) under section 6(8) of the Property Tax Act (Cap. 254) to qualifying non-residential properties for the period from 1 January 2020 to 31 December 2020 in response to the COVID-19 pandemic
• Does the property tax rebate and the related rental rebate meet the definition of government grant?
• How does the landlord account for the property tax rebate in its financial statements?
• How does the tenant account for the related rental rebate in its financial statements?

This workshop qualifies for 2.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Target Audience

Accountants and Auditors

Expert Speaker

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).