SFRS for Small Entities

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Description

The SFRS for Small Entities is an alternative framework to the Singapore Financial Reporting Standard (“SFRS”) for the preparation and presentation of general-purpose financial statements of entities. Eligible entities in Singapore have the option to apply the SFRS for SE or to continue to apply the full set of Singapore Financial Reporting Standards (“SFRS”).

The standard is issued in response to a high demand for a simpler financial reporting standard that is tailored to the needs of small and private entities. The standard seeks to reduce the financial reporting burden arising from the considerable number of recognition and measurement bases, and detailed disclosure requirements as required under the full SFRSs. The standard also seeks to provide information that is fit-for-purpose to the users of the financial statements.

The main objective of this practical webinar is to highlight the differences between SFRS for SEs and full SFRS and if SFRS for SEs is applied, this will help reduce the compliance burden for eligible entities in Singapore.

Programme Outline

• Introduction, objective and scope of SFRS for SEs
• Concepts and pervasive principles
• Differences between SFRS for SEs and full SFRS
• simpler recognition and measurement principles
• cost, fair value, undue cost or effort
• fewer accounting policy choices
• fewer asset capitalisation policies
• presentation of financial statements
• less extensive disclosures
• Similarities between SFRS for SEs and full SFRS
• Transition to the SFRS for SEs

This workshop qualifies for 6.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

What you will learn

At the end of the webinar, you will:

• Understand the SFRS for SEs conceptual framework and underlying fundamental principles
• Understand the underlying recognition and measurement principles of SFRS for SEs
• Understand the main differences between SFRS for SEs and full SFRS

Expert Speaker

Oh Ai Sim

Ai Sim is a qualified Accountant with over 20 years of audit related experience in a big four accounting firm. Her portfolio of clients included listed companies, multi-national companies and private entities, covering specialized industries in the technology sectors, property development and construction, retail and warehousing, manufacturing, trading and charitable organizations.

Ai Sim was involved in initial public offerings, mergers and acquisitions, due diligence and corporate restructuring.

She was also actively engaged in technical training during her audit career. She now conducts training regularly on FRS and audit related topics.