The IASB issued a IFRS for small and medium-sized entities (“SMEs”) in July 2009. SMEs are entities that do not have public accountability and publish general purpose financial statements for external users. In Singapore, the SFRS for SMEs would be available for eligible entities to apply for financial periods beginning on or after 1 January 2011.

An entity qualifies as a small entity if it satisfies two of the following three criteria (determined on a consolidated basis):

1. Total annual revenue of not more than S$10 mil;

2. Total gross assets of not more than S$10 mil; and

3. Number of employees not more than 50.

These proposed threshold criteria would allow at least 80% of companies in Singapore to be eligible for the use of the SFRS for SMEs.

A subsidiary whose parent uses full SFRSs, or is part of a consolidated group that uses full SFRSs, is not prohibited from using SFRS For SMEs in its own financial statements if that subsidiary by itself does not have public accountability. If its financial statements are described as conforming to the SFRS for SMEs, it must comply with all of the provisions of this FRS.

Benefits of adopting this standard include a significant reduction in preparation time and costs with the associated reduction in audit testing and costs.

■ Much simpler disclosure requirements
■ Elimination of most of the complex options in full FRS
■ Omission of topics that typical SMEs are not likely to encounter

CCH Executive Events presents a one-day seminar that covers the measurement and presentation requirements of this new standard. It will also compare the differences between SFRS for SMEs and the full FRS requirements.

PROGRAMME OUTLINE

FRS 1 Small and Medium-Sized Entities

FRS 2 Concepts and Pervasive Principles

FRS 3 Financial Statement Presentation

FRS 4 Statement of Financial Position

FRS 5 Statement of Comprehensive Income and Income Statement

FRS 6 Statement of Changes in Equity and Statement of Income and Retained Earnings

FRS 7 Statement of Cash Flows

FRS 8 Notes to the Financial Statements

FRS 9 Consolidated and Separate Financial Statements

FRS 10 Accounting Policies, Estimates and Errors

FRS 11 Basic Financial Instruments

FRS 12 Other Financial Instruments Issues

FRS 13 Inventories

FRS 14 Investments in Associates

FRS 15 Investments in Joint Ventures

FRS 16 Investment Property

FRS 17 Property, Plant and Equipment

FRS 18 Intangible Assets Other Than Goodwill

FRS 19 Business Combinations and Goodwill

FRS 20 Leases

FRS 21 Provisions and Contingencies

FRS 22 Liabilities and Equity

FRS 23 Revenue

FRS 24 Government Grants

FRS 25 Borrowing Costs

FRS 26 Share-based Payment

FRS 27 Impairment of Assets

FRS 28 Employee Benefits

FRS 29 Income Tax

FRS 30 Foreign Currency Translation

FRS 31 Hyperinflation

FRS 32 Events After the End of the Reporting Period

FRS 33 Related Party Disclosures

FRS 34 Specialised Activities

FRS 35 Transition to the IFRS for SMEs

BENEFITS OF ATTENDING
Practical Issues: Understand the practical accounting issues involved in implementing SME accounting

Comparisons with Full FRS: Answer questions commonly asked about the difference between FRS for SME and the full FRS

Potential Savings: Reduce preparation and audit burden if your subsidiaries qualify for SME classification

TARGET AUDIENCE
Directors/General Managers
Financial Controllers/Accountants

Auditors

SPEAKER

Mr Sardool Singh is the Chief Financial Officer of a privately held investment holding company with investments in companies in Asia including Singapore, India, Indonesia and Vietnam and also United Kingdom. These companies are involved in various industries including healthcare, property, finance, high technology, bio-technology and agricultural activities.

Mr Singh was the Group Financial Controller of a Singapore listed healthcare company prior to his current engagement. During his ten years in the healthcare industry, he was responsible for the entire group financial functions and was responsible for the IPOs of two subsidiaries on SESDAQ. His other working experiences included three years with KPMG Peat Marwick and a year with a Japanese merchant bank.

Mr Singh is also a regular course leader for public seminars in the areas of Cash Flow Statements, Analysis of Financial Statements, Consolidation and other technical accounting topics for the Institute of Certified Public Accountants of Singapore.