Preparing Unaudited Financial Statements - 50th Run

The Preparing Unaudited Financial Statements Workshop aims to equip participants with the knowledge to prepare "true and fair" financial statements that comply with the Financial Reporting Standards.

Covering the essential FRSs, the Preparing Unaudited Financial Statements workshop is designed to equip participants with the knowledge to prepare "true and fair" financial statements that comply with the FRS. Sample financial statements (Full FRS & SE FRS) will be provided.

Key Topics

Audit Exemption and Legal Requirements

• Understanding the regulations surrounding audit exemptions and financial reporting obligations

Accounting and Reporting Concerns When Preparing Unaudited Financial Statements

• Importance of Accuracy and Completeness
• Selecting Appropriate Accounting Policies and Estimates
• Compliance with Accounting Standards
• Considerations for Risk of Material Misstatements and Risk of Fraud or Error
• Lack of Independent Review
• User Reliance and Preparer Responsibility

Financial Statements Preparation and Presentation Framework

Essential Financial Reporting Standards (FRS) and Key Concepts

• FRS 1: Presentation of Financial Statements
• FRS 2: Inventories
• FRS 7: Statement of Cash Flows
• FRS 8: Accounting Policies, Changes in Accounting Estimates & Errors
• FRS 10: Events after the Reporting Period
• FRS 12: Income Taxes
• FRS 16: Property, Plant & Equipment
• FRS 115: Revenue from Contracts with Customers
• FRS 116: Leases
• FRS 24: Related Party Disclosures
• FRS 37: Provisions, Contingent Liabilities and Contingent Assets
• FRS 40: Investment Property

Understanding Singapore Financial Reporting Standard for Small Entities (“SFRS for SEs”)

• Key Features
• Benefits of SFRS for SEs
• Eligibility Criteria for SFRS for SEs
• Transitioning to SFRS for SEs
• Resources and Guidance on SFRS for SEs (including implementation guides, FAQs)

Extracts of Illustrative Financial Statements Using Full FRS

Extracts of Illustrative Financial Statements Using SFRS for SEs