Preparatory Course for Singapore CA Qualification

The Principles of Financial Reporting module provides candidates with knowledge of the Conceptual Framework and the Singapore Financial Reporting Standards (SFRS) to produce a complete set of financial statements for single entities, including basic notes to the accounts. Candidates will also be able to explain and advise on the application for the SFRS, demonstrating appropriate professional judgement.

Course outline:

• Understand the components of the Conceptual Framework
• Assess the relevance and importance of ethics and professionalism in complying with accounting standards and position the body of knowledge within the wider legal framework in Singapore
• Apply the appropriate measurement and recognition criteria for the elements of the financial statements 
• Prepare a complete set of financial statements, including basic notes to the accounts, for a retail entity, a service entity, and a manufacturing entity

The Advanced Financial Reporting module builds upon the knowledge and skills studied in the Principles of Financial Reporting module. Candidates will also be able to explain and advise on the application of the SFRS, including the appropriate treatment and disclosure of hedge accounting, demonstrating appropriate professional judgement.

Course outline:

• Understand the importance of ethical behaviour in the context of Financial Reporting
• Apply the appropriate measurement and recognition criteria for the elements of the financial statements
• Demonstrate the appropriate treatment and disclosure relating to hedge accounting
• Determine and account for the components of goodwill, identify related party transactions, and defend the need for full disclosure
• Prepare consolidated financial statements with subsidiaries and associates under a business combination, including basic notes to the accounts
• Position the body of knowledge within the wider legal framework in Singapore and apply professional ethics

The Accounting for Decision Making module develops cost accounting techniques for planning, control and decision-making. The key focus is on analysis of relevant information for decision-making by management. Upon successful completion of this module, candidates will have gained practical knowledge through the application of various strategic management accounting tools and techniques.

Course outline:

• Distinguish between management accounting and financial accounting
• Evaluate the performance of an entity
• Measure divisional performance, including the impact of transfer pricing strategies on performance management and control
• Evaluate business strategies in conjunction with organisational and environmental opportunities/constraints, and ensure their correlation with the goals and objectives of the entity
• Select and apply decision-making techniques to promote the efficient, effective, legal and ethical use of scarce resources
• Demonstrate how management accounting can improve decision-making and create sustainable value to the entity

Upon completion of the Assurance module, Candidates will understand the nature, purpose, and scope of assurance engagements. Candidates will also be able to demonstrate how an auditor obtains an understanding of the entity, plans and performs audit procedures, collects and documents evidence, and presents reports for statutory audits in accordance with the Singapore Standards on Auditing and Code of Professional Conduct and Ethics.

Course outline:

• Nature, purpose, and scope of assurance engagements and the regulatory environment for statutory audits
• Assess the relevance and importance of ethics and professionalism in complying with Singapore Standards on Auditing and position the body of knowledge within the wider legal framework in Singapore
• Understanding of the entity, Risk assessment of material misstatement and concept of materiality
• Performing the audit
• Other assignments
• Reporting
• Current issues and developments

Starting with the environment and scope of finance, the module will delve into working capital management through active analysis of current assets and current liabilities. The firm’s cost of capital, through debt and equity sources, and other business finance issues will also be explored. 

Course outline:

• The nature and purpose of financial management, and how the objectives relate to an entity’s corporate strategy, both financially and non-financially, in different types of organisations. For each type of business, outline the economic environment faced by the business and consider the role of financial markets and institutions. 
• The importance of working capital management and describe the different management approaches relating to inventory, accounts receivable, accounts payable, and cash appropriate to the business entity, for working capital needs and funding strategies. 
• Identify the purpose of investment appraisal, and apply the non-discounted and discounted cash flow techniques, adjusting for the effects of risk and uncertainty. Effects of inflation and taxation are also considered under the discounted cash flow techiques, as appropriate. 
• Describe the different sources of short and long term finance that are appropriate and available to different business entities, in different industries and size, including small and medium sized entities. Consider the implications of an existing or proposed finance structure on gearing, cost of capital (debt and equity), and the capital structure. Consider the impact of the cost of capital in investment appraisal.  
• Identify the different types of risk that may be contained within a defined business environment and apply appropriate monitoring and mitigation strategies. 
• Describe and apply the different business valuation models available to value an organisation with debt and/or equity. Outline the efficient market hypothesis and state how this affects the valuation of shares. 

The Singapore Taxation module equips candidates with the core knowledge of the underlying principles and major technical areas of taxation through a variety of business and personal scenarios and situations. 

Course outline:

• Explain the overall function and purpose of the taxation system in the Singapore economy, identifying the different types of taxes (revenue, direct and indirect), and the principal sources of revenue law and practice, including how the domestic tax laws interact with that of other jurisdictions, as well as differentiate between tax avoidance and tax evasion
• Define the scope of individual tax, including income from employment, self-employment, investment income, and the comprehensive computation of taxable income and liability to tax, taking into account allowable exemptions and reliefs
• Define the scope of tax and profits chargeable to corporate income tax and the comprehensive computation of corporate income tax liability, taking into account group structures and identify exemptions and reliefs available to companies to minimise tax liabilities legally and ethically
• Compute income tax liabilities, explain the basis of the calculations, apply ethical tax-planning techniques, and identify compliance issues for sole-proprietorship and corporate entities, including corporate groups
• Maintain Goods and Services Tax (GST) records and file GST returns
• Position the body of knowledge within the wider legal framework in Singapore and apply professional ethics