Course details
To further strengthen the quality of financial reporting in Singapore, a new course to equip company directors with basic financial reporting skills will soon be launched. SID is pleased to partner with the Institute of Singapore Chartered Accountants (ISCA) to present the Director Financial Reporting Essentials training course, a one-day financial programme for directors who do not have a professional finance background.
In 2011, ACRA established the Financial Reporting Surveillance Programme (FRSP) where financial statements of selected companies are reviewed and from April 1, 2014 the practice direction ‘Directors’ Duties Regarding Financial Reporting and Review and Sanction Process of the Financial Reporting Surveillance Programme Administered by the Accounting and Corporate Regulatory Authority (ACRA)’ will come into effect.
The financial reporting course is part of ACRA’s strategic plans to work with industry and key stakeholders to ensure that the market remains confident in the level of transparency, integrity and quality of financial reporting. So directors are strongly encouraged to attend the Director Financial Reporting Essentials course.
Outline of the Director Financial Reporting Essentials Programme
The course aims to equip directors of listed and large non-listed companies who have no financial or accounting background, with the basic accounting knowledge as well as practical tips and considerations when reviewing their company’s financial statements for approval. This includes how to work with the auditors to resolve any concerns raised, including complex accounting matters.
Some of the course topics include:
- Internal controls over financial reporting
- Accounting framework and standards
- Basic financial reporting requirements
- Questions to be raised when reviewing financial statements
- Findings from ACRA’s Financial Reporting Surveillance Programme
- What an audit entails and how to work with your auditors to resolve issues
- Directors’ duties and review expected for XBRL filings
The first 3,000 directors who voluntarily attend this training before 31 March 2016 will be entitled to subsidies of $300 per inpidual (about 50% of the course fees) by ACRA. The first dates for this programme will be announced shortly and we expect that the programme will be offered at least once a month until March 2016.
Updated on 08 November, 2015Course Location
About Singapore Institute Of Directors
SID aims to promote the professional development of directors and corporate leaders and encourage the highest standards of corporate governance and ethical conduct. SID's objectives are to be the national association of company directors for the local business community. The SID works closely with its network of members, professionals such as accountants and lawyers, and the authorities to identify ways to uphold and enhance standards of corporate governance. To act as a forum for exchange of information on issues relating to corporate governance and directorship in Singapore. The SID plays a leading role in holding discussions and providing feedback to the authorities on matters of concern. To organise and conduct professional training courses and seminars to meet the needs of its members and company directors generally. Such courses aim to continually raise the professional standards of directors in Singapore by helping them raise their effectiveness through acquisition of knowledge and skills. To regularly publish newsletters, magazines and other publications to update members on relevant issues, keeping them informed of latest developments. These publications also serve as reference materials for company directors. To be responsible for the discipline of members. The SID has drawn up a code of conduct for directors in Singapore setting out the standards to ensure they discharge their responsibilities dutifully and diligently.
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