FINANCIAL ACCOUNTING & REPORTING SYLLABUS
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1 FINANCIAL ACCOUNTING & REPORTING SYLLABUS AIM To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements. RATIONALE The syllabus for Financial Accounting & Reporting (FAR) provides students with a solid grounding in the basics of double entry bookkeeping, thereby enabling students to prepare financial statements for both single entity and group entities utilising a considerable spectrum of Singaporean accounting standards and IFRS as set out within the examinable documents (which will be defined by the degree or Challenge Examination provider). The syllabus finally ends with students being required to interpret and advise on this interpretation of financial statements for a variety of different business entity types to different stakeholders appreciating the differing needs these stakeholders will have, thereby adding value. LEARNING OUTCOMES Students should be able to: A Discuss the need for and the components of a conceptual and regulatory framework, considering alternative models and practices. Recognise and account for the changes in accounting policies and correction of prior period errors. B C Describe and apply using the double entry system as applicable the accounting treatments as prescribed by Singaporean accounting standards to a variety of business transactions and events that are common place within a Singaporean business entity, resulting the production of relevant extracts of financial statements as appropriate. Account for a parent and subsidiaries with possibly an associate within a business combination. Apply knowledge of business combinations when determining and accounting for the components of the goodwill calculation in detail, intergroup trading, intergroup indebtedness, why management may wish and can claim exemption from preparing consolidated financial statements. D Review a set or extracts of financial statements and calculate ratios thereby identifying/ advising on the key trends, reasons and possible implications of these trends for a variety of different business types and to a number of different stakeholders. Further outline the limitations of interpretation techniques and financial statements.
2 Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE A conceptual and regulatory framework for financial reporting (A) up to 10% Financial statements (B) 40%-60% Analysing and interpreting financial statements (D) 10% -25% Business combinations (C) 25% SYLLABUS IN DETAIL 1. A conceptual framework for financial reporting a) The need for a conceptual framework b) Relevance, reliability, comparability and understand ability c) Recognition and measurement d) The legal versus the commercial view of accounting e) Alternative models and practices f) The concept of true and fair view ( faithful representation ) 2. A legal and regulatory framework for financial reporting a) Reasons for the existence of a regulatory framework b) The standard setting process c) Specialised, not-for-profit and public sector entities d) Legal requirements relating to the presentation of single entity financial statements 3. Financial reporting standards a) Presentation of financial statements b) Statement of cash flows c) Tangible non-current assets d) Intangible assets e) Inventory f) Financial assets and financial liabilities g) Leases h) Provisions, contingent liabilities and contingent assets i) Impairment of assets
3 j) Taxation k) Regulatory requirements relating to the preparation of financial statements l) Reporting financial performance 4. Business combinations a) The concept and principles of a group b) The concept of consolidated financial statements c) Preparation of consolidated financial statements including an associate 5. Analysing and interpreting financial statements a) Limitations of financial statements b) Calculation and interpretation of accounting ratios and trends to address users and stakeholders needs c) Limitations of interpretation techniques d) Specialised, not-for-profit, and public sector entities
4 MANAGEMENT ACCOUNTING SYLLABUS AIM To develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation, and control. RATIONALE The syllabus for Management Accounting begins by introducing cost accounting techniques and then builds on this by considering decision-making strategies. Students need to appreciate the problems surrounding scarce resource, pricing and make-or-buy decisions, and how this relates to the assessment of performance. Risk and uncertainty factors of reallife decision making and students need to understand risk and be able to apply some basic strategies to help resolve the risks inherent in decision-making. Budgeting is an important aspect of many accountants lives. The syllabus explores different budgeting techniques and the problems inherent in them. The behavioural aspects of budgeting are important for accountants to understand, and the syllabus includes consideration of the way individuals react to a budget. Standard costing and variances is introduced and include mix, yield, planning and operational variances. It is important for accountants to be able to interpret the numbers that they calculate and ask what they mean in the context of performance measurement. The syllabus concludes with performance measurement and control. This is a major area of the syllabus. Accountants need to understand how a business should be managed and controlled. They should appreciate the importance of both financial and non-financial performance measures in management. Accountants should also appreciate the difficulties in assessing performance in divisionalised businesses and the problems caused by failing to consider external influences on performance. LEARNING OUTCOMES Students should be able to: A B Explain, apply and contrast a variety of cost accounting techniques including activity based costing, target costing, life-cycle, throughput accounting and environmental accounting. Select and appropriately apply decision-making techniques such as relevant cost analysis, cost volume analysis, limiting factor, pricing and make or outsource decisions, thereby promoting efficient and effective use of scarce business resources, appreciating the risks and uncertainty inherent in business and controlling those risks.
5 C D E Explain the objectives of budgeting and the fit of different budgetary systems within the performance hierarchy and apply appropriate budgeting techniques such as zero based, activity based, capital budgeting, statistical, incremental and feed-forward control. Use and appraise various quantitative methods available as methods for planning and control, also consider how behaviours impact budget setting and control. Determine and investigate discrepancies between budget and actual performance, presenting information in an appropriate format for management purposes, providing management with possible remedial action. Standard costing systems include flexed budgets, sales, production and ABC variance analysis paying attention to the behavioural problems that can result from such analysis. Use a variety of financial and non-financial performance indicators to assess the performance of a business. Explain the benefits and problems faced when assessing divisional performance and consider the impact that the different transfer pricing systems have on measuring performance. Discuss how performance measurement and control would differ in not for profit and in the public sector. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE Cost and management accounting techniques (A) 20% Decision-making techniques (B) 20% Performance measurement and control (E) 20% Budgeting (C) 20% Standard costing and variance analysis (D) 20%
6 SYLLABUS IN DETAIL 1. Specialist cost and management accounting techniques a) Activity based costing b) Target costing c) Life-cycle costing d) Throughput accounting e) Environmental accounting 2. Decision-making techniques a) Relevant cost analysis b) Cost volume analysis c) Limiting factors d) Pricing decisions e) Make or buy and other short term decisions f) Dealing with risk and uncertainty in decision making 3. Budgeting a) Objectives b) Budgetary systems c) Types of budgets d) Quantitative analysis in budgeting e) Behavioural aspects of budgeting 4. Standard costing and variances analysis a) Budgeting and standard costing b) Basic variances and operating statements c) Mix and yield variances d) Planning and operational variances e) Behavioural aspects of standard costing 5. Performance measurement and control a) The scope of performance measurement b) Divisional performance and transfer pricing c) Performance analysis in not-for-profit organisations and the public sector d) External considerations and behavioural aspects
7 AUDIT & ASSURANCE SYLLABUS AIM To develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. RATIONALE The syllabus for Audit & Assurance provides students with knowledge required to plan and perform an audit in accordance with appropriate Singapore Standards on Auditing and regulation thereby forming an audit opinion on whether the financial statements are free from material statement. The syllabus starts with the nature, purpose and scope of assurance engagements, including the statutory audit, its regulatory environment, and introduces professional ethics relating to audit and assurance. It then leads into internal audit, including the scope of internal audit as well as the differences between internal audit and external audit. The syllabus then covers a range of areas relating to an audit of financial statements. These include planning and risk assessment, evaluating internal controls, audit evidence and procedures. The final section then deals with audit completion and a review of the financial statements and reporting, including statutory audit reports, management reports, and internal audit reports. LEARNING OUTCOMES Students should be able to: A B C D Explain the nature, purpose and scope of audit and assurance engagements and the regulatory environments for statutory audits. Discuss the need for corporate governance and the provisions of corporate governance. Define and apply the fundamental principles of professional ethics. Discuss the need for internal audit with reference to corporate governance. Compare the differences between external and internal audit. Discuss the scope of internal audit, the advantages and disadvantages of outsourcing the internal audit function, and the nature and purpose of internal audit assignments. Demonstrate how the auditor obtains an understanding of the entity and its environment and assesses the risk of material misstatement. Explain the concept of materiality. Discuss the auditor s responsibilities in relation to fraud, and laws and regulations. Demonstrate how an auditor plans an audit and documents their work. Describe and evaluate information systems and internal controls to identify and communicate control risks and their potential consequences, making appropriate recommendations. Explain and list tests of controls.
8 E F Identify and describe audit procedures and evidence required on specific items to meet the objectives of audit engagements and the application of Singapore Standards on Auditing. Explain the use of computer-assisted audit techniques and the extent to which auditors are able to rely on the work of others. Discuss procedures used in a subsequent events review and a going concern review. Consider written representations as a form of evidence. Explain how the conclusions from audit work are reflected in different types of audit report, and explain other types of report. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE Audit framework, ethics and corporate governance (A) 15% Internal audit (B) 10% Audit planning and risk (C) 20% Internal control (D) 20% Audit evidence and procedures (E) 15% Audit completion and reports (F) 20% SYLLABUS IN DETAIL 1. Audit framework and regulation a) The concept of audit and other assurance engagements b) Statutory audits c) The regulatory environment and corporate governance d) Professional ethics 2. Internal audit a) Internal audit and corporate governance b) Differences between the external auditor and the internal audit function c) The scope of the internal audit function d) Outsourcing the internal audit function e) Internal audit assignments
9 3. Planning and risk assessment a) Objective and general principles b) Assessing the risks of material misstatement c) Understanding the entity and its environment d) Materiality, fraud, laws and regulations e) Analytical procedures f) Planning an audit g) Audit documentation 4. Internal control a) Internal control systems b) The use of internal control systems by auditors c) Transaction cycles d) Tests of control e) The evaluation of internal control components f) Communication on internal control 5. Audit evidence a) The use of assertions by auditors b) Audit procedures c) The audit of specific items d) Audit sampling and other means of testing e) Computer-assisted audit techniques f) The work of others g) Not-for-profit organisations 6. Review a) Subsequent events b) Going concern c) Written representations d) Audit finalisation and the final review 7. Reporting a) Audit reports b) Reports to management c) Internal audit reports
10 FINANCIAL MANAGEMENT SYLLABUS AIM To develop the knowledge and skills expected of a finance manager, in relation to investment, financing, and dividend policy decisions. RATIONALE The syllabus for Financial Management (FM) is designed to equip students with the skills that would be expected from a finance manager responsible for the finance function of a business. The paper, therefore, starts by introducing the role and purpose of the financial management function within a business. Before looking at the three key financial management decisions of investing, financing, and dividend policy, the syllabus explores the economic environment in which such decisions are made. The next section of the syllabus is the introduction of investing decisions. This is done in two stages - investment in (and the management of) working capital and the appraisal of longterm investments. The next area introduced is financing decisions. This section of the syllabus starts by examining the various sources of business finance, including dividend policy and how much finance can be raised from within the business. Cost of capital and other factors that influence the choice of the type of capital a business will raise then follows. The principles underlying the valuation of business and financial assets, including the impact of cost of capital on the value of business, is covered next. The syllabus finishes with an introduction to, and examination of, risk and the main techniques employed in the management of such risk. LEARNING OUTCOMES On successful completion of this paper students should be able to: A Describe the nature and purpose of financial management and how the objectives relate to an entity s corporate strategy both financial and no financial in a variety of different organisation types. For each business type outline the economic environment faced by the business and consider the role of financial markets and institutions. B C Discuss 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 therefore also considering working capital needs and funding strategies. Identify the purpose of investment appraisal, and then apply the techniques of non discounted and discounted cash flow techniques, adjusting for the effects of risk and uncertainty. Discounted cash flow techniques should consider the affect of inflation and taxation as appropriate.
11 D Describe the different sources short and long term finance including Islamic finance that is appropriate and available to different business entities, differing in industry type and size so including small and medium sized entities. Consider the implication of an existing or proposed finance structure on gearing, cost of capital (debt and equity) and the capital structure. Consider the impact of cost of capital within investment appraisal. E F Identify the different types of risk that may be contained within a defined business environment and discuss the available mitigation strategies available. Describe and apply the different business valuation models available to value a business entity with debt and/or equity. Outline the efficient market hypothesis and how this affects the valuation of shares. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE Financial management function and environment (A) 10% Working capital management (B) 20% Investment appraisal (C) 20% Business finance and the cost of capital (D) 20% Risk management (E) 20% Business valuations (F) 10%
12 SYLLABUS IN DETAIL 1. Financial management function a) The nature and purpose of financial management b) Financial objectives and relationship with corporate strategy c) Stakeholders and impact on corporate objectives d) Financial and other objectives in not-for-profit organisations 2. Financial management environment a) The economic environment for business b) The nature and role of financial markets and institutions 3. Working capital management a) The nature, elements and importance of working capital b) Management of inventories, accounts receivable, accounts payable and cash c) Determining working capital needs and funding strategies 4. Investment appraisal a) The nature of investment decisions and the appraisal process b) Non-discounted cash flow techniques c) Discounted cash flow (DCF) techniques d) Allowing for inflation and taxation in DCF e) Adjusting for risk and uncertainty in investment appraisal f) Specific investment decisions (lease or buy; asset replacement, capital rationing) 5. Business finance a) Sources of, and raising short-term finance b) Sources of, and raising long-term finance c) Raising short and long term finance through Islamic financing d) Gearing and capital structure considerations e) Finance for Small and Medium-size Entities (SMEs) 6. Cost of capital a) Sources of finance and their relative costs b) Estimating the cost of equity c) Estimating the cost of debt and other capital instruments d) Estimating the overall cost of capital e) Capital structure theories and practical considerations f) Impact of cost of capital on investments 7. Business valuations a) Nature and purpose of the valuation of business and financial assets b) Models for the valuation of shares c) The valuation of debt and other financial assets d) Efficient Market Hypothesis (EMH) and practical considerations in the determination of share prices e) Principles of micro economics f) Principles of macro economics
13 8. Risk management a) The nature and types of risk (including operational, market, exchange rate, interest rate, information systems, information, reputational and strategic) and approaches to risk management b) Causes of exchange rate differences and interest rate fluctuations c) Hedging techniques for foreign currency risk d) Hedging techniques for interest rate risk.
14 SINGAPORE LAW SYLLABUS AIM To develop knowledge and skills in the understanding of the general legal framework, and of specific legal areas relating to business, recognising the need to seek further specialist legal advice where necessary RATIONALE Singapore Law provides students with a basic understanding of Singaporean corporate and business law, enabling them to recognise legal issues. The syllabus starts by introducing the legal system in Singapore. It then leads into the basics of contract law and tort law, including professional negligence. The syllabus then covers a range of specific legal areas relating to various aspects of business of most concern to accounting professionals. These are the law relating to partnerships and companies. This includes the formation and constitution of companies, the financing of companies and types of capital, and the day to day management, and the administration of companies. The syllabus then covers majority control and minority protection, and the insolvency of companies including alternatives to winding up. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below. LEARNING OUTCOMES Students should be able to: A B C D E Identify the essential elements of the Singapore legal system including the court structure, different types of law, the main sources of law, including precedent and statutory interpretation, and the reception of English law in Singapore. Recognise the formation of a contract and the content of contracts, vitiating factors, and breach of contract and remedies. Understand the law of torts and the duty of care, including the duty of care of accountants and auditors. Distinguish between different types of business organisations. Demonstrate knowledge of the legislation governing partnerships. Explain separate personality. Understand company formations and constitutions. Recognise and compare types of capital and the financing of companies, including share capital and loan capital. Explain the doctrine of capital maintenance and capital reduction, and the rules governing the distribution of dividends. Describe and explain how companies are managed, administered and regulated including the roles of directors, company secretaries, and auditors, and the procedures for company meetings, including resolutions.
15 F G H Recognise and apply the appropriate legal rules relating to majority control and minority protection and the remedies available. Explain the procedure for the voluntary and compulsory liquidation of insolvent companies, and judicial management and other alternatives to winding up. Demonstrate an understanding of corporate governance relating to business. Recognise the nature and legal control over insider dealing, fraudulent and wrongful behaviour. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE The Singapore legal system (A) 10% Contract law, tort law and professional negligence (B) 20% Partnerships, companies, and legal personality (C) 15% Capital and financing of companies (D) 15% Management and administration of companies (E) 15% Majority control and minority protection (F) 5% Insolvency (G) 10% Corporate governance and fraudulent behaviour (H) 10%
16 SYLLABUS IN DETAIL 1. Essential elements of the legal system a) Court structure b) Sources of law c) Precedent and statutory interpretation d) Reception of English Law in Singapore 2. The law of obligations a) Formation of contract b) Content of contracts c) Vitiating factors d) Discharge of contract, breach of contract and remedies e) The law of torts f) Professional negligence 3. The formation and constitution of business organisations a) Types of business organisations b) Partnerships and limited liability partnerships c) Corporations and legal personality d) Company formations 4. Capital and the financing of companies a) Share capital b) Loan capital c) Capital maintenance and dividend law 5. Management, administration and regulation of companies a) Company directors b) Other company officers c) Company meetings and resolutions 6. Majority control and minority protection a) Majority rule and minority rights 7. Legal implications relating to companies in difficulty or in crisis a) Insolvency 8. Corporate governance and ethical issues relating to business a) Corporate governance b) Fraudulent behaviour
17 SINGAPORE TAXATION SYLLABUS AIM To develop knowledge and skills relating to the tax system as applicable to individuals, single companies and groups of companies. RATIONALE Singapore Taxation introduces students to the subject and system of taxation in Singapore and provides the core knowledge of the underlying principles and major technical areas of taxation, as they affect the activities of individuals and businesses in Singapore. In this syllabus, students are introduced to the rationale behind and the functions of the tax system in Singapore. The syllabus then considers the separate taxes that an accountant would need to have a detailed knowledge of, such as income tax from self-employment, employment and investments; partnerships; the corporation tax liability of individual companies and groups of companies; and the goods and services tax liability of businesses. Having covered the core areas of the basic taxes, the student should be able to compute tax liabilities, explain the basis of their calculations, apply tax planning techniques for individuals and companies and identify the compliance issues for each major tax through a variety of business and personal scenarios and situations. These issues include time limits and penalties for non-compliance. LEARNING OUTCOMES Students should be able to: A B C D Explain the overall function and purpose of the taxation system within the Singapore economy, identifying the different types of taxes (revenue, direct and indirect) and the principal sources of revenue law and practice including how this interacts with that of other local jurisdictions. Refer to and appreciating the difference between tax avoidance and tax evasion as an issue facing a modern economy. Define the scope of individual tax, including income from employment, selfemployment, partnership, 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. Define the scope of goods and services tax (GST) and explain the GST registration requirements and compute GST payments and refunds.
18 E Identify and explain the obligations of tax payers and/or their agents in Singapore and the implications of non-compliance within the regulatory framework, in respect of time limits for the submission of information, claims and payment of tax and procedures, relating to appeals and disputes, including the penalties for non-compliance. Guidance on the weighting of the areas within any given examination is outlined within the relational diagram below: ILLUSTRATIVE RELATIONAL DIAGRAM OF SYLLABUS OUTLINE The Singapore tax system (A) 10% The UK tax Ta (A) Individual tax liabilities (B) 30% Corporate income tax liabilities (C) 30% Goods and services tax (D) 15% The obligations of the taxpayer and/or their agents (E) 15% SYLLABUS IN DETAIL 1. The Singapore tax system a) The overall function and purpose of taxation in a modern economy b) Different types of taxes c) Principal sources of revenue law and practice d) Tax avoidance and tax evasion 2. Individual tax liabilities a) The scope of income tax b) Income from employment c) Income from self-employment d) Property and investment income e) The comprehensive computation of taxable income and income tax liability f) The use of exemptions and reliefs in deferring and minimising income tax liabilities 3. Corporate income tax liabilities a) The scope of corporate income tax b) Profits chargeable to corporate income tax c) The comprehensive computation of the corporate income tax liability d) The effect of a group corporate structure for corporate income tax purposes e) The use of exemptions and reliefs in deferring and minimising corporate income tax liabilities
19 4. Goods and Services Tax a) The scope of goods and services tax (GST) b) The GST registration requirements c) The computation of GST payments/refunds 5. The obligations of tax payers and/or their agents a) The time limits for the submission of information, claims and payment of tax b) The procedures relating to enquiries, appeals and disputes c) Penalties for non-compliance
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