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Technical Resources
This series of resources will provide you with useful and relevant technical information related to accounting, audit and the risks as a result of COVID-19.
Issued By ISCA
- ISCA has issued FRB 8 "COVID-19 Government Relief Measures: Accounting for Foreign Worker Levy Waiver & Rebate"
As part of the Solidarity Budget announced on 6 April 2020, the Singapore Government provided business employers who hire foreign workers on work permits and S-passes with Foreign Worker Levy (“FWL”) waiver and FWL rebate to ease the labour costs of such firms during the circuit breaker period. The FWL waiver and FWL rebate were extended and enhanced in subsequent Budgets and MOM Press Releases.
FRB 8 was issued on 24 December 2020 to provide accounting guidance and key considerations on how to account for the FWL waiver and FWL rebate granted. Illustrative examples have been included in FRB 8 to aid in the understanding of the accounting principles being applied.
- ISCA has issued FRB 7 “COVID-19 Government Relief Measures: Accounting for Rental Relief Framework for SMEs & NPOs from the perspective of the landlord and the tenant”
To help affected SMEs and specified non-profit organisations (NPOs) recover from the impact of COVID-19, the Singapore Government introduced a Rental Relief Framework for SMEs & NPOs. Under the Framework, eligible SMEs and NPOs would receive up to 2 months of Rental Relief and up to 2 months of Additional Rental Relief.
FRB 7 contains:
- A background of the Framework to aid in the understanding of the amount of rental reliefs that the tenant is entitled
to receive and the landlord is required to bear
- Accounting guidance and key considerations on how to account for the rental reliefs
from the perspective of the landlord and the tenant
- ISCA has issued revised FRB 6 On Accounting Of JSS Grant
FRB 6 (Revised Sep 2020), issued on 25 September 2020, provides accounting guidance and key considerations on how to account for payouts receivable by employers under the Jobs Support Scheme (JSS).
FRB 6 (Revised Sep 2020) has been updated from FRB 6 (Revised) (issued on 15 July 2020) for the following developments:
- extension of JSS by up to seven months (but at lower support levels) to cover wages paid from September 2020 to March 2021; and
- adjustment of the base tiers of JSS support for September 2020 to March 2021 for all sectors
There is no change to the views and guidance from those shared in FRB 6 (Revised) as a result of the above developments.
- ISCA has issued revised FRB 6 "COVID-19 Government Relief Measures: Accounting for the grant provided by the Singapore Government for wages paid to local employees under the Jobs Support Scheme"
FRB 6 (Revised), issued on 15 July 2020, provides accounting guidance and key considerations on how to account for payouts receivable by employers under the Jobs Support Scheme (JSS).
FRB 6 (Revised) has been updated from FRB 6 (issued on 7 May 2020) for the following developments:
- Enhancement of the JSS in
the Fortitude Budget that was announced on 26 May 2020
- Inclusion of a reminder on IRAS’ JSS website regarding the
purpose of the JSS payouts and that employers must act responsibly and fairly during the circuit breaker period
There is no change to the views and guidance from that shared in FRB 6 as a result of the above developments.
- ISCA has issued FRB 6 "COVID-19 Government Relief Measures: Accounting for the grant provided by the Singapore Government for wages paid to local employees under the Jobs Support Scheme"
The Jobs Support Scheme (JSS) was put in place to help employers retain their local employees during this period of economic uncertainty. ISCA has received feedback that there is uncertainty on the accounting of JSS payouts by entities, especially by entities with a financial reporting period ended 31 March 2020.
FRB 6 was issued to address the above uncertainty. It also includes an illustrative example to aid in the understanding of the principles being applied.
- ISCA has issued FRB 5 “COVID-19 Government Relief Measures: Accounting for Singapore property tax rebate from the perspective of the landlord and the tenant”
To help businesses deal with the impact from COVID-19, the Singapore Government has given property tax rebate to qualifying non-residential properties for the period from 1 January to 31 December 2020.
FRB 5 was issued to provide accounting guidance and key considerations on how to account for above property tax rebate granted by the Singapore Government to the landlord (from the landlord’s perspective) and how to account for the related rental rebate granted by the landlord to the tenant (from the tenant’s perspective). FRB 5 also includes an illustrative example to aid in the understanding of the principles being applied.
- ISCA issues COVID-19 Series FAQs
In view of the far-reaching accounting and auditing implications of COVID-19, the ISCA Auditing and Assurance Standards Committee (AASC) and Financial Reporting Committee (FRC), in collaboration with ACRA, have formed a joint COVID-19 working group to address the challenges faced by the accountancy profession through FAQs. These FAQs will be made available here.
- ISCA has issued FRB 2 "Accounting implications arising from COVID-19 for entitles with 31 December 2019 financial reporting date"
In response to the COVID-19 outbreak, FRB 2 was issued to share ISCA's Financial Reporting Committee's views on the accounting implications arising from COVID-19 for entities with 31 December 2019 financial reporting date.
FRB 2 also covers other associated accounting implications arising from the COVID-19 outbreak such as required disclosures in the financial statements and going concern assessment.
- AGS 12 Group Audits - Inaccessibility of Component Auditors’ Work Papers and Other Considerations
In response to the COVID-19 outbreak, ISCA has issued AGS 12 which provides guidance on reliance on the work performed by the component auditor in situations where the group engagement team has determined it to be necessary to review the component auditor's work papers but is unable to access them due to an extraordinary event which restricts travel.
AGS 12 also provides guidance on other applicable audit considerations in such extraordinary events.
https://isca.org.sg/content-item?id=82c8e635-508a-4ef2-b00d-594b8bfaaf66
Others
ACRA’s Audit Practice Bulletin No. 1 of 2020
This APB guides public accountants in the conduct of audits during the COVID-19 situation. The bulletin covers key areas of audit that may be impacted arising from the COVID-19 outbreak.
ACRA’s Financial Reporting Practice Guidance 1 of 2020
The guidance was published to help directors in their reviews of financial statements during the COVID-19 situation. It highlights areas that may require close attention by directors before approving the company's financial statements.
FATF Paper on COVID-19-related Money Laundering and Terrorist Financing – Risks and Policy Responses
The Financial Action Task Force (FATF) paper identifies challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.
IESBA Staff Release COVID-19 Q&As – Ethics and Independence Considerations
IESBA Staff released a Question and Answer (Q&A) publication to highlight aspects of the Code of Ethics that might be relevant in navigating ethics and independence challenges and risks as a result of the COVID-19 crisis.
IAASB Web Page offers guidance for auditors during the COVID-19 Pandemic
The International Auditing and Assurance Standards Board (IAASB) has created a COVID-19 web page to help their stakeholders and the larger accounting community navigate some of the challenges ahead. Included within is guidance on audit considerations arising from changes due to COVID-19.
IASB publication on the application of IFRS 9 in the light of the coronavirus uncertainty
The publication highlights requirements within IFRS 9 that are relevant for companies considering how the pandemic affects their accounting for expected credit losses.