The Foundation Programme provides a pathway into the Singapore QP for candidates who do not have an Accredited Accountancy Degree. The Foundation Programme of the Academic Base will develop in graduates the base technical knowledge and skills as well as capacities for inquiry, abstract logical thinking, critical analysis, appropriate communication, personal and interpersonal skills required by the accounting profession. These provide a base for further development during the Professional Programme and Practical Experience.
To gain entry into the Foundation Programme, applicants must check on their eligibility before submitting their application online.
http://singaporeqp.com/join-us/how-to-apply/how-to-apply-for-the-foundation-programme A non-refundable one-time application fee of $107 is payable.
Applicants to the Foundation Programme must obtain a Notification of Acceptance email printout from the Singapore Accountancy Commission (SAC) that their degree is suitable to
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gain entry into the Foundation Programme. Students enrolling on Kaplan Foundation Programme for Singapore QP will need to produce this Notification of Acceptance email printout. Students will not be allowed to attend the Foundation Programme if they fail to produce the Notification of Acceptance email printout.
The Foundation Programme course covers a set of 6 core syllabus areas: 1. Financial Accounting and Reporting (FAR)
The Financial Accounting & Reporting (FAR) module 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 applying the Singapore Financial Reporting Standards (SFRS). Students are expected to interpret financial statements for different types of business entities to different stakeholders, recognising the various needs of the respective stakeholders.
2. Management Accounting (MA)
The Management Accounting module introduces and develops cost accounting techniques for decision-making. Students will appreciate the issues surrounding scarce resources, pricing and make-or-buy decisions, and how this relates to performance assessment. As budgeting is an important aspect for many accountants, students will explore different budgeting techniques and their respective inherent problems. Some of the budgeting techniques introduced in this module include standard costing and variances, mix, yield, planning and operational variances. It is important for accountants to be able to interpret the variances in the context of performance measurement.
Students will also be required to understand how performance is measured and controlled. 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 accounting. Accountants should also appreciate the difficulties in assessing performance in divisionalised businesses and the problems caused by external influences.
3. Audit and Assurance (AA)
The Audit & Assurance module provides students with the requisite knowledge to plan and perform an audit in accordance with appropriate Singapore Standards on Auditing (SSA) and the regulations to form an audit opinion on whether the financial statements are free from material misstatement.
Students will be expected to understand the nature, purpose and scope of assurance engagements, including statutory audits and its regulatory environment. Professional ethics relating to audit and assurance will also be introduced. Students are also required to understand the scope of an internal audit and the differences between an internal audit and external audit. Areas covered under the audit of financial statements include planning and risk assessment, evaluating internal controls, audit evidence and procedures. Students will also learn how an audit is completed along with a review of the financial statements and reporting, including statutory audit reports, management reports, and internal audit reports.
4. Financial Management (FM)
The Financial Management (FM) module is designed to equip students with the skills that would be expected from a finance manager responsible for the finance function of a business. Students will be introduced to the role and purpose of the financial management function within a business. An exploration of the economic environment will preclude the discussion of the three key financial management decisions of investing, financing, and dividend policy.
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The introduction to investing decisions will be covered in two stages - investment in (and the management of) working capital and the appraisal of long-term investments. The section on financing decisions will examine 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 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 module concludes with an introduction to, and examination of, risk and the main techniques employed in the management of such risk.
5. Singapore Law (SL)
Singapore Law provides students with a basic understanding of the Singapore corporate and business law and recognising legal issues. The module covers an introduction to the legal system in Singapore, the basics of contract law and tort law and professional negligence.
The module will also cover specific legal areas relating to partnerships and companies. This includes the formation and constitution of companies, the financing of companies and types of capital, the day to day management, and administration of companies. Students will also learn the concept of majority control and minority protection, and the insolvency of companies including alternatives to winding up.
6. Singapore Taxation (STX)
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 module, students are introduced to the rationale behind and the functions of the tax system in Singapore. The module then considers the different tax types 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 type through a variety of business and personal scenarios and situations. These issues include time-bars and penalties for non-compliance.