Baker Tilly authors Fund Accounting for Charities booklet
Singapore, 15 April 2019 – Baker Tilly is delighted to announce its participation as one of the contributing authors for the National University of Singapore (NUS) Department of Social Work’s Centre for Social Development Asia’s (CSDA) book launch. Titled “Fund Accounting for Charities”, the publication forms the second booklet of the five-part series under the “Accounting and Finance Handbook for Charities”.
To address pertinent issues on future readiness and encourage best practices in financial accounting for charity organisations, two new sets of publications were specifically produced: “Accounting and Finance Handbook for Charities” and “Doing Good in Singapore: Part 1 – Adapting to the Future, and Doing Good in Singapore: Part 2 – Resourcing for the Future”.
NUS Department of Social Work’s Centre for Social Development Asia launched two sets of books for Singapore’s charity sector in the presence of Mr. Desmond Lee, Minister for Social and Family Development and Second Minister for National Development (tenth from left). Mr. Sim Guan Seng, Managing Partner of Baker Tilly, represented the firm in the event (third from left).
The publications were launched on 15 April 2019 at the “Doing Good Better in Singapore” event, attended by Mr. Desmond Lee, Minister for Social and Family Development and Second Minister for National Development, together with representatives from local charities and voluntary welfare organisations.
Ms. Susan Foong, Partner of Baker Tilly, contributes as the booklet author for Fund Accounting for Charities, expresses her sentiments on the publication:
“I am grateful for the opportunity to author this booklet which is part of the Accounting and Finance Handbooks for Charities. This experience has been a first for me and a fruitful one. I hope many charities will find this booklet useful and will be encouraged to apply fund accounting in their financial reporting.”
Mr. Sim Guan Seng, Managing Partner of Baker Tilly, said:
“I commend CSDA for initiating the publishing of this handbook. I am pleased that my partner, Ms. Susan Foong, was able to play a part by contributing to the writing of the fund accounting booklet in the handbook. The fund accounting booklet closes the knowledge gap in accounting practices of charities in Singapore.”
Accounting and Finance Handbooks for Charities
Accounting and Finance Handbooks for Charities is a series of five booklets which is aimed at providing guidance to charities in Singapore on topics including budgeting and cash flow management, fund accounting, cost-effective audit, reserves and investment and full cost recovery. It was developed in consultation with charities and written by professional accountants. Targeted at Board members, management and staff of charities, especially those without financial training, it provides a step-by-step guide for charities on the best accounting and financial practices, and includes applied examples and interviews with various charities. The handbooks will serve as a useful resource for charities to better manage their financial operations, and help ensure greater transparency and accountability to their stakeholders.
Digital copies of the two sets of books will be available from 30 April 2019 at the Charity Council website https://www.charitycouncil.org.sg/.
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About Baker Tilly in Singapore
Baker Tilly in Singapore (“Baker Tilly”) is a full-service accounting and advisory firm that offers industry-specialised services in assurance, tax, deal advisory, governance and risk, restructuring and recovery, outsourcing and corporate secretarial. We are one of the 10 largest accountancy and business advisory firms in Singapore and a member of Baker Tilly International, a top 10 global network of independent accounting and business advisory firms in 145 territories with 35,000 professionals. As of December 2018, the combined worldwide revenue of independent member firms is reported at US$3.6 billion.
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