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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 “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” was issued to address the above uncertainty. It also includes an illustrative example to aid in the understanding of the principles applied.
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