Featured News
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ISCA Issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore
As announced in Singapore Budget 2024, Singapore published the Multinational Enterprise (Minimum Tax) Act (MMT Act) to implement new corporate taxes under Pillar Two of BEPS 2.0 initiative ("Pillar Two legislation").
Following the release of our Statement on 22 January 2025, ISCA issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore to support entities in understanding the accounting implications arising from the MMT Act in Singapore.
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ISCA Issues FRG 5 Accounting For Refundable Investment Credit (RIC)
To aid entities in accounting for the RIC, FRG 5 was developed and issued after a one-month public consultation. FRG 5 outlines the background of the RIC scheme and key accounting considerations under SFRS(I)s for entities. Illustrative examples are included to aid in the understanding of the principles being applied.
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ISCA Comments On IASB's ED Provisions - Targeted Improvements (Proposed Amendments To IAS 37)
- Present obligation recognition criterion
- Costs to include in measuring a provision
- Rate used to 'discount' a provision
We are generally supportive of the proposals and have highlighted areas where further clarifications or enhancements could be made.
It should be noted that the proposals, once implemented, could result in significant changes to the current practice of measuring a provision, particularly for entities with significant long-term asset decommissioning obligations or are subject to levies and similar government-imposed charges.
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ISCA Comments on IASB’s ED Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures (revised 202x)
We are supportive of the approach taken by IASB to address specific application questions which would provide solutions to long-standing application difficulties, reduce diversity in practice and lead to more comparable and understandable information for users. However, we note that further clarifications and guidance might be required to ensure consistent application of the proposed amendments. For example, the proposed definition of the cost of associate or joint venture is silent on the accounting of expenses directly attributable to the acquisition of the investment. Hence, we recommend IASB to provide clarity on whether such expenses should be included in the cost of associate or joint venture.
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ISCA Issues FRB 11 Accounting For Carbon Credits: From the perspective of a buyer / holder
ISCA, through its Financial Reporting Committee (FRC), has issued FRB 11 to aid entities in understanding what carbon credits are, and the key considerations that the entity should have in selecting the most appropriate accounting standard under SFRS(I) to apply for voluntary purchases of carbon credits.
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