Issued by ISCA -> RAPs

RAPDescription 
RAP 6
(Revised Jun 2006)		Accounting and Reporting by Charities (Withdrawn on 6 June 2016)Download
RAP 71 
(Revised Jun 2012)		Reporting Framework for Unit TrustsDownload
RAP 72
(Revised Jun 2016)		Reporting Framework for Unit TrustsDownload
RAP 73
(Revised Mar 2017)		Reporting Framework for Unit TrustsDownload
RAP 74
(Revised Dec 2019)		Reporting Framework for Investment FundsDownload
RAP 75
(Revised Jul 2020)		Reporting Framework for Investment FundsDownload
RAP 76
(Revised Aug 2023)		Reporting Framework for Investment FundsDownload
RAP 87Foreign Income Not Remitted to Singapore (Withdrawn for annual reporting periods beginning on or after 1 January 2018)Download
RAP 10 FRS 103, Business Combinations – Clarification of Transitional Provisions (Withdrawn for annual reporting periods beginning on or after 1 January 2018)Download
RAP 12Merger Accounting for Common Control Combinations for Financial Statements Prepared Under Part IX of the Fifth Schedule to the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005Download

Notes:

1. RAP 7 (Revised June 2012)

RAP 7 (Revised Jun 2012) is applicable to unit trusts with annual periods ending before 30 June 2017.

Please click here for a list of Frequently Asked Questions on RAP 7 (Revised Jun 2012)

2. RAP 7 (Revised June 2016)

RAP 7 (Revised Jun 2016) is applicable to unit trusts with annual periods ending on or after 30 June 2017. 

3. RAP 7 (Revised March 2017)

RAP 7 (Revised March 2017) is applicable to unit trusts with annual periods ending on or after 30 June 2017.

Please note that RAP 7 (Revised March 2017) has been updated from RAP 7 (Revised June 2016) for the following:

  • Amendments to the "Statement by the Manager" to be consistent with the Illustrative Auditor's Report; and
  • Inclusion of the Illustrative Auditor's Report, which is applicable to unit trusts with financial periods ending on or after 15 December 2016

4. RAP 7 (Revised December 2019)

RAP 7 (Revised December 2019) is applicable to investment funds with annual periods beginning on or after 1 July 2020. 

Please note that RAP 7 (Revised December 2019) has been revised from RAP 7 (Revised March 2017) for the following: 

  • Amending the title of the RAP to cover variable capital companies (VCCs); and
  • The recommendations on the way in which financial statements of VCCs should be prepared.

5. RAP 7 (Revised July 2020)

RAP 7 (Revised July 2020) is applicable to investment funds with annual periods beginning on or after 1 July 2020. 

Please note that RAP 7 (Revised July 2020) has been updated from RAP 7 (Revised December 2019) for the following: 

  • Inclusion of two illustrative auditor’s reports in Appendix 1 for unit trusts and variable capital companies; and
  • Amendments of terms and assumptions used in the illustrative auditor’s reports in Appendix 1 to align with the Singapore Standards on Auditing and Variable Capital Companies Act 2018.

6. RAP 7

RAP 7 (Revised August 2023) is applicable to investment funds with annual periods beginning on or after 1 January 2023.

Please note that RAP 7 (Revised August 2023) has been updated from RAP 7 (Revised July 2020) to incorporate the amendments of the references to “significant accounting policies” in the two Illustrative Auditor’s Reports for Unit Trusts and Variable Capital Companies in Appendix 1, to “material accounting policy information” to align to the terminology used in the updated SFRS(I) 1–1 and FRS 1 Presentation of Financial Statements.

7. RAP 8

RAP 8 is withdrawn for annual periods beginning on or after 1 January 2018.

With the withdrawal of RAP 8, entities are required to exercise their judgement in the accounting for the deferred tax liability in respect of foreign-sourced income not remitted to Singapore in accordance with the requirements in FRS 12 Income Taxes and other relevant standards.