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Learn MoreISCA issued EP 200 (Revised on 1 June 2023) Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore to adopt the anti-money laundering and countering the financing of terrorism (AML/CFT) requirements which are included in the Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023. These requirements are applicable to professional accountants in public practice and professional firms preparing for or carrying out transactions which are considered high risk.
Learn MoreISCA Issues FRB 3 (Revised April 2024) Classification of Liabilities as Current or Non-current (Amendments to SFRS(I) 1-1). FRB 3 (Revised), published on 30 October 2020, guides readers in understanding and applying the amendments to SFRS(I) 1-1 Presentation of Financial Statements issued in 2020 (“2020 amendments”) to certain common scenarios in Singapore such as long-term loans with callable clauses and term loans with rollover facilities. FRB 3 (Revised April 2024) has been issued to incorporate the clarifications (“2022 amendments”) to the 2020 amendments for SFRS(I) 1-1, which together with the 2020 amendments, would be effective for annual reporting periods beginning on or after 1 January 2024 retrospectively. One salient clarification is on the classification of liabilities with the right to defer settlement which are conditional on the compliance with specified conditions (commonly known as covenants). Only covenants which an entity must comply with on or before the end of the reporting period will affect a liability’s classification as current or non-current.
Learn MoreISCA Issues Audit Bulletin 4 Non-Consolidation Of Subsidiaries - Considerations For The Auditor’s Report. In ACRA’s Audit Regulatory Report 2023 one area of concern highlighted is where an audited parent entity does not present consolidated financial statements as required by FRS 110 Consolidated Financial Statements. In such situations, the auditor needs to assess if this calls for a modification to the audit opinion. This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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Learn MoreSustainability - Jobs and Skills for the Accountancy Profession
Sustainability is a megatrend offering new opportunities and jobs for the accountancy sector. This study found three key trends in sustainability that will expand the current job roles and skills required for accountancy and finance professionals. The three key trends are: 1) Decarbonisation of the environment, 2) More companies participating in sustainability reporting, and 3) the Expansion of green finance. Given these sustainability trends, Accountancy and finance professionals must be equipped with sustainability and ESG-related knowledge and skills to meet the increasing demands in these three areas.
The study also found that preparers and assurance service providers would see an expansion in their roles in areas such as carbon trading, carbon accounting, sustainability risk management, and more. In addition, the study identified the Chief Finance & Sustainability Officer (CFSO) as an emerging C-Suite position to oversee the integration of finance and sustainability into business strategy. Accountancy and finance professionals, with their financial expertise, are in an advantageous position to helm the emerging role of the CFSO.
This joint study by the Institute of Singapore Chartered Accountants, Ernst & Young Advisory Pte Ltd, Singapore Management University, and Singapore Accountancy Commission, was conducted via interviews with 23 C-Suite leaders across 10 business sectors.