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Since Singapore’s implementation of the carbon tax regime, entities are increasingly looking to using carbon credits to reduce carbon emissions and/or meet sustainability targets. Questions have emerged regarding the definition of carbon credits and the appropriate accounting treatment and reporting of carbon credits.
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.
FRB 11 could be found here.