AGS 1 is a compilation of commonly used sample reports.
The main updates relate to revised sample reports of financial institutions arising from amendments to MAS Notices.
Below is a summary of the updates that have been made to this guidance statement:
Updates Arising from |
Affected Reports/Appendices |
Key Updates Made |
MAS Notice 612,Credit Files, Grading and Provisioning |
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Amended to be in line with MAS Notice. A locally incorporated bank now recognizes ECL allowance in accordance with FRS 109. Accordingly, modifications arising from deviation from FRS have been removed in Appendix 1D. |
MAS Notice 609,Auditors’ Reports and Additional Information to be Submitted with Annual Accounts |
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Amended to be in line with MAS Notice. Aligned wordings on management’s responsibilities to the auditor’s opinion. |
Change in assumptions relating to “Other Information” (OI) |
1E – Branch of foreign bank |
Amended assumptions for clarity. As it is common to include the Branch manager’s statement, the assumptions on OI and OI section have been updated. |
Alignment between Charities (CLG) report wordings and Charity (Society) wordings |
1H – Charity (Society) |
Amended Charity (Society) report to be in line with wordings of Charity (CLG) report. |
New financial reporting framework – SFRS(I)s |
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Added references to SFRS(I)s. |
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