Welcome to ISCA’s centralised Knowledge Centre! Here you will find the latest news on developments in the technical front. You will also discover relevant and useful resources aimed at empowering our members with knowledge in core and other disciplines.
Auditor Independence when Providing Non-Assurance Services
- ISCA unveiled the findings of its inaugural survey on the views of audit committee members regarding the provision of non-assurance services (NAS) by auditors.
ISCA issued FRB 8 to provide guidance on the accounting for Foreign Worker Levy Waiver & Rebate on 24 Dec 2020. ISCA also issued FRB 5, FRB 6 and FRB 7 to provide accounting guidance on other COVID-19 Government Relief Measures.
ISCA has issued FRG 3 Preparation of Interim Financial Statements under SFRS(I) 1-34 Interim Financial Reporting (in compliance with the SGX Listing Rule 705(3A)) and two sets of Illustrative Condensed Interim Financial Statements to assist issuers in understanding the implications of SGX Listing Rule 705(3A) and applying SFRS(I) 1-34’s requirements in their preparation of interim financial statements.
Expectations of professional accountants to combat money laundering and terrorist financing are rising. Internationally, there are increasing calls for professional accountants to adopt measures that are at least up to the international standards recommended by the Financial Action Task Force (FATF). Singapore is a member of the FATF, an inter-governmental body established to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system. As a member of the FATF, Singapore is obliged to comply with the "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation" issued by the FATF (FATF Recommendations) and is subject to FATF mutual evaluations on the adoption of FATF Recommendations. The FATF Recommendations include requirements for accountants.