Financial Reporting

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ISCA Issues FRG 4 Accounting Considerations For A Special Purpose Acquisition Company (SPAC) Under SGX SPAC Listing Framework

In recent years, SPACs have gained popularity as an alternative vehicle for a private company to achieve a stock exchange listing without going through its own initial public offering (IPO).

Cognisant that the accounting of a SPAC transaction could be more complex than for a traditional IPO, ISCA has developed Financial Reporting Guidance 4 (FRG 4) to provide guidance on key accounting considerations for SPACs under the SGX SPAC Listing Framework.
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ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)

Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.

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ISCA issues FRB 9 (Revised January 2023) on Accounting Implications Of The Interest Rate Benchmark Reform In Singapore

The global shift away from interbank offered rates and move towards the adoption of alternative, nearly risk-free benchmark rates is commonly known as Interest Rate Benchmark Reform (IBOR Reform). In Singapore, Singapore Overnight Rate Average (SORA) will replace Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR) as the alternative interest rate benchmark by 2024. This will affect all existing Singapore dollar-denominated financial products referencing SOR or SIBOR in their contracts.

ISCA issues FRB 9 (Revised January 2023) Accounting Implications of the Interest Rate Benchmark Reform to share accounting considerations on specific matters to assist entities in their understanding of the accounting for financial instruments and hedge accounting which are affected by the replacement of interest rate benchmarks within these contracts.

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Due Process


Technical Guidance issued by ISCA Professional Standards Division

News & events

Latest updates on local and international developments!

Open for Comments

Read about proposed changes to the financial reporting standards in Singapore and our views on them!

Thought leadership


ISCA supports the profession by providing a wide range of resources on various financial reporting topics.

Micro Accounting Model

The MAM, developed by ISCA, is designed to facilitate micro, small and medium businesses operating in ASEAN to adopt accrual accounting.