ISCA issues FRB 9 (Revised) 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) 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.
ISCA issues FRG 3 with Illustrative Condensed Interim Financial Statements for the Preparation of Interim Financial Statements
FRG 3 Preparation of Interim Financial Statements under SFRS(I) 1-34 Interim Financial Reporting (in compliance with the SGX Listing Rule 705(3A)) has been issued 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. Accompanying FRG 3, two sets of Illustrative Condensed Interim Financial Statements have been issued as an illustration of how certain key requirements of SFRS(I) 1-34 and SGX Listing Rule Appendix 7.2 could be met concurrently in the interim financial statements.