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Featured News
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ISCA Issues FRB 10 “Real Property Valuation for Financial Reporting – Fair Value Based on the Highest and Best Use”
FRB 10 explains both concepts and provides guidance on what management should do in assessing the appropriateness of the reported value for financial reporting purposes. This FRB also includes an example to illustrate the application of highest and best use as the valuation premise.
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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.
Due Process
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Standards
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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
Resources
ISCA supports the profession by providing a wide range of resources on various financial reporting topics.
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Micro Accounting Model
The MAM, developed by ISCA, is designed to facilitate micro, small and medium businesses operating in ASEAN to adopt accrual accounting.