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ISCA Financial Reporting Codification Framework
Categories | Nature | Degree of authority | Due process | Highest level of approval | |
1 | Financial Reporting Practice (FRP) | Financial Reporting Practices (FRPs) are sector-driven recommendations on financial reporting for specialised industries, sectors or areas of work, or which supplement accounting standards [SFRS(I), Singapore FRS] and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in accounting standards. FRPs also address matters that are addressed in accounting standards, but which additional guidance is considered necessary. When there are policy options in accounting standards, a FRP may recommend the most appropriate option to the particular industry or sector. FRPs shall be developed in line with current accounting standards and best practice. The provisions of a FRP cannot override the provisions of the law, regulatory requirements or accounting standards. The recommendations of the FRPs are not an alternative for referring to relevant regulations and accounting standards. FRPs have been approved for issue by the ISCA Council. | Expected to apply | Key activities
| ISCA Council |
2 | Financial Reporting Guidance (FRG) | Accounting standards [SFRS(I), Singapore FRS] are principles-based and not prescriptive in nature. Professional judgement may be required under certain circumstances. Financial Reporting Guidance (FRGs) help in the application of accounting standards by explaining how the applicable principles and requirements in the accounting standards apply to an issue. When issues are likely to result in divergent or unacceptable treatment, are pervasive and/or relate to complex accounting areas, further discussions and in-depth deliberations are warranted. Such issues are brought onto the agenda of the ISCA’s FRC Core Sub-Committee for deliberation. FRGs are issued to share the technical views and insights on these issues, and/or best practices in an area/industry. They are indicators of best practice and should be read in conjunction with the respective applicable accounting standard(s). Unlike the accounting standards, FRGs are not mandatory on ISCA members but are consistent with the purpose of accounting standards. They reduce diversity and ensure better and more consistent financial reporting. Therefore, they are expected to be followed and ISCA members should be prepared to explain departures if called upon to do so. FRGs have been approved for issue by ISCA Financial Reporting Committee. | Expected to be followed, explain departures | Key activities
| ISCA FRC (authority to be delegated by the ISCA Council) |
3 | Financial Reporting Bulletin (FRB) | Financial Reporting Bulletin (FRBs) are informative / educational publications issued to highlight emerging topical issues for consideration by the accountancy profession in Singapore. FRBs are not mandatory on ISCA members. FRBs have been approved for issue by ISCA Financial Reporting Committee. | For information / educational purpose | Key activities
| ISCA FRC |