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FR Local News
ISCA Invites Comments on ED FRG 5 Accounting for Refundable Investment Credit (RIC)
07 Feb 2025
ISCA has developed a draft Financial Reporting Guidance 5 (FRG 5) to provide guidance on how to account for the RIC in accordance with SFRS(I)s. Illustrative examples have also been included to aid in the understanding of the principles being applied. The said draft guidance has been issued as an exposure draft (ED FRG 5) for public consultation on 7 February 2025.
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FR Local News
Pillar Two Legislation: Multinational Enterprise (Minimum Tax) Act and its Accounting Implications
22 Jan 2025
As announced in Singapore Budget 2024, Singapore would be implementing new corporate taxes under Pillar Two of BEPS 2.0 initiative ("Pillar Two legislation").
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FR Local News
ISCA Comments on IASB’s ED Equity Method of Accounting IAS 28 Investments in Associates and Joint Ventures (revised 202x)
20 Jan 2025
The ED aims to reduce diversity in practice by answering application questions about the equity method of accounting and to improve the understandability of IAS 28. The proposed amendments are intended to clarify and amend the requirements of IAS 28, with new disclosure requirements to enhance the information companies provide about equity accounted investments. In addition, a reordering of the requirements is being proposed to improve the understandability of IAS 28.
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FR Local News
2025 Volumes of SFRS(I)s and FRSs
16 Jan 2025
The Accounting Standards Committee (ASC) has published the collections of SFRS(I)s and FRSs required to be applied for annual reporting period beginning on 1 January 2025.
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FR Local News
ASC Issues Amendments to SFRS(I) 9 and SFRS(I) 7 and Amendments to FRS 109 and FRS 107
23 Dec 2024
The Accounting Standards Committee (ASC) has issued Amendments to SFRS(I) 9 and SFRS(I) 7: Contracts Referencing Nature-dependent Electricity and Amendments to FRS 109 and FRS 107: Contracts Referencing Nature-dependent Electricity, effective for annual reporting periods beginning on or after 1 January 2026.
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FR Local News
ISCA Comments On IASB’s ED Climate-related And Other Uncertainties In The Financial Statements: Proposed Illustrative Examples
28 Nov 2024
The ED proposes eight examples showing how entities can apply existing IFRS requirements to report the effects of climate-related and other uncertainties in the financial statements.
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FR Local News
ISCA Comments On IASB's ED Amendments To IFRS 19 Subsidiaries Without Public Accountability: Disclosures
27 Nov 2024
The ED includes proposals to update IFRS 19 (a new reduced-disclosure framework for eligible entities) with reduced disclosure requirements for new or amended IFRSs that are issued between 28 February 2021 and 1 May 2024, namely IFRS 18, IAS 7, IAS 12 and IAS 21. We are supportive of this approach of updating IFRS 19 by the IASB.
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FR Local News
ISCA Issues FRB 11 Accounting For Carbon Credits: From the perspective of a buyer / holder
14 Nov 2024
ISCA, through its Financial Reporting Committee (FRC), has issued FRB 11 to aid entities in understanding what carbon credits are, and the key considerations that the entity should have in selecting the most appropriate accounting standard under SFRS(I) to apply for voluntary purchases of carbon credits.
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FR Local News
ACRA Issues Financial Reporting Practice Guidance No. 1 of 2024 – Areas of Review Focus for FY2024 Financial Statements
14 Nov 2024
ACRA has issued the Financial Reporting Practice Guidance No. 1 of 2024 which highlights pertinent financial reporting areas that require closer attention by directors when reviewing the FY2024 financial statements.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Provisions – Targeted Improvements – Proposed amendments to IAS 37
12 Nov 2024
ISCA seeks comments on IASB’s ED Provisions – Targeted Improvements – Proposed amendments to IAS 37.