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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.
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FR Local News
ASC Issues SFRS(I) 19 / FRS 119 Subsidiaries without Public Accountability: Disclosures
25 Oct 2024
The Accounting Standards Committee (ASC) has issued SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures and FRS 119 Subsidiaries without Public Accountability: Disclosures, effective for annual reporting periods beginning on or after 1 January 2027.
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FR Local News
ASC Issues Annual Improvements to SFRS(I)s and FRSs, Amendments to SFRS(I) 9, SFRS(I) 7, Amendments to FRS 109 and FRS 107, SFRS(I) 18 and FRS 118
04 Oct 2024
The Accounting Standards Committee (ASC) has issued • Annual Improvements to SFRS(I)s—Volume 11 and Annual Improvements to FRSs—Volume 11, effective for annual reporting periods beginning on or after 1 January 2026. • Amendments to SFRS(I) 9 and SFRS(I) 7: Amendments to the Classification and Measurement of Financial Instruments and Amendments to FRS 109 and FRS 107: Amendments to the Classification and Measurement of Financial Instruments, effective for annual reporting periods beginning on or after 1 January 2026. • SFRS(I) 18 Presentation and Disclosure in Financial Statements and FRS 118 Presentation and Disclosure in Financial Statements, effective for annual reporting periods beginning on or after 1 January 2027.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures (revised 202x)
19 Sep 2024
The proposed amendments in the ED add to and clarify how to apply the equity method of accounting. In addition, new disclosure requirements are proposed to enhance the information provided about these investments by companies.
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FR Local News
ISCA Comments on IASB’s ED Contracts for Renewable Electricity (Proposed amendments to IFRS 9 and IFRS 7)
07 Aug 2024
Entities are increasingly entering into power purchase agreements (PPAs) for renewable electricity to meet sustainability commitments. However, the unpredictable nature of renewable energy production results in no direct link between the seller's production and buyer's needs at the time of production. This poses challenges for entities applying the 'own-use' exception in IFRS 9 and hedge accounting to such PPAs. The IASB sought to address these challenges in this ED, as well as to require entities to disclose effects of such PPAs on their financial performance.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Climate-related and Other Uncertainties in the Financial Statements (Proposed illustrative examples)
31 Jul 2024
The ED proposes eight examples illustrating how companies apply the requirements in IFRS Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements. The examples focus on areas such as materiality judgements, disclosures about assumptions and estimation uncertainties, and disaggregation of information. The principles and requirements illustrated apply equally to other types of uncertainties beyond climate-related uncertainties.
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