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FR Local News
ASC has withdrawn Practice Statement 1 Management Commentary from FRS with effect from 24 June 2025
25 Jun 2025
Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity's financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.
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FR Local News
ISCA Invites Comments on IASB’s Request for Information on Post-implementation Review of IFRS 16
23 Jun 2025
IASB has issued a request for information (RFI) to obtain comments from stakeholders. The aim is to determine whether the requirements in IFRS 16 Leases provide useful information to users of financial statements, and whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are as intended when the new requirements were developed. ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 3 September 2025 (Wednesday).
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FR Local News
ISCA Issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore
12 Jun 2025
ISCA issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore to support entities in understanding the accounting implications arising from the MMT Act in Singapore.
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FR Local News
Key accounting reminders on U.S. tariffs
18 Apr 2025
The recent introduction of baseline and additional reciprocal tariffs by the US has raised concerns about potential shifts in the global trade landscape. These changes bring implications that could significantly impact businesses and their operations.
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FR Local News
ACRA Publishes Financial Reporting Surveillance Programme (FRSP) Report and Directors' Guide
18 Mar 2025
ACRA has published the latest Financial Reporting Surveillance Programme (FRSP) report. Accompanying this report is a Directors' Guide (a FAQs document) to address questions about directors' roles and responsibilities regarding true and fair financial statements under the Companies Act.
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FR Local News
ISCA Issues FRG 5 Accounting For Refundable Investment Credit (RIC)
14 Mar 2025
ISCA Issues Financial Reporting Guidance (FRG) 5 Accounting For Refundable Investment Credit (RIC).
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FR Local News
ISCA Comments on IASB's ED Provisions - Targeted Improvements (Proposed Amendments to IAS 37)
11 Mar 2025
To address stakeholders' feedback on challenges in applying certain aspects of IAS 37, the ED proposes targeted improvements to the following areas: • Present obligation recognition criterion • Costs to include in measuring a provision • Rate used to 'discount' a provision
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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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