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FR Local News
ISCA Comments on IASB's ED Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32, IFRS 7 and IAS 1)
04 Apr 2024
We are generally supportive of the proposals and have highlighted areas where further clarification(s) could be made to enhance the understandability / scope / applicability of the requirements. However, we have reservations on two areas.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Business Combinations — Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36)
13 Mar 2024
Please send your comments on the ED to professionalstandards@isca.org.sg by 7 June 2024 (Friday).
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FR Local News
2024 Volumes of SFRS(I)s and FRSs
15 Jan 2024
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 2024.
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FR Local News
ISCA Comments on the IASB’s ED Annual Improvements - Volume 11
11 Dec 2023
In general, we support and agree with the Board’s proposals in the ED. In addition, we have two suggestions in relation to the proposed amendments to IFRS 9 on the derecognition of lease liabilities.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1
29 Nov 2023
ISCA seeks comments on IASB’s ED Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1. ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 23 February 2024 (Friday).
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FR Local News
ACRA Issues Financial Reporting Practice Guidance No 1 of 2023 – Areas of Review Focus for FY2023 Financial Statements
06 Nov 2023
ACRA has issued the Financial Reporting Practice Guidance No. 1 of 2023 which highlights pertinent financial reporting areas that require closer attention by directors when reviewing the FY2023 financial statements.
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FR Local News
ACRA appoints the Chairman and members of the Accounting Standards Committee
31 Oct 2023
ACRA, with the approval of the Minister for Finance, has appointed the Chairman and members of Accounting Standards Committee. These appointments will take effect from 1 November 2023.
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FR Local News
ISCA Comments On the IASB’s Request for Information on Post-Implementation Review of IFRS 15
27 Oct 2023
While we found that the five-step revenue recognition model promotes consistency in revenue recognition, the application of IFRS 15 involves significant estimates and judgement.
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FR Local News
ASC issues Amendments to SFRS for Small Entities on International Tax Reform—Pillar Two Model Rules
29 Sep 2023
The Accounting Standards Committee (ASC) has issued Amendments to SFRS for Small Entities: International Tax Reform—Pillar Two Model Rules. These amendments include changes to the requirements in SFRS for Small Entities that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023.
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FR Local News
ISCA Comments on the IASB’s Request for Information on Post-Implementation Review of IFRS 9 Impairment
27 Sep 2023
The introduction of a forward-looking expected credit loss (ECL) model under IFRS 9 has resulted in an earlier recognition of credit losses as compared to the incurred loss model under IAS 39. However, there is complexity in the adoption of ECL model as significant judgment is required for the incorporation of forward-looking information and determination of significant increases in credit risks.
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