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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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FR Local News
ASC issues Amendments to SFRS(I) 1-21 and Amendments to FRS 21 on Lack of Exchangeability
26 Sep 2023
The Accounting Standards Committee (ASC) has issued Amendments to SFRS(I) 1-21: Lack of Exchangeability and Amendments to FRS 21: Lack of Exchangeability, effective for annual reporting periods beginning on or after 1 January 2025.
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FR Local News
ISCA Invites Comments on IASB’s Exposure Draft (ED) Annual Improvements to IFRS Accounting Standards — Volume 11
12 Sep 2023
ISCA seeks comments on IASB’s ED Annual Improvements to IFRS Accounting Standards — Volume 11. Please send your comments to professionalstandards@isca.org.sg by 10 November 2023.
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FR Local News
ISCA Issues RAP 7 (Revised August 2023)
31 Aug 2023
ISCA revised RAP 7 to incorporate limited conforming amendments to two illustrative auditor’s reports in Appendix 1 of RAP 7 Reporting Framework for Investment Funds, arising from SFRS(I) 1-1 and FRS 1 Presentation of Financial Statements. The references to “significant accounting policies” in these illustrative auditor’s reports have been updated to “material accounting policy information” to align to the terminology used in the updated SFRS(I) 1–1 and FRS 1. The updates would be effective for audits of financial statements for periods beginning on or after 1 January 2023.
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FR Local News
ISCA Comments on the IASB’s ED on Amendments to the Classification and Measurement of Financial Instruments
19 Jul 2023
ISCA generally supports the proposals in the ED, except for those relating to the derecognition of financial liabilities through electronic transfer, which in our view, are excessive.
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FR Local News
ISCA Invites Comments on IASB’s Post-implementation Review of IFRS 15 Revenue from Contracts with Customers
29 Jun 2023
ISCA seeks comments on IASB’s Post-implementation Review of IFRS 15 Revenue from Contracts with Customers. ISCA is seeking feedback on this PIR. Please send your comments to professionalstandards@isca.org.sg by 31 August 2023.
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