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FR Local News
ISCA Issues FRB 10 “Real Property Valuation for Financial Reporting – Fair Value Based on the Highest and Best Use”
31 Mar 2023
FRB 10 explains both concepts and provides guidance on what management should do in assessing the appropriateness of the reported value for financial reporting purposes.
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FR Local News
ISCA Comments on IASB’s ED on International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12)
10 Mar 2023
We are supportive of the temporary exception for the accounting of deferred taxes arising from the implementation of Pillar Two model rules. This will provide entities with timely relief from accounting for deferred taxes in relation to a complex new tax law to allow stakeholders time in assessing the implications. At the same time, this will avoid inconsistent interpretations of IAS 12 Income Taxes in practice.
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FR Local News
ISCA issues FRB 9 (Revised January 2023) on Accounting Implications Of The Interest Rate Benchmark Reform In Singapore
16 Jan 2023
ISCA issues FRB 9 (Revised January 2023) Accounting Implications of the Interest Rate Benchmark Reform to share on MAS Recommended Rate (MRR) and supplementary guidance for active transition of SOR contracts and accounting considerations on the use of MRR and supplementary guidance in financial contracts and hedge accounting.
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FR Local News
ISCA Invites Comments on IASB's ED on International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12)
13 Jan 2023
IASB has published Exposure Draft International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12) for public comment. ISCA is seeking feedback on this ED. Comments should be sent, in writing, to professionalstandards@isca.org.sg, no later than 10 February 2023.
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FR Local News
ASC publishes 2023 Volumes of SFRS(I)s and FRSs
09 Jan 2023
The Accounting Standards Council (ASC) has published the collections of SFRS(I)s and FRSs required to be applied for annual period beginning on 1 January 2023.
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FR Local News
Raising Competency of Audit Committee and Finance Team Crucial to High Quality Financial Reporting
06 Jan 2023
ACRA has issued its fourth Financial Reporting Surveillance Programme (FRSP) report findings to help companies avoid the common pitfalls and improve their financial reporting.
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FR Local News
ASC issues Amendments to SFRS(I) 1-1 and FRS 1 on Non-current Liabilities with Covenants and Amendments to SFRS(I) 16 and FRS 116 on Lease Liability in a Sale and Leaseback
14 Dec 2022
The ASC has issued Amendments to SFRS(I) 1-1 and FRS 1 on Non-current Liabilities with Covenants and Amendments to SFRS(I) 16 and FRS 116 on Lease Liability in a Sale and Leaseback. Both amendments are effective for annual reporting periods beginning on or after 1 January 2024, with earlier application permitted.
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FR Local News
Financial Reporting Practice Guidance No. 1 of 2022 – Areas of Review Focus for FY2022 Financial Statements
04 Nov 2022
ACRA has issued the Financial Reporting Practice Guidance No. 1 of 2022 on the areas of review focus for FY2022 financial statements to guide directors in their review.
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SR News, FR Local News, Local News
ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)
28 Oct 2022
Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.
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FR Local News
ASC invites comments on Exposure Draft Third edition of the IFRS for SMEs Accounting Standard
16 Sep 2022
The ASC invites comments on IASB’s Exposure Draft Third edition of the IFRS for SMEs Accounting Standard - Comments by 31 December 2022.
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