Financial Reporting Guidance 3 (FRG 3) Preparation of Interim Financial Statements under SFRS(I) 1-34 Interim Financial Reporting (in compliance with the SGX Listing Rule 705(3A))
Accompanying Guide to FRG 3: Illustrative Condensed Interim Financial Statements
SGX Listing Rule 705(3A) requires issuers reporting under SFRS(I) to apply SFRS(I) 1-34 Interim Financial Reporting in their interim financial statements. This will take effect for issuers’ financial statements for any interim financial period ending
on or after 30 June 2021.
Cognizant of the need to enhance the quality and comparability of interim financial statements internationally, ISCA, with the support of Financial Reporting Committee has issued FRG 3 on 3 May 2021 to assist issuers to:
- Understand the implications of SGX Listing Rule 705(3A) to their interim financial statements, and
- Highlight key focus areas in the application of the requirements in SFRS(I) 1-34 for the preparation of interim financial statements.
Accompanying FRG 3, ISCA also issues two sets of illustrative condensed interim financial statements, one set for the first six months of the financial year and the other set for the second six months and full financial year, prepared in accordance with SFRS(I) 1-34. This serves as an illustration of how certain key requirements of SFRS(I) 1-34 and SGX Listing Rule Appendix 7.2 could be met concurrently in the interim financial statements.
For more details, please click on the following to assess the publications:
- FRG 3 Preparation of Interim Financial Statements under SFRS(I) 1-34 Interim Financial Reporting (in compliance with the SGX Listing Rule 705(3A))
- Accompanying Guide to FRG 3: Illustrative Condensed Interim Financial Statements
SGX has also issued Guidance Note on Accounting Standards for Financial Standards on 4 May 2020 to inform listed entities on ISCA’s issuance of FRG 3 and the accompanying illustrative interim financial statements. In this Guidance Note, issuers are encouraged to refer to FRG 3 and the illustrative
financial statements in their preparation of interim financial statements. Please click here for SGX Guidance Note.