Singapore Financial Reporting Standards are adopted from the International Financial Reporting Standards that are principle-based and hence often require the use of judgement in the application of the accounting principles.
ISCA developed this Technical Bite-Size (Tech Bites) guidance, with the support of Financial Reporting Committee. This guidance is intended to share the application of accounting principles in a more understandable and easy-to-read manner, focusing on emerging topical issues and new standards. Cognizant that the standards are principles-based and not prescriptive in nature, professional judgement may be required under certain circumstances.
The following Tech Bites guidance are provided on a general basis and should not be taken as a substitute for professional judgement. They do not constitute any professional advice. Professional advice from an accountant, auditor, consultant or other advisor should be sought where appropriate. ISCA and its staff make no representations or warranties of any kind, express or implied, in relation to the responses and disclaim all liabilities for any claim, loss or damage of any kind, howsoever arising, in connection with the responses, including any use of or reliance on them.
Topics covered include:
1. Financial Instruments (FRS 32, FRS 39, FRS 107 & FRS 109)
2. Leases (FRS 116)
3. Revenue from Contracts with Customers (FRS 115)