2019 - September
AGS 1 is a compilation of commonly used sample reports.
The main updates relate to revised sample reports of financial institutions arising from amendments to MAS Notices.
Below is a summary of the updates that have been made to this guidance statement:
Updates Arising from
Key Updates Made
MAS Notice 612, Credit Files, Grading and Provisioning
Amended to be in line with MAS Notice.
A locally incorporated bank now recognizes ECL allowance in accordance with FRS 109. Accordingly, modifications arising from deviation from FRS have been removed in Appendix 1D.
MAS Notice 609, Auditors’ Reports and Additional Information to be Submitted with Annual Accounts
Aligned wordings on management’s responsibilities to the auditor’s opinion.
Change in assumptions relating to “Other Information” (OI)
1E – Branch of foreign bank
Amended assumptions for clarity.
As it is common to include the Branch manager’s statement, the assumptions on OI and OI section have been updated.
Alignment between Charities (CLG) report wordings and Charity (Society) wordings
1H – Charity (Society)
Amended Charity (Society) report to be in line with wordings of Charity (CLG) report.
New financial reporting framework – SFRS(I)s
Added references to SFRS(I)s.
Please click here for the updated Statement.