On 9 March 2018, the Accounting Standards Council (ASC) issued Annual Improvements to Singapore Financial Reporting Standards (International) 2015–2017 Cycle and Improvement to Financial Reporting Standards (FRSs) (March 2018) which are effective for annual periods beginning on or after 1 January 2019, with earlier application permitted.
The Annual Improvements to SFRS(I)s 2015–2017 Cycle issued to covers an amendments to four SFRS(I) Standards:
|
Standard |
Subject of amendment |
|
SFRS(I) 3 Business Combinations |
Previously held interest in a joint operation |
|
SFRS(I) 11 Joint Arrangements |
|
|
SFRS(I) 1-12 Income Taxes |
Income tax consequences of payments on financial instruments classified as equity |
|
SFRS(I) 1-23 Borrowing Costs |
Borrowing costs eligible for capitalisation |
The Improvement to Financial Reporting Standards (FRSs) (March 2018) sets out amendments to the four FRS Standards:
|
Standard |
Subject of amendment |
|
FRS 103 Business Combinations |
Previously held interest in a joint operation |
|
FRS 111 Joint Arrangements |
|
|
FRS 12 Income Taxes |
Income tax consequences of payments on financial instruments classified as equity |
|
FRS 23 Borrowing Costs |
Borrowing costs eligible for capitalisation |
Source: ASC, 10 March 2018