On 2 April 2018, the Accounting Standard Council (ASC) has issued Singapore Financial Reporting Standards (International) (SFRS(I)) 17 Insurance Contracts and Financial Reporting Standard (FRS) 117 Insurance Contracts.
The objective of SFRS(I) 17 and FRS 117 is to ensure that entities provides relevant information that faithfully represent those contracts.
SFRS(I) 17 is equivalent to IFRS 17 Insurance Contracts and entity that complies with SFRS(I) 17 can simultaneously comply with IFRS 17.
While FRS 117 is effective for annual reporting periods beginning on or after 1 January 2021. Earlier application is permitted. FRS 117 supersedes FRS 104 Insurance Contracts.
More information can be viewed from the ASC website.
Source: ASC, 1 April 2018