On or about 18 September 2017, the Accounting Standards Council (ASC) Singapore has issued INT FRS 123 Uncertainty over Income Tax Treatments came into effect on 1 January 2019, which clarifies the accounting recognition and measurement requirements for uncertainties in applying FRS 12 Income Taxes.
The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under FRS 12.
The transition requirements are applied by recognising the cumulative effect of initially applying them in retained earnings, or in other appropriate components of equity, at the start of the reporting period in which an entity first applies them, without adjusting comparative information. Full retrospective application is permitted, if an entity can do so without using hindsight.
Source: ASC, 2 February 2019