Call for research proposals to inform the IASB’s planned post-implementation reviews of 3 IFRS Standards
On or about 12 February 2021, the IFRS Foundation invites academic proposals for research projects relating to the application of the disclosure requirements in IFRS 15 Revenue from Contracts with Customers or the application of the disclosure requirements in IFRS 7...
IASB issued narrow-scope amendments to IAS 1 and IFRS Practice Statement 2 and IAS 8
On or about 12 February 2021, the International Accounting Standards Board (IASB) has issued a narrow-scope amendments to the IFRS Standards. The amendments will help companies: improve accounting policy disclosures so that they provide more useful information to...
IASB amends IFRS Standards to improve accounting policy disclosures and accounting estimates
On or about 12 February 2021, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to the IFRS Standards to improve accounting policy disclosures and distinguish changes in accounting estimates from changes in accounting policies. The...
ISCA Support Fund to help SMPs post-Covid-19
On or about 7 Feb 2021, the Institute of Singapore Chartered Accountants (ISCA) has set up the ISCA Support Fund, worth $8 million, to help the accountancy profession and small and medium practices (SMPs) and small- and medium-sized accounting firms build resilience...
Advance Ruling Summary on Remittance rules under s 10(25)
On or about 1 Feb 2021, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 2/2021 with regards to "Trigger point on the remittance rules under section 10(25) of the Income Tax Act ". The subject was whether the use...
December 2020 Accounting Standards Advisory Forum meeting summary available
On or about 19 Jan 2021, the International Financial Reporting Standards (IFRS) released the meeting summary from the Accounting Standards Advisory Forum meeting which was held on 10 December 2020. The topics for discussion were: Rate-regulated...
Educational material to support companies in applying going concern requirements
On or about 13 January 2021, the IFRS Foundation has published an educational material to support consistent application of IFRS Standards, brings together the requirements in IFRS Standards relevant for going concern assessments, and does not change, or add to,...
Advance Ruling Summary on “Related party for Singapore transfer pricing purposes”
On or about 4 Jan 2021, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 1/2021 with regards to "Related party for Singapore transfer pricing purposes". The subject was whether Company A (“Co A”) is considered a...
IFRS Taxonomy Update—Interest Rate Benchmark Reform—Phase 2
In December 2020, the International Accounting Standards Board (Board) issued IFRS Taxonomy 2020—Update 2 Interest Rate Benchmark Reform—Phase 2. This Update includes IFRS Taxonomy elements to reflect the new disclosure requirements introduced by Interest Rate...
IASB proposes to amend IFRS 16 Leases to clarify the measurement of lease liabilities in sale and leaseback transactions
On or about 27 November 2020, the International Accounting Standards Board (IASB) has proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Sale and leaseback transactions are transactions for...