Singapore Financial Reporting Standards (International)
The ASC has issued the first volume of Singapore Financial Reporting Standards (International) (SFRS(I)s on 29 December 2017, the Singapore equivalent to the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board...
Amendments to FRS 109 and FRS 28
ASC has issued Amendments to the following Singapore financial reporting standards (FRSs) on 29 December 2017: FRS 109 Financial Instruments: The amendments deal with the transition requirements for prepayment features with negative compensation. FRS 28 Investments in...
ACRA’S FRSP Guide on Review Procedures and Practice Guidance No 1 of 2018
The Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (“FRSP”) to guide companies to meet the requirements in the prescribed accounting standards in Singapore for their financial reporting. ACRA has...
Financial Instruments (Part 2): FRS 39 Tax Treatment
OVERVIEW OF FRS 39 Classifications of financial instruments (a) FRS 39 has 4 clearly defined categories of financial assets: (a) Financial assets at fair value through profit or loss; - Held for trading; - Designated as at fair value through profit or loss; (b) ...
Financial Instrument (Part 1) – Pre-FRS 39 Tax Treatment
Accounting for Financial Instruments The accounting treatment for financial assets and financial liabilities is governed under the Singapore Financial Reporting Standards (SFRS) or the Financial Reporting Standard for Small Entities (SFRS for Small Entities) for...
Revenue – The 5-Step Model of New Revenue Standard (Part 6)
Step 5 Recognise revenue when performance obligation is satisfied 9.1 Step 5 is to determine the appropriate method of revenue recognition when (or as) the entity satisfies performance obligations at a point in time or over time. 9.2 An entity shall recognise...
Enhanced Auditor Reporting – Implementation of New and Revised Standards: FAQs
The Institute of Singapore Chartered Accountants (ISCA) had issued the new and revised auditor reporting standards in July 2015, which are effective for audits of financial statements for periods ended on or after 15 December 2016. ISCA has now developed a publication...
Q&A Guidance on the IFRS for SMEs Standard
The International Reporting Standards (IFRS) has published a guidance on the IFRS for the SMEs Standard on 14 December 2017. The guidance was developed by the SME Implementation Group. This guidance is in the form of a question-and-answer document (Q&A) and...
Tools available to insurers in implementing IFRS 17
In 2021, insurers will apply the new accounting requirements in IFRS 17 Insurance Contracts. Implementing IFRS 17 represents fundamental changes for some insurers. It is the first time an IFRS Standard has prescribed the measurement of insurance contracts. Because...
Revenue – The 5-Step Model of New Revenue Standard (Part 5)
Step 4 Allocate transaction price to separate performance obligations 8.1 Step 4 is to allocate the transaction price to the separate performance obligations on a relative stand-alone selling price basis under the contract. One exception is permitted: If specified...