| 11 June 2013 |
The IASB has issued Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) on 29 May 2013.
These narrow-scope amendments to IAS 36 Impairment of Assets address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. The amendments are effective for annual periods beginning on or after 1 January 2014.
Please click here for more information. |
| 10 June 2013 |
Contemporary Issues in Accounting Conference 2013: Leases & Revenue
The Accounting Standards Council (ASC), in partnership with the Nanyang Business School at Nanyang Technological University will be hosting the above conference on 19 July 2013 at the Mandarin Orchard Hotel.
A new exposure draft on leases has been issued recently and the new revenue standard is expected to be issued by the third quarter of 2013. The conference aims to examine what lies ahead in the accounting for leases and revenue, and also present the perspectives from academia, the ASC, industry and practitioners on these topics. For more information on the conference and for registration, please click on the following website. |
| 21 May 2013 |
The IASB has issued IFRIC Interpretation 21: Levies on 20 May 2013.
IFRIC 21, an Interpretation on the accounting for levies imposed by governments, clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. IFRIC 21 is effective for annual periods beginning on or after 1 January 2014.
Please click here for more information. |
| 17 May 2013 |
The IASB has issued the Exposure Draft ED/2013/6 Leases. Comments should be submitted to the ASC no later than 19 July 2013.
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| 10 May 2013 |
The IASB has launched a survey for financial statement users on Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)). This survey is designed to provide the IASB with feedback on its proposed changes to the classification and measurement of financial assets so as to determine if its proposed changes will provide more useful information to users of financial statements. Responses to the survey must be submitted to the IASB by 31 May 2013.
To access the survey click here. |
| 29 Apr 2013 |
The IASB has issued the Exposure Draft ED/2013/5 Regulatory Deferral Accounts.
Comments should be submitted to the ASC no later than 19 July 2013.
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| 3 April 2013 |
The IASB has issued a Request for Information (RFI): Rate Regulation. Comments should be submitted to the ASC no later than 10 May 2013. |
| 26 March 2013 |
The IASB has issued the Exposure Draft ED/2013/4 Defined Benefit Plans: Employee Contributions (Proposed amendments to IAS 19). Comments should be submitted to the ASC no later than 31 May 2013. |
| 8 March 2013 |
The IASB has issued the Exposure Draft ED/2013/3 Financial Instruments: Expected Credit Losses. Comments should be submitted to the ASC no later than 3 June 2013. |
| 04 March 2013 |
The IASB has issued the Exposure Draft ED/2013/2 Novation of Derivatives and Continuation of Hedge Accounting (Proposed amendments to IAS 39 and IFRS 9). Comments should be submitted to the ASC no later than 11 March 2013. |
| 04 February 2013 |
The ASC has issued Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities, effective for annual periods beginning on or after 1 January 2014. |
| 23 January 2013 |
The IASB has issued the Exposure Draft ED/2013/1 Recoverable Amount Disclosures for Non-Financial Assets (Proposed Amendments to IAS 36). Comments should be submitted to the ASC no later than 18 February 2013. |
| 15 January 2013 |
The collection of FRSs and INT FRSs that is required to be applied for annual period beginning on 1 January 2013, is now available. Click here and here for the FRSs and INT FRSs, respectively.
This collection includes official pronouncements that have been issued by the ASC up to 31 December 2012 but does not include new/revised/amendments to FRSs and INT FRSs with an effective date after 1 January 2013, which can be found here and here, respectively. |
| 18 December 2012 |
The IASB has issued the Exposure Draft ED/2012/6 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Proposed amendments to IFRS 10 and IAS 28). Comments should be submitted to the ASC no later than 15 February 2013. |
| 18 December 2012 |
The IASB has issued the Exposure Draft ED/2012/7 Acquisition of an Interest in a Joint Operation (Proposed amendment to IFRS 11). Comments should be submitted to the ASC no later than 15 February 2013. |
| 5 December 2012 |
The IASB has issued the Exposure Draft ED/2012/5 Clarification of Acceptable Methods of Depreciation and Amortisation (Proposed amendments to IAS 16 and IAS 38). Comments should be submitted to the ASC no later than 8 February 2013. |
| 4 December 2012 |
The IASB has issued the Exposure Draft ED/2012/4 Classification and Measurement : Limited Amendments to IFRS 9 (Proposed amendments to IFRS9 (2010)). Comments should be submitted to the ASC no later than 1 February 2013. |
| 23 November 2012 |
The IASB has issued the Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes (Proposed amendments to IAS 28). Comments should be submitted to the ASC no later than 25 January 2013. |
| 21 November 2012 |
The IASB has issued the Exposure Draft ED/2012/2 Annual Improvements to IFRSs 2011 – 2013. Comments should be submitted to the ASC no later than 28 December 2012. |
| 20 November 2012 |
The IASB has issued Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) on 31 October 2012.
The Investment Entities amendments provide an exception to the consolidation requirements in IFRS 10 and require investment entities as defined in the amendments to measure particular subsidiaries at fair value through profit or loss, rather than consolidate them. The amendments also set out disclosure requirements for investment entities.
Please click here for more information. |
| 5 November 2012 |
Invitation to Comment : Proposal to Establish an Accounting Standards Advisory Forum. Comments should be submitted to the ASC no later than 27 November 2012. |
| 13 September 2012 |
The IASB has posted a draft of the forthcoming general hedge accounting requirements that will be added to IFRS 9 Financial Instruments on its website on 7 September 2012.
The IASB is not seeking comments on the draft, which is being made available for information purposes to enable constituents to familiarise themselves with the document. The draft will remain on the IASB website until early December 2012 after which time the IASB intends to proceed to finalise the draft document.
Click here for the draft requirements. |
| 6 September 2012 |
The ASC has issued amendments to the transition guidance of FRS 110 Consolidated Financial Statements, FRS 111 Joint Arrangements and FRS 112 Disclosure of Interests in Other Entities, effective for annual periods beginning on or after 1 January 2014. |
| 31 August 2012 |
The ASC allows more time for the implementation of FRS 110 Consolidated Financial Statements, FRS 111 Joint Arrangements, FRS 112 Disclosure of Interests in Other Entities, FRS 27 Separate Financial Statements and FRS 28 Investments in Associates and Joint Ventures (collectively the Relevant Standards). The mandatory effective date of the Relevant Standards has been revised from annual periods beginning on or after 1 January 2013 to annual periods beginning on or after 1 January 2014. Earlier application of these standards continues to be permitted, subject to the requirements of earlier application as set out in these standards. Click here for the press release and click here for the amendments.
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| 21 August 2012 |
The ASC has issued amendments to FRS 101 – Government Loans, effective for annual periods beginning on or after 1 January 2013.
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| 16 August 2012 |
The ASC has issued amendments to FRSs - Improvements to FRSs 2012, effective for annual periods beginning on or after 1 January 2013.
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| 16 August 2012 |
The ASC has issued two Questions and Answers (Q&A) to provide non-mandatory guidance on the implementation of the Singapore Financial Reporting Standard for Small Entities:
- Q&A No. 3 Application of ‘undue cost or effort’
- Q&A No. 4 Recycling of cumulative exchange differences on disposal of a subsidiary
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| 10 August 2012 |
The IFRS Foundation has published for public comment a drafting review of the IFRS Foundation Constitution. Comments should be submitted to the ASC no later than 28 September 2012.
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| 24 Jul 2012 |
The IASB has issued a Request for Information: Post-implementation Review - IFRS 8 Operating Segments. Comments should be submitted to the ASC no later than 28 September 2012.
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| 6 July 2012 |
The IASB has issued the Request for Information: Comprehensive Review of the IFRS for SMEs. Comments should be submitted to the ASC no later than 28 September 2012.
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| 4 June 2012 |
The IFRS Interpretations Committee has issued the draft IFRIC Interpretation DI/2012/1 Levies Charged by Public Authorities on Entities that Operate in a Specific Market. Comments should be submitted to the ASC no later than 4 July 2012.
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| 4 June 2012 |
The IFRS Interpretations Committee has issued the draft IFRIC Interpretation DI/2012/2 Put Options Written on Non-controlling Interests. Comments should be submitted to the ASC no later than 4 July 2012.
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| 23 May 2012 |
The Trustees of the IFRS Foundation published an updated version of the IFRS Foundation Due Process Handbook (the “Handbook”). The ASC would like to invite your comments to the Handbook. Comments should be submitted to the ASC no later than 1 August 2012.
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| 7 May 2012 |
The IASB has issued the Exposure Draft ED/2012/1 Annual Improvements to IFRSs 2010 – 2012. Comments should be submitted to the ASC no later than 22 June 2012.
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| 19 April 2012 |
The ASC has issued two Questions and Answers (Q&A) to provide non-mandatory guidance on the implementation of the Singapore Financial Reporting Standard for Small Entities:
- Q&A No. 1 Entities that typically have public accountability
- Q&A No. 2 Interpretation of ‘traded in a public market’ in applying the SFRS for SE.
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| 10 April 2012 |
The ASC has made editorial amendments to: (1) Footnote 3 in the ASC Statement on Applicability for SFRS for SE (page 2) and (2) Footnote 5 in the glossary of terms of the SFRS for SE (page 189) to clarify that money changers, financial advisers, insurance brokers, captive insurers and Lloyds Asia Scheme service companies are permitted to use the SFRS for SE only if they meet all the qualifying criteria as prescribed by the ASC. |
| 9 April 2012 |
The ASC has issued INT FRS 120 Stripping Costs in the Production Phase of a Surface Mine. An entity shall apply the Interpretation for annual periods beginning on or after 1 January 2013. Click here to read more. |
| 26 March 2012 |
The ASC has issued amendments to FRS 32 and FRS 107 – Offsetting of Financial Assets and Financial Liabilities, effective for annual periods beginning on or after 1 January 2014 and 1 January 2013 respectively. |
| 2 March 2012 |
The Accounting Standards Council completes its review of the plans for full convergence with the International Financial Reporting Standards for Singapore listed companies. |
| 16 January 2012 |
IFRS Foundation Trustees and representatives from the Singapore Accounting Standards Council and local business community meet to discuss financial reporting matters. |
| 22 December 2011 |
The IASB has issued the Exposure Draft ED/2011/7 Transition Guidance (Proposed amendments to IFRS 10). Comments should be submitted to the ASC no later than 31 January 2012. |
| 20 December 2011 |
Mr Michael Lim appointed as Chairman of the Accounting Standards Council. Click here for the press release issued by the Ministry of Finance. The composition of the Council can also be found here. |
| 12 December 2011 |
The IASB will be holding a public round-table on Request for Views Agenda Consultation 2011 in Singapore on 13 Jan 2012. Interested parties can register with the IASB to attend the meeting as a participant or as an observer by 21 Dec 2011 (Wednesday). |
| 5 December 2011 |
The SME Implementation Group (SMEIG) has published two draft Questions & Answers on the IFRS for Small and Medium sized Entities. Comments should be submitted to the ASC no later than 20 December 2011. |
| 1 December 2011 |
The ASC has submitted comments on Request for Views: IASB Agenda Consultation 2011 in November 2011. |
| 30 November 2011 |
The ASC has submitted comments on the Draft Q&As on IFRS for SMEs issued by the SMEIG in September 2011. |
| 17 November 2011 |
The IASB has issued the Exposure Draft ED2011/6 Revenue from Contracts with Customers. Comments should be submitted to the ASC no later than 13 February 2012. |
| 1 November 2011 |
The IASB has issued the Exposure Draft ED2011/5 Government loans – Proposed amendments to IFRS 1. Comments should be submitted to the ASC no later than 25 November 2011. |
| 30 September 2011 |
The IASB has issued the draft Q&As on 5 issues relating to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities. Comments should be submitted to the ASC no later than 28 Oct 2011. |
| 20 September 2011 |
The ASC has issued Amendments to FRS 1 – Presentation of Items of Other Comprehensive Income, effective for annual periods beginning on or after 1 July 2012. |
| 20 September 2011 |
The ASC has issued FRS 19 Employee Benefits, FRS 27 Separate Financial Statements, FRS 28 Investments in Associates and Joint Ventures, FRS 110 Consolidated Financial Statements, FRS 111 Joint Arrangements, FRS 112 Disclosure of Interests in Other Entities and FRS 113 Fair Value Measurement, effective for annual periods beginning on or after 1 January 2013. |
| 20 September 2011 |
The IASB has issued the Exposure Draft ED2011/4 Investment Entities. Comments should be submitted to the ASC no later than 28 October 2011. |
| 8 August 2011 |
The IASB has launched a public consultation on its future work programme. Comments should be submitted to the ASC no later than 16 September 2011. |
| 8 August 2011 |
The IASB has issued the Exposure Draft ED/2011/3 Mandatory Effective Date of IFRS 9. Comments should be submitted to the ASC no later than 26 August 2011. |
