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Welcome to the ASC website

The Accounting Standards Act was passed in Parliament on 27 Aug 2007 and the Act came into effect on 1 Nov 2007. With the enactment of the Accounting Standards Act, the Accounting Standards Council (ASC) took over the task of prescribing accounting standards from the Council on Corporate Disclosure and Governance (CCDG). In addition to prescribing accounting standards for companies, the ASC will also prescribe accounting standards for charities, co-operative societies and societies. The creation of the ASC is a positive step towards ensuring consistency in accounting standards, facilitating comparison of financial statements between different entities and enhancing the credibility and transparency of financial reporting.

The ASC is responsible only for the formulation and promulgation of accounting standards. The monitoring and enforcement of compliance with accounting standards will remain the prerogative of the respective regulators, viz. ACRA for companies, Commissioner of Charities for charities, Registrar of Co-operative societies for co-operative societies and Registrar of Societies for societies.

  Latest News >>
1 August 2014

The IASB has issued the final version of IFRS 9 Financial Instruments to replace IAS 39 Financial Instruments: Recognition and Measurement. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single forward-looking 'expected loss' impairment model and a substantially-reformed approach to hedge accounting. In addition, IFRS 9 addresses the 'own credit' issue by removing the volatility in profit or loss that was caused by changes in an entity's own credit risk on liabilities elected to be measured at fair value.

IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. IFRS 9 permits the early application of the 'own credit' changes in isolation without any other changes in the accounting for financial instruments.

Please click here for more information.

4 July 2014

The IASB has issued amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture for bearer plants on 30 June 2014.

IAS 41 currently requires all biological assets related to agricultural activity to be measured at fair value less costs to sell based on the principle that the biological transformation that these assets undergo during their lifespan is best reflected by fair value measurement. However, there is a subset of biological assets, known as bearer plants, which are used solely to grow produce over several periods. Once a bearer plant is mature, apart from bearing produce, its biological transformation is no longer significant in generating future economic benefits. The only significant future economic benefits it generates come from the agricultural produce that it creates.

The IASB decided that bearer plants should be accounted for in the same way as property, plant and equipment in IAS 16, because their operation is similar to that of manufacturing. Consequently, the amendments include them within the scope of IAS 16, instead of IAS 41. The produce growing on bearer plants will remain within the scope of IAS 41.

Entities are required to apply the amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted.

Please click here for more information.

23 June 2014 The ASC has issued FRS 114: Regulatory Deferral Accounts, effective for annual periods beginning on or after 1 January 2016.
17 June 2014

The IASB has issued the Exposure Draft ED/2014/2 Investment Entities: Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28). Comments should be submitted to the ASC no later than 1 August 2014.

5 June 2014 Revenue recognition: At last, a common universal language for top line reporting

The staff of the ASC has written an article on IFRS 15 Revenue from Contracts with Customers to outline key areas that may have significant impact on entities in Singapore. Please click here for the article.

5 June 2014

The IASB and the US FASB have jointly issued the highly anticipated new converged standard on revenue recognition. IFRS 15 Revenue from Contracts with Customers, which replaces IAS 18 Revenue, IAS 11 Construction Contracts and related Interpretations, is expected to improve the financial reporting of revenue and improve comparability of the top line in financial statements globally.

IFRS 15 is effective for annual periods beginning on or after 1 January 2017, with earlier application permitted.

Please click here for more information.

29 May 2014

The ASC announced today that Singapore-incorporated companies listed on Singapore Exchange will apply a new financial reporting framework identical to the International Financial Reporting Standards in 2018. Click here for the press release.

29 May 2014

Mr Michael Lim, Chairman of the ASC, delivered the keynote speech at the IFRS Foundationís Asia-Oceania IFRS Conference in Singapore. Click here for the keynote speech.

15 May 2014

The IASB has published amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets.

The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset.

The IASB also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. This presumption, however, can be rebutted in certain limited circumstances.

An entity shall apply those amendments prospectively in annual periods beginning on or after 1 January 2016. Earlier application is permitted.

Please click here for more information.

9 May 2014

The IASB has issued amendments to IFRS 11 Joint Arrangements.

IFRS 11 addresses the accounting for interests in joint ventures and joint operations. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions.

An entity shall apply those amendments prospectively in annual periods beginning on or after 1 January 2016. Earlier application is permitted.

Please click here for more information.

6 May 2014 Register now: IFRS Foundation Conference: Singapore - 29 and 30 May 2014

With less than a month to go, stakeholders in the financial reporting space are strongly encouraged not to miss this internationally renowned Conference. Please click on this link for further details on the conference and registration.

24 April 2014

The IASB has published a Discussion Paper DP/2014/1 Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging which explores an approach to better reflect entitiesí dynamic risk management activities in their financial statements, otherwise known as macro hedging. Comments should be submitted to the ASC no later than 5 September 2014.

27 March 2014

The IASB has issued the Exposure Draft ED/2014/1 Disclosure Initiative (Proposed amendments to IAS 1). Comments should be submitted to the ASC no later than 18 June 2014.

14 March 2014 IFRS Foundation Conference: Singapore - 29 and 30 May 2014

The ASC is pleased to be the strategic partner of the IFRS Foundation in the upcoming Asia-Oceania IFRS Conference in Singapore that will be held on 29 and 30 May 2014. Stakeholders in the financial reporting space are strongly encouraged to join this internationally renowned Conference. Please click on this link for further details on the conference and registration.

28 February 2014

The collection of FRSs and INT FRSs that is required to be applied for annual periods beginning on 1 January 2014, is now available.

This collection includes official pronouncements that have been issued by the ASC up to 31 December 2013, but does not include new/revised/amendments to FRSs and INT FRSs which are effective for annual periods beginning after 1 January 2014.

11 February 2014 The ASC has issued Improvements to FRSs (February 2014). The effective date of each amendment is included in the issued document.
6 February 2014

The IASB has issued an interim Standard, IFRS 14 Regulatory Deferral Accounts on 30 January 2014.

The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. IFRS 14 permits first-time adopters to continue to recognise amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS, and requires that the effect of rate regulation to be presented separately from other items. An entity that already presents IFRS financial statements is not eligible to apply the Standard.

IFRS 14 Regulatory Deferral Accounts is effective from 1 January 2016, with earlier application permitted.

Please click here for more information.
30 January 2014 The IASB has issued a Request for Information (RFI): Post-implementation Review: IFRS 3 Business Combinations. Comments should be submitted to the ASC no later than 15 April 2014.
29 January 2014

The ASC has issued Amendments to FRS 19: Defined Benefit Plans: Employee Contributions, effective for annual periods beginning on or after 1 July 2014.

29 January 2014

The ASC has issued Improvements to FRSs (January 2014). The effective date of each amendment is included in the issued document.

17 December 2013

The IASB has issued Annual Improvements to IFRSs 2010–2012 Cycle and Annual Improvements to IFRSs 2011–2013 Cycle on 12 December 2013.

The IASB uses the Annual Improvements process to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of any other project. By presenting the amendments in the form of a single document rather than as a series of piecemeal changes, the IASB aims to ease the burden of change for all concerned.

The effective date of each amendment is included in the IFRSs affected.

Please click here for more information.

17 December 2013 The IASB has issued the Exposure Draft ED/2013/11 Annual Improvements to IFRSs 2012-2014 Cycle. Comments should be submitted to the ASC no later than 7 February 2014.
3 December 2013 Mr Michael Lim re-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.
3 December 2013 The IASB has issued the Exposure Draft ED/2013/10 Equity Method in Separate Financial Statements (Proposed amendments to IAS 27). Comments should be submitted to the ASC no later than 10 January 2014.
25 November 2013

Narrow-scope amendments to IAS 19 Employee Benefits

The IASB has issued Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) on 21 November 2013.

The narrow scope amendments apply to contributions from employees or third parties to defined benefit plans, and would simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary.

The amendments are effective from 1 July 2014 with earlier application permitted.

Please click here for more information.

25 November 2013

IASB completes important steps in reform of financial instruments accounting

The IASB announced the completion of a package of amendments to the accounting requirements for financial instruments on 19 November 2013. The amendments:

  1. bring into effect a substantial overhaul of hedge accounting that will allow entities to better reflect their risk management activities in the financial statements;

  2. allow the changes to address the so-called 'own credit' issue that were already included in IFRS 9 Financial Instruments to be applied in isolation without the need to change any other accounting for financial instruments; and

  3. remove the 1 January 2015 mandatory effective date of IFRS 9, to provide sufficient time for preparers of financial statements to make the transition to the new requirements.

Please click here for more information.

8 October 2013 The IASB has issued the Exposure Draft ED/2013/9 Proposed amendments to the International Financial Reporting Standard for Small and Medium- sized Entities (IFRS for SMEs). Comments should be submitted to the ASC no later than 3 January 2014.
23 September 2013 The ASC has issued Amendments to FRS 39: Novation of Derivatives and Continuation of Hedge Accounting, effective for annual periods beginning on or after 1 January 2014.
6 September 2013 ASC-IASB Forum on Revenue Recognition
The ASC is partnering the IASB to organise a forum on the upcoming new standard on Revenue Recognition in Singapore on 1 October 2013. Please click on this link for further details on the forum and registration, which should be submitted by 13 September 2013.
6 September 2013 ASC-IASB Forum on Leases
The ASC is partnering the IASB to organise a forum on the revised exposure draft on Leases in Singapore on 2 October 2013. Please click on this link for further details on the forum and registration, which should be submitted by 13 September 2013.
26 July 2013 Lease accounting: Bygone days of off-balance sheet financing?
In May 2013, the IASB issued the highly anticipated revised proposal to revolutionise lease accounting, potentially affecting entities across industries. This latest shot to overhaul one of the oldest accounting standard promises better insight into lessees' leverage and lessors' exposure to risks.

The staff of the ASC has written an article on the revised proposal that aims to stimulate stakeholders' analysis. Please click here for the article.

Stakeholders have a role in shaping accounting standard developments and are strongly encouraged to provide comments to the ASC by 15 August 2013.
26 July 2013 The ASC and the IASB will be holding an outreach on the revised proposals for insurance contracts accounting in Singapore on 19 August 2013. The ASC and the IASB would like to invite interested stakeholders to participate at the outreach. Please click on this link for further details on registration, which should be submitted by 30 July 2013.
22 July 2013

The IASB has issued the Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting. Comments should be submitted to the ASC no later than 1 November 2013.

18 July 2013 The ASC has issued Amendments to FRS 36: Recoverable Amount Disclosures for Non-Financial Assets, effective for annual periods beginning on or after 1 January 2014.
18 July 2013 The ASC has issued INT FRS 121 Levies, effective for annual periods beginning on or after 1 January 2014.
3 July 2013 The IASB and FASB will be holding a round-table meeting on their revised joint proposals on leases in Singapore on 4 October 2013. Interested parties can register with the IASB to attend the meeting as a participant or as an observer by 12 August 2013 (Monday).
28 June 2013

The IASB has issued Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) on 27 June 2013.

The narrow-scope amendments will allow hedge accounting to continue in a situation where a derivative, which has been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a result of laws or regulation, if specific conditions are met. Similar relief will be included in IFRS 9 Financial Instruments. This amendment is effective for annual periods beginning on or after 1 January 2014.

Please click here for more information.

28 June 2013 The IASB has issued the Exposure Draft ED/2013/7 Insurance Contracts. Comments should be submitted to the ASC no later than 12 September 2013.
28 June 2013 The IASB has issued the Exposure Draft ED/2013/8 Agriculture: Bearer Plants. Comments should be submitted to the ASC no later than 12 Sept 2013.
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.
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.
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.
31 January 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.

 
Last reviewed on 01 August 2014
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