Public Consultation on Proposed Framework for Differential
Reporting
INTRODUCTION
In 2008, the ASC formed a dedicated taskforce
to consider the issue of differential reporting for SMEs, and how
it could be applied in Singapore if considered appropriate. Differential
reporting is the notion that some entities should be allowed to
depart from particular requirements of accounting standards or entire
accounting standards in preparing their financial statements. The
Taskforce members are:
|
Chairman: |
Ms Chen Yew Nah, DP Information Group |
Members: |
Mr Gurdip Singh, Crescendas MEC (S) Pte Ltd
Mr Voo Hui Ming, SPRING
Mr William Chia Soon Hin, UOB
Mr Lee Kok Hooi, PricewaterhouseCoopers
Mr Ow Fook Chuen, ACRA |
BACKGROUND
2. The objective of financial statements is to
provide useful information about an entity’s financial position,
performance and any changes of these to a wide range of users, e.g.
creditors, suppliers, shareholders. It is thus important that financial
statements should be prepared according to the highest standards
to ensure the accuracy and relevance of the information reflected
in the financial statements. Currently, all Singapore-incorporated
companies, regardless of their size or the level of public interest
in them, are required to prepare accounts in accordance with the
Financial Reporting Standards (FRS) issued by the ASC.
SCOPE OF THE CONSULTATION EXERCISE
3. The Taskforce would like to invite the business
community, professionals, academics and all interested persons to
comment on its preliminary views regarding having a differential
reporting framework for Small and Medium Sized Entities in Singapore.
GUIDELINES
4. We seek your full support to ensure that the
consultation exercise is productive and focused. Respondents are
requested to follow these guidelines:
- Please identify yourself and the organisation you represent
(if any) so that we may follow up to clarify any issues, if necessary.
- Make your comments clear and concise.
- Please use the prescribed
template (word) (pdf) provided to help us understand your feedback better.
- If necessary, you can explain your points with illustrations,
examples, data etc.
PERIOD OF CONSULTATION
5. The Taskforce’s consultation paper on
proposed framework for differential reporting is available for public
consultation from 13 May 2008 to 30 June 2008. Comments received
after 30 June 2008 may not be considered by the ASC.
FEEDBACK CHANNELS
6. Please send us your comments, by:
a) email to MOF_Feedback_ASC@mof.gov.sg; or |
b) fax to 6337 4134; or |
c) post to: |
Ministry of Finance
100 High Street, #06-01
The Treasury
Singapore 179434.
|
We would encourage comments through email as they
will reach us faster and speed up the process of consideration.
DOCUMENTS TO DOWNLOAD
7. For your convenience, the relevant documents
relating to this public consultation exercise can be downloaded
for further reference. |
