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.