Local News - Current

04 Dec 2019
The ASC has issued Amendments to SFRS(I) 9, SFRS(I) 1-39 and SFRS(I) 7: Interest Rate Benchmark Reform and Amendments to FRS 109, FRS 39 and FRS 107: Interest Rate Benchmark Reform, effective for annual reporting periods beginning on or after 1 January 2020.
28 Nov 2019
The ASC has submitted its comment letter to the IASB on ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2).
01 Nov 2019
The ASC has submitted its comment letter to the IASB on ED/2019/5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12).
30 Oct 2019
The Minister for Finance has re-appointed Mr Kevin Kwok as Chairman of the ASC for a one-year term from 1 November 2019. The Minister has also appointed Mr Quek See Tiat for a two-year term, as Chairman-Designate in his first year and as Chairman in his second year. In addition, Mr Cheung Pui Yuen (Deputy Chairman) and nine other members have been re-appointed, and two new members have been appointed, for terms until 31 October 2021. The composition of the newly appointed Council can be found here. Click here for the press release issued by the Ministry of Finance.
21 Oct 2019
Outreach Events for Singapore Stakeholders
The ASC and the Institute of Singapore Chartered Accountants jointly organised stakeholder outreach events on Dynamic Risk Management and Amendments to IFRS 17 Insurance Contracts on 21 October 2019. These topics are active projects of the International Accounting Standards Board (IASB) that are of interest to Singapore stakeholders. The outreach events provided an excellent opportunity for Singapore stakeholders to interact directly with Mr Darrel Scott, an IASB member. Please click here for the details.
14 Oct 2019
The ASC has submitted its comment letter to the SMEIG on Draft Q&A Section 35, Issue 1 Application of the undue cost or effort exemption for investment property on transition to the IFRS for SMEs Standard.
02 Oct 2019
The ASC has submitted its comment letter to the IASB on ED/2019/4 Amendments to IFRS 17.
18 Sep 2019
The ASC has submitted its comment letter to the IASB on ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3).
20 Aug 2019
The ASC has submitted its comment letter to the IASB on ED/2019/2 Annual Improvements to IFRS Standards 2018–2020.
14 Aug 2019
The ASC invites comments on Draft Q&A Section 35, Issue 1 Application of the undue cost or effort exemption for investment property on transition to the IFRS for SMEs Standard by 11 September 2019.
02 Aug 2019
The ASC invites comments on Exposure Draft ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2) by 18 October 2019.
01 Aug 2019
The ASC has submitted its comment letter to the Due Process Oversight Committee on Exposure Draft Proposed amendments to the IFRS Foundation Due Process Handbook.
22 Jul 2019
The ASC invites comments on Exposure Draft ED/2019/5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12) by 11 October 2019.
27 Jun 2019
The ASC invites comments on Exposure Draft ED/2019/4 Amendments to IFRS 17 by 16 August 2019.
18 Jun 2019
The ASC has submitted its comment letter to the IASB on ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39).
04 Jun 2019
The ASC invites comments on Exposure Draft ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3) by 16 August 2019.
22 May 2019
The ASC invites comments on Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018–2020 by 12 July 2019.
03 May 2019
The ASC invites comments on Exposure Draft ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39) by 24 May 2019.
03 May 2019
The ASC invites comments on Exposure Draft Proposed amendments to the IFRS Foundation Due Process Handbook by 28 June 2019.
22 Apr 2019
The ASC has submitted its comment letter to the IASB on ED/2018/2 Onerous Contracts - Cost of Fulfilling a Contract (Proposed amendments to IAS 37).
11 Mar 2019
The ASC has issued Amendments to SFRS(I) 3: Definition of a Business and Amendments to FRS 103: Definition of a Business, effective for annual reporting periods beginning on or after 1 January 2020.
11 Mar 2019
The ASC has issued Amendments to SFRS(I) 1-1 and SFRS(I) 1-8: Definition of Material and Amendments to FRS 1 and FRS 8: Definition of Material, effective for annual reporting periods beginning on or after 1 January 2020.
30 Jan 2019
2019 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2019. The collections include official pronouncements that have been issued by the ASC up to 31 December 2018, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2019.
14 Jan 2019
The ASC has issued the revised SFRS(I) and FRS Conceptual Framework for Financial Reporting (Conceptual Framework), together with the Amendments to References to the Conceptual Framework in SFRS(I) Standards and Amendments to References to the Conceptual Framework in FRS Standards (collectively, the Amendments). The Conceptual Framework is not a Standard and does not override any requirement in a Standard. The Amendments are effective for annual reporting periods beginning on or after 1 January 2020.
09 Jan 2019
The ASC has submitted its comment letter to the IASB on DP/2018/1 Financial Instruments with Characteristics of Equity.