Local News - Current

29 Nov 2021
The ASC invites comments on Exposure Draft ED/2021/10 Supplier Finance Arrangements (Proposed amendments to IAS 7 and IFRS 7) by 11 February 2022.
22 Nov 2021
The ASC invites comments on Exposure Draft ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) by 4 February 2022.
29 Oct 2021
The Minister for Finance has re-appointed Mr Quek See Tiat as Chairman of the ASC. The Minister has also re-appointed ten other members and appointed two new members to the ASC. These appointments will be in effect from 1 November 2021 to 31 October 2023. The composition of the newly appointed Council can be found here. Click here for the press release issued by the Ministry of Finance.
30 Sep 2021
The ASC invites comments on Request for Information: Post-implementation Review of IFRS 9—Classification and Measurement by 3 December 2021.
28 Sep 2021
The ASC has submitted its comment letter to the IASB on ED/2021/8 Initial Application of IFRS 17 and IFRS 9—Comparative Information (Proposed amendment to IFRS 17).
24 Sep 2021
The ASC has submitted its comment letter to the IASB on Request for Information: Third Agenda Consultation.
15 Sep 2021
The ASC has issued Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction and Amendments to FRS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective for annual reporting periods beginning on or after 1 January 2023.
03 Sep 2021
The ASC has submitted its comment letter to the IASB on DP/2020/2 Business Combinations under Common Control.
28 Jul 2021
The ASC invites comments on Exposure Draft ED/2021/8 Initial Application of IFRS 17 and IFRS 9—Comparative Information (Proposed amendment to IFRS 17) by 27 August 2021.
27 Jul 2021
The ASC invites comments on Exposure Draft ED/2021/7 Subsidiaries without Public Accountability: Disclosures by 29 October 2021.
23 Jul 2021
The ASC extends the comment period for Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19) to 3 September 2021, in the light of the IASB's revised timeline.
07 Jun 2021
The ASC has issued Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies and Amendments to FRS 1 and FRS Practice Statement 2: Disclosure of Accounting Policies, effective for annual reporting periods beginning on or after 1 January 2023.
07 Jun 2021
The ASC has issued Amendments to SFRS(I) 1-8: Definition of Accounting Estimates and Amendments to FRS 8: Definition of Accounting Estimates, effective for annual reporting periods beginning on or after 1 January 2023.
07 May 2021
The ASC has submitted its comment letter to the IASB on Request for Information: Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.
20 Apr 2021
The ASC invites comments on Exposure Draft ED/2021/4 Lack of Exchangeability (Proposed amendments to IAS 21) by 21 June 2021.
01 Apr 2021
The Minister for Finance has appointed Mr Lin Qinghui as a new member of the ASC from 1 April 2021. Mr Lin will replace Mr Lim Zhi Yang and has been appointed for the term until 31 October 2021. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.
31 Mar 2021
The ASC invites comments on Request for Information: Third Agenda Consultation by 9 July 2021.
31 Mar 2021
The ASC has issued Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions beyond 30 June 2021 and Amendment to FRS 116: Covid-19-Related Rent Concessions beyond 30 June 2021, effective for annual reporting periods beginning on or after 1 April 2021. An entity may early apply the amendments in financial statements not authorised for issue at 31 March 2021.
30 Mar 2021
The ASC invites comments on Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19) by 23 July 2021.
30 Mar 2021
The ASC has submitted its comment letter to the IASB on ED/2020/4 Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16).
25 Feb 2021
The ASC has submitted its comment letter to the IASB on ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16).
11 Feb 2021
The ASC invites comments on forthcoming Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16) by 18 February 2021. The IASB expects to issue the Exposure Draft later today, with a 14-day comment period.
29 Jan 2021
The ASC invites comments on Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities by 31 March 2021.
20 Jan 2021
2021 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 2021. The collections include official pronouncements that have been issued by the ASC up to 31 December 2020, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2021.
06 Jan 2021
The ASC has submitted its comment letter to the IASB on DP/2020/1 Business Combinations—Disclosures, Goodwill and Impairment.