Local News - Current

29 May 2020
The ASC has submitted its comment letter to the IASB on ED/2020/3 Classification of Liabilities as Current or Non-current—Deferral of Effective Date (Proposed amendment to IAS 1).
29 May 2020
The ASC has issued Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current and Amendments to FRS 1: Classification of Liabilities as Current or Non-current, effective for annual reporting periods beginning on or after 1 January 2022.
28 May 2020
The ASC has issued Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions and Amendment to FRS 116: Covid-19-Related Rent Concessions, effective for annual reporting periods beginning on or after 1 June 2020. An entity may early apply the amendments in financial statements not authorised for issue at 28 May 2020.
22 May 2020
The ASC has submitted its comment letter to the IASB on ED/2020/1 Interest Rate Benchmark Reform—Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16).
08 May 2020
The ASC has submitted its comment letter to the IASB on ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16).
08 May 2020
The ASC extends the comment period for General Presentation and Disclosures, Comprehensive Review of the IFRS for SMEs Standard, and Business Combinations – Disclosures, Goodwill and Impairment by more than two months, in the light of the IASB’s revised timelines. The extension provides stakeholders with additional time to comment on these consultation documents amidst the Covid-19 pandemic.
05 May 2020
The ASC invites comments on Exposure Draft ED/2020/3 Classification of Liabilities as Current or Non-current—Deferral of Effective Date by 20 May 2020.
30 Apr 2020
The Minister for Finance has appointed a new member to the ASC. Ms Koh Kah Sek 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.
24 Apr 2020
The ASC invites comments on Exposure Draft ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16) by 4 May 2020.
09 Apr 2020
The ASC invites comments on Exposure Draft ED/2020/1 Interest Rate Benchmark Reform—Phase 2 by 4 May 2020.
23 Mar 2020
The ASC invites comments on Discussion Paper DP/2020/1 Business Combinations—Disclosures, Goodwill and Impairment by 10 July 2020.
03 Feb 2020
The ASC invites comments on Request for Information: Comprehensive Review of the IFRS for SMEs Standard by 15 May 2020.
29 Jan 2020
2020 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 2020. The collections include official pronouncements that have been issued by the ASC up to 31 December 2019, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2020.