Local News - Current

 11 Dec 2018   The ASC has issued a letter to Singapore insurers to urge them against delaying the implementation of SFRS(I) 17 Insurance Contracts or FRS 117 Insurance Contracts, despite the tentative decision of the International Accounting Standards Board (IASB) to propose a one-year deferral of the effective date for IFRS 17 Insurance Contracts. The ASC also encouraged Singapore insurers to follow the IASB's deliberations on possible amendments to IFRS 17, in addition to the discussions of the IASB's Transition Resource Group, so as to avoid undue disruption to implementation and to make good progress in implementation.

 23 Nov 2018   Outreach Events for Singapore Stakeholders
The ASC and the Institute of Singapore Chartered Accountants have jointly organised the Financial Reporting Technical Forum and the Financial Reporting Roundtable for Singapore stakeholders to interact with representatives of the International Accounting Standards Board. Click here for the details.

 21 Nov 2018   AOSSG Annual Meeting
The ASC has hosted the 10th Annual Meeting of the Asian-Oceanian Standard-Setters Group. Click here for the details.

 21 Sep 2018   The Minister for Finance has appointed a new member to the ASC. Mr Lim Cheng Khai will replace Mr Ng Yao Loong. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.

 19 Sep 2018   The ASC has submitted its comment letter to the IFRS Foundation on Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice-Chairs.

 19 Sep 2018   The ASC has issued editorial corrections to the SFRS(I) Statement on Applicability relating to early application of SFRS(I)s in connection with an offer made pursuant to the Securities and Futures Act.
 
 01 Aug 2018   The ASC has issued Amendments to SFRS(I) 1-19: Plan Amendment, Curtailment or Settlement and Amendments to FRS 19: Plan Amendment, Curtailment or Settlement, effective for annual reporting periods beginning on or after 1 January 2019.

 01 Aug 2018   The ASC has issued SFRS(I) Practice Statement: Making Materiality Judgements and FRS Practice Statement: Making Materiality Judgements. An entity that chooses to apply the practice statement is permitted to apply it to financial statements prepared from 1 August 2018.

 27 Jul 2018   The ASC has submitted its comment letter to the IASB on ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8).

06 Jul 2018    The ASC invites comments on DP/2018/1 Financial Instruments with Characteristics of Equity by 15 October 2018.

04 Jul 2018    The European Commission published Fitness Check on the EU Framework for Public Reporting by Companies for public comment by 21 July 2018. The ASC is working with the Asian-Oceanian Standard-Setters Group to communicate our collective support for a single set of globally accepted accounting standards and concern of potential threats to that objective. The ASC encourages stakeholders to consider implications and to respond directly to the European Commission if necessary.

21 Jun 2018   The ASC invites comments on Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice-Chairs by 21 August 2018.

07 Jun 2018   The Minister for Finance has appointed a new member to the ASC. Mr Lim Zhi Yang will replace his predecessor Mr Marvin Sim. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.

29 Mar 2018    The ASC has issued SFRS(I) 17 Insurance Contracts and FRS 117 Insurance Contracts, effective for annual reporting periods beginning on or after 1 January 2021.

28 Mar 2018   The ASC invites comments on ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8) by 22 June 2018.

07 Mar 2018

The ASC has issued SFRS for Small Entities Q&A Section 12, Issue 1: Accounting for financial guarantee contracts in individual or separate financial statements of issuer. This Q&A provides non-mandatory guidance on the implementation of SFRS for Small Entities.

07 Mar 2018

The ASC has issued Annual Improvements to SFRS(I)s 2015-2017 Cycle and Improvements to FRSs (March 2018), effective for annual reporting periods beginning on or after 1 January 2019.

30 Jan 2018

The ASC has submitted its comment letter to the IASB on ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8).

30 Jan 2018

The ASC has submitted its comment letter to the IASB on ED/2017/5 Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8).

25 Jan 2018

The Minister for Finance has re-appointed Mr Kevin Kwok as Chairman of the ASC and appointed Mr Cheung Pui Yuen as the new Deputy Chairman. In addition, five new members have been appointed. The composition of the newly appointed Council can be found here. The appointments are for terms till 31 October 2019. Click here for the press release issued by the Ministry of Finance.

19 Jan 2018

2018 Volume
The collection of FRSs and INT FRSs that is required to be applied for annual period beginning on 1 January 2018, is now available. This collection includes official pronouncements that have been issued by the ASC up to 31 December 2017, but does not include new/revised/amendments to FRSs and INT FRSs which are effective for annual periods beginning after 1 January 2018.

Last updated on 11 December 2018