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. Mr Darrel Scott, an IASB member, interacted directly with more than 120 Singapore stakeholders at the events.

In the session on Dynamic Risk Management, Darrel provided insights into the Core Model, how it would apply to interest rate dynamic risk management, and the IASB’s planned targeted outreach on the Core Model. The participants held discussions with Darrel on the mechanics and effects of applying the Core Model. The ASC strongly encouraged interested participants to participate in the IASB’s targeted outreach to provide feedback on the Core Model.

In the session on Amendments to IFRS 17, Darrel shared the initial outreach feedback received by the IASB on the proposed amendments to IFRS 17. The participants sought clarifications from, and exchanged views with, Darrel on the proposed amendments. The ASC strongly encouraged the participants to follow the IASB’s deliberations on the feedback received, and to make good progress with implementation to ensure a smooth and timely transition to IFRS 17.

23 Nov 2018

Outreach Events for Singapore Stakeholders

The ASC and the Institute of Singapore Chartered Accountants jointly organised the Financial Reporting Technical Forum and the Financial Reporting Roundtable on 23 November 2018.

The Forum was attended by more than 180 Singapore stakeholders and representatives of the International Accounting Standards Board (IASB). The IASB Chair delivered a speech about how the new expected loss model and insurance accounting could contribute to financial stability. The IASB Vice-Chair and members shared the IASB’s resources for supporting implementation of IFRS Standards, and the key implementation issues relating to revenue and leases. They also provided an overview of the Discussion Paper on Financial Instruments with Characteristics of Equity, which is open for comment by 7 January 2019. The Forum ended with a panel discussion on performance reporting and the digital era.

The Roundtable was attended by the Chief Financial Officers and senior finance staff of Singapore companies from a range of industries, analysts as well as representatives of the IASB and accounting firms. The participants held productive discussions on improving performance reporting in financial statements and management commentary, and information about goodwill and performance of acquisition. The participants also shared initial thoughts about how digitalisation could impact existing accounting requirements and the delivery of financial information.

21 Nov 2018

AOSSG Annual Meeting

The ASC hosted the Tenth Annual Meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) in Singapore on 21–22 November 2018, with the support of the Institute of Singapore Chartered Accountants. The Meeting was attended by 20 member jurisdictions and representatives of the International Accounting Standards Board (IASB), including its Chair and Vice-Chair.

Ms Indranee Rajah, Minister in Prime Minister’s Office and Second Minister for Finance and Education, graced the Meeting and delivered the keynote address (152 KB) about positioning AOSSG for the future. Mr Kevin Kwok, ASC Chairman, highlighted the importance of the collective efforts of the IASB, AOSSG and the international community of standard-setting bodies to maintain the global acceptance and relevance of IFRS Standards. The IASB representatives provided an update on the IASB’s technical projects. The participants exchanged views on specific projects, such as Primary Financial Statements, Financial Instruments with Characteristics of Equity, and Business Combinations under Common Control. Specific member jurisdictions shared experiences on the implementation of new IFRS Standards as well as the adoption of, or convergence with, IFRS Standards.

The AOSSG will issue the communique for the Meeting in due course.

29 Jun 2017

ASC-ISCA Round-table on Principles of Disclosure

The ASC and the Institute of Singapore Chartered Accountants (ISCA) will be holding a round-table meeting on the IASB’s Discussion Paper on Principles of Disclosure on 24 July 2017. The round-table will provide a platform for stakeholders to share their views on effective disclosures in financial reporting. The ASC and the ISCA invite interested stakeholders to participate at the round-table. 

Please click on this link for further details on the round-table and registration, which should be submitted by 12 July 2017.

07 Apr 2015  

NTU-ASC Contemporary Issues in Accounting Conference 2015 on Financial Instruments, Revenue and Consolidation

The ASC, in partnership with the Nanyang Business School at Nanyang Technological University, will be hosting the above conference on 22 May 2015 at the Singapore Marriott Hotel. The conference will provide a platform for preparers, auditors, academia and the ASC to share the key requirements and implications of the new Financial Instruments and Revenue standards as well as the implementation experiences with the recently effective Consolidation standard.

For more information on the conference, please click here (66 KB).
For registration, please click here.

06 Feb 2015  

ASC Outreach on Full Convergence with IFRS

The ASC conducted an outreach session on full convergence with IFRS in December 2014 for Singapore-incorporated companies listed on Singapore Exchange. Please click here for further information.

14 Mar 2014  

IFRS Foundation Conference: Singapore - 29 and 30 May 2014

The ASC is pleased to be the strategic partner of the IFRS Foundation in the upcoming Asia-Oceania IFRS Conference in Singapore that will be held on 29 and 30 May 2014. Stakeholders in the financial reporting space are strongly encouraged to join this internationally renowned Conference. Please click on this link for further details on the conference and registration.

06 Sep 2013

ASC-IASB Forum on Revenue Recognition

The ASC is partnering the IASB to organise a forum on the upcoming new standard on Revenue Recognition in Singapore on 1 October 2013. Please click on this link for further details on the forum and registration, which should be submitted by 13 September 2013.

06 Sep 2013

ASC-IASB Forum on Leases

The ASC is partnering the IASB to organise a forum on the revised exposure draft on Leases in Singapore on 2 October 2013. Please click on this link for further details on the forum and registration, which should be submitted by 13 September 2013.

26 Jul 2013

ASC-IASB Outreach on Insurance Contracts

The ASC and the IASB will be holding an outreach on the revised proposals for insurance contracts accounting in Singapore on 19 August 2013. The ASC and the IASB would like to invite interested stakeholders to participate at the outreach. Please click on this link (15 KB) for further details on registration, which should be submitted by 30 July 2013.

03 Jul 2013  

IASB-FASB Round-table on Leases held in Singapore

The IASB and FASB will be holding a round-table meeting on their revised joint proposals on leases in Singapore on 4 October 2013. Interested parties can register with the IASB to attend the meeting as a participant or as an observer by 12 August 2013 (Monday). Please click here for further details.