Accounting Standards Council and Commissioner of Charities seek public views on the exposure draft of Charities Accounting Standard

The Accounting Standards Council and the office of the Commissioner of Charities will be seeking views from the charity sector, accounting professionals and the public on the Exposure Draft of Charities Accounting Standard (CAS) and its application. The public consultation on the Exposure Draft of the CAS will be from 23 December 2009 to 3 March 2010.

The IASB has issued the Exposure Draft ED/2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Proposed Amendment to IFRS 1). Comments should be submitted to the ASC no later than 18 December 2009

The International Accounting Standards Board (IASB) has issued the IFRS 9 Financial Instruments on 12 November 2009. The ASC is presently deliberating on the adoption of the standard in Singapore. An announcement will be made when the ASC reaches a decision. [IFRS 9 Financial Instruments and IFRS 9 – Appendix C and Guidance].

Ms Euleen Goh, Chairperson of the Accounting Standards Council (ASC), led a five-member Singapore delegation team to attend the inaugural meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) in Kuala Lumpur, Malaysia, on 4 and 5 November 2009. Click here for the details.

The ASC has issued the Classification of Rights Issues (Amendment to FRS 32). An entity shall apply the amendment for annual periods beginning on or after 1 February 2010. Earlier application is permitted provided the entity discloses that fact.

The IASB has issued the Exposure Draft ED/2009/12 Financial Instruments: Amortised Cost and Impairment. Comments should be submitted to the ASC no later than 30 April 2010.

The ASC has issued the Group Cash-settled Share-based Payment Transactions (Amendments to FRS 102). An entity shall apply the amendments retrospectively, subject to transitional provisions for annual periods beginning on or after 1 January 2010. Earlier application is permitted provided the entity discloses that fact. This supersedes INT FRS 108 and INT FRS 111.

The ASC has issued the Additional Exemptions for First-time Adopters (Amendments to FRS 101). An entity shall apply those amendments for annual periods beginning on or after 1 January 2010. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.

ED Improvements to IFRSs is available for comments. Comments should be submitted to the ASC no later than 16 October 2009.

The IASC Foundation has issued the Discussion Document on Part 2 of the Constitution Review : Proposals for Enhanced Public Accountability. Comments should be submitted to the ASC no later than 12 October 2009.

ED Management Commentary is available for comments. Comments should be submitted to the ASC no later than 30 November 2009.

ED Rate-regulated Activities is available for comments. Comments should be submitted to the ASC no later than 21 September 2009.

ED Discount rate for Employee Benefits - Proposed amendments to FRS 19 is available for comments. Comments should be submitted to the ASC no later than 21 September.

ED D25 Extinguishing Financial Liabilities with Equity Instruments is available for comments. Comments should be submitted to the ASC no later than 1 September 2009.

ED Classification of Rights Issues is available for comments. Comments should be submitted to the ASC no later than 23 August 2009.

ED Financial Instruments: Classification and Measurement is available for comments. Comments should be submitted to the ASC no later than 19 August 2009.

The IASB has published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets. Comments should be submitted to the ASC no later than 7 August 2009.

The Discussion Paper - Credit Risk in Liability Measurement is available for comments. Comments should be submitted to the ASC no later than 5 August 2009.

The ASC has issued the amendments to FRSs - Improvements to FRSs 2009. The effective dates and transitional provisions for the amendments are stated in the issued document.

The ASC has issued the revised version of FRS 101 - First-Time Adoption of Financial Reporting Standards, effective for periods beginning on or after 1 July 2009. Earlier application is permitted.

The ASC has issued the revised versions of FRS 103 - Business Combinations and FRS 27 - Consolidated and Separate Financial Statements, effective for periods beginning on or after 1 July 2009. Earlier application is permitted.

The ASC has issued two new EDs, ED Amendments to INT FRS 114 and ED Fair Value Measurement. Comments on the two EDs should be submitted to the ASC no later than 30 June 2009 and 4 August 2009 respectively.

The ASC has announced its strategic direction to work towards full convergence with the International Financial Reporting Standards for Singapore listed companies by 2012. Click here for the press release.

ED Derecognition - Amendments to FRS 39 and FRS 107 and ED Income Tax are available for comments. Comments should be submitted to the ASC no later than 17 June 2009.

The ASC, together with the accounting standard setters from this region, has agreed on the formation of the Asian-Oceanian Standard Setters Group (AOSSG) on 17 April 2009 in Beijing. Click here for the news release.

The ASC has issued the amendments to INT FRS 109 and FRS 39 - Embedded Derivatives. An entity shall apply these amendments for annual periods ending on or after 30 June 2009.

The Discussion Paper - Preliminary Views on Leases is available for comments. Comments should be submitted to the ASC no later than 20 May 2009.

The ASC has issued a new Interpretation of Financial Reporting Standards (INT FRS). An entity shall apply INT FRS 118 Transfer of Assets from Customers prospectively to transfers of assets from customers received on or after 1 July 2009. Earlier application is permitted provided the valuations and other information needed to apply the Interpretation to past transfers were obtained at the time those transfers occurred. An entity shall disclose the date from which the Interpretation was applied.

The ASC has issued the amendments to FRS 107 Financial Instruments: Disclosures - Improving Disclosures about Financial Instruments. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. In the first year of application, an entity need not provide comparative information for the disclosures required by the amendments. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact.

The IASB has issued an Exposure Draft (ED) on Proposed amendments to IFRIC 9 and IFRIC 16. This ED includes amendments related to IFRS 3 (as revised in 2008), which the ASC has not adopted yet. Comments on the ED should be submitted to the ASC no later than 18 Feb 2009.

The ASC has issued INT FRS 117 Distributions of Non-cash Assets to Owners is effective for annual periods beginning on or after 1 July 2009, with earlier application permitted. Retrospective application is not permitted.