News - Archives

31 Aug 2012

The ASC allows more time for the implementation of FRS 110 Consolidated Financial Statements, FRS 111 Joint Arrangements, FRS 112 Disclosure of Interests in Other Entities, FRS 27 Separate Financial Statements and FRS 28 Investments in Associates and Joint Ventures (collectively the Relevant Standards). The mandatory effective date of the Relevant Standards has been revised from annual periods beginning on or after 1 January 2013 to annual periods beginning on or after 1 January 2014. Earlier application of these standards continues to be permitted, subject to the requirements of earlier application as set out in these standards. Click here for the press release and click here for the amendments.

16 Aug 2012

The ASC has issued two Questions and Answers (Q&A) to provide non-mandatory guidance on the implementation of the Singapore Financial Reporting Standard for Small Entities:

  • Q&A No. 3 Application of 'undue cost or effort'
  • Q&A No. 4 Recycling of cumulative exchange differences on disposal of a subsidiary.
19 Apr 2012

The ASC has issued two Questions and Answers (Q&A) to provide non-mandatory guidance on the implementation of the Singapore Financial Reporting Standard for Small Entities:

  • Q&A No. 1 Entities that typically have public accountability
  • Q&A No. 2 Interpretation of ‘traded in a public market’ in applying the SFRS for SE.
02 Mar 2012

The Accounting Standards Council completes its review of the plans for full convergence with the International Financial Reporting Standards for Singapore listed companies. Click here for the press release. 

16 Jan 2012

IFRS Foundation Trustees and representatives from the Singapore Accounting Standards Council and local business community meet to discuss financial reporting matters. Click here for details.