News - Archives

03 Dec 2013

Mr Michael Lim re-appointed as Chairman of the Accounting Standards Council. Click here for the press release issued by the Ministry of Finance. The composition of the Council can also be found here.

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

Lease accounting: Bygone days of off-balance sheet financing?
In May 2013, the IASB issued the highly anticipated revised proposal to revolutionise lease accounting, potentially affecting entities across industries. This latest shot to overhaul one of the oldest accounting standard promises better insight into lessees' leverage and lessors' exposure to risks. The staff of the ASC has written an article on the revised proposal that aims to stimulate stakeholders' analysis. Please click here for the article. Stakeholders have a role in shaping accounting standard developments and are strongly encouraged to provide comments to the ASC by 15 August 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 for further details on registration, which should be submitted by 30 July 2013.

10 Jun 2013

Contemporary Issues in Accounting Conference 2013: Leases & Revenue
The Accounting Standards Council (ASC), in partnership with the Nanyang Business School at Nanyang Technological University will be hosting the above conference on 19 July 2013 at the Mandarin Orchard Hotel. A new exposure draft on leases has been issued recently and the new revenue standard is expected to be issued by the third quarter of 2013. The conference aims to examine what lies ahead in the accounting for leases and revenue, and also present the perspectives from academia, the ASC, industry and practitioners on these topics. For more information on the conference and for registration, please click here.

15 Jan 2013

2013 Volume
The collection of FRSs and INT FRSs that is required to be applied for annual period beginning on 1 January 2013, is now available. Click here for the FRSs and INT FRSs. This collection includes official pronouncements that have been issued by the ASC up to 31 December 2012 but does not include new/revised/amendments to FRSs and INT FRSs with an effective date after 1 January 2013, which can be found here.