The IASB has issued the Exposure Draft ED/2013/11 Annual Improvements to IFRSs 2012-2014 Cycle. Comments should be submitted to the ASC no later than 7 February 2014.

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.

The IASB has issued the Exposure Draft ED/2013/10 Equity Method in Separate Financial Statements (Proposed amendments to IAS 27). Comments should be submitted to the ASC no later than 10 January 2014.

The IASB has issued the Exposure Draft ED/2013/9 Proposed amendments to the International Financial Reporting Standard for Small and Medium- sized Entities (IFRS for SMEs). Comments should be submitted to the ASC no later than 3 January 2014.

The ASC has issued Amendments to FRS 39: Novation of Derivatives and Continuation of Hedge Accounting, effective for annual periods beginning on or after 1 January 2014.

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.

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.

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.

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.

The IASB has issued the Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting. Comments should be submitted to the ASC no later than 1 November 2013.

The ASC has issued Amendments to FRS 36: Recoverable Amount Disclosures for Non-Financial Assets, effective for annual periods beginning on or after 1 January 2014.

The ASC has issued INT FRS 121 Levies, effective for annual periods beginning on or after 1 January 2014.

IASB-FASB Roundtable on Leases
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).

The IASB has issued the Exposure Draft ED/2013/7 Insurance Contracts. Comments should be submitted to the ASC no later than 12 September 2013.

The IASB has issued the Exposure Draft ED/2013/8 Agriculture: Bearer Plants. Comments should be submitted to the ASC no later than 12 Sept 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.

The IASB has issued the Exposure Draft ED/2013/6 Leases. Comments should be submitted to the ASC no later than 19 July 2013.

The IASB has launched a survey for financial statement users on Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)). This survey is designed to provide the IASB with feedback on its proposed changes to the classification and measurement of financial assets so as to determine if its proposed changes will provide more useful information to users of financial statements. Responses to the survey must be submitted to the IASB by 31 May 2013. To access the survey, click here.

The IASB has issued the Exposure Draft ED/2013/5 Regulatory Deferral Accounts. Comments should be submitted to the ASC no later than 19 July 2013.

The IASB has issued a Request for Information (RFI): Rate Regulation. Comments should be submitted to the ASC no later than 10 May 2013.

The IASB has issued the Exposure Draft ED/2013/4 Defined Benefit Plans: Employee Contributions (Proposed amendments to IAS 19). Comments should be submitted to the ASC no later than 31 May 2013.

The IASB has issued the Exposure Draft ED/2013/3 Financial Instruments: Expected Credit Losses. Comments should be submitted to the ASC no later than 3 June 2013.

The IASB has issued the Exposure Draft ED/2013/2 Novation of Derivatives and Continuation of Hedge Accounting (Proposed amendments to IAS 39 and IFRS 9). Comments should be submitted to the ASC no later than 11 March 2013.

The ASC has issued Amendments to FRS 110, FRS 112 and FRS 27: Investment Entities, effective for annual periods beginning on or after 1 January 2014.

The IASB has issued the Exposure Draft ED/2013/1 Recoverable Amount Disclosures for Non-Financial Assets (Proposed Amendments to IAS 36). Comments should be submitted to the ASC no later than 18 February 2013.