10 Dec 2020

The ASC invites comments on Request for Information: Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities by 12 March 2021.

01 Dec 2020

The ASC invites comments on Discussion Paper DP/2020/2 Business Combinations under Common Control by 31 May 2021.

30 Nov 2020

The ASC invites comments on Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16) by 19 February 2021.

27 Nov 2020

The ASC has issued Amendments to SFRS(I) 9, SFRS (I) 1-39, SFRS(I) 7, SFRS(I) 4 and SFRS(I) 16: Interest Rate Benchmark Reform — Phase 2 and Amendments to FRS 109, FRS 39, FRS 107, FRS 104 and FRS 116: Interest Rate Benchmark Reform — Phase 2, effective for annual reporting periods beginning on or after 1 January 2021.

27 Nov 2020

The ASC has issued Amendments to SFRS(I) 17 and Amendments to FRS 117, together with Amendments to SFRS(I) 4: Extension of the Temporary Exemption from Applying SFRS(I) 9 and Amendments to FRS 104: Extension of the Temporary Exemption from Applying FRS 109. The Amendments defer the initial application of SFRS(I) 17 and FRS 117, as well as SFRS(I) 9 and FRS 109 for eligible entities, to annual reporting periods beginning on or after 1 January 2023.

16 Nov 2020

The Minister for Finance has appointed Mr Teo Kok Ming as a new member of the ASC from 16 November 2020. Mr Teo will replace Mr Lim Cheng Khai and has been appointed for the term until 31 October 2021. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.

30 Oct 2020

The Minister for Finance has appointed Mr Quek See Tiat as the Chairman and Mr Desmond Chin as a new member of the ASC from 1 November 2020. Mr Quek, currently the ASC Chairman-Designate, will succeed Mr Kevin Kwok who has served as the ASC Chairman since November 2015. Mr Chin will replace his predecessor Dr Ang Hak Seng and has been appointed for the term until 31 October 2021. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.

08 Oct 2020

The ASC has issued Q&A Section 35, Issue 1: Application of the undue cost or effort exemption when measuring fair value on transition to the Singapore Financial Reporting Standard for Small Entities.

06 Oct 2020

The ASC has submitted its comment letter to the IASB on Request for Information: Comprehensive Review of the IFRS for SMEs Standard.

06 Oct 2020

The ASC has submitted its comment letter to the IASB on ED/2019/7 General Presentation and Disclosures.

02 Oct 2020

The ASC is aware of an uncertainty among some stakeholders about the effective dates of SFRS(I) 17 Insurance Contracts and FRS 117 Insurance Contracts. In response, ASC reiterates its policy intent for continuing alignment with the effective date of IFRS 17 Insurance Contracts, which has been deferred to 1 January 2023.

30 Jul 2020

The ASC has issued Annual Improvements to SFRS(I)s 2018-2020 and Annual Improvements to FRSs 2018-2020, effective for annual reporting periods beginning on or after 1 January 2022.

30 Jul 2020

The ASC has issued Amendments to SFRS(I) 3: Reference to the Conceptual Framework and Amendments to FRS 103: Reference to the Conceptual Framework, effective for annual reporting periods beginning on or after 1 January 2022.

30 Jul 2020

The ASC has issued Amendments to SFRS(I) 1-16: Property, Plant and Equipment — Proceeds before Intended Use and Amendments to FRS 16: Property, Plant and Equipment — Proceeds before Intended Use, effective for annual reporting periods beginning on or after 1 January 2022.

30 Jul 2020

The ASC has issued Amendments to SFRS(I) 1-37: Onerous Contracts — Cost of Fulfilling a Contract and Amendments to FRS 37: Onerous Contracts — Cost of Fulfilling a Contract, effective for annual reporting periods beginning on or after 1 January 2022.

23 Jul 2020

The ASC has issued Amendment to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current — Deferral of Effective Date and Amendment to FRS 1: Classification of Liabilities as Current or Non-current — Deferral of Effective Date. The Amendment defers the effective date of Classification of Liabilities as Current or Non-current to annual reporting periods beginning on or after 1 January 2023.

29 May 2020

The ASC has submitted its comment letter to the IASB on ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1).

29 May 2020

The ASC has issued Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current and Amendments to FRS 1: Classification of Liabilities as Current or Non-current, effective for annual reporting periods beginning on or after 1 January 2022.

28 May 2020

The ASC has issued Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions and Amendment to FRS 116: Covid-19-Related Rent Concessions, effective for annual reporting periods beginning on or after 1 June 2020. An entity may early apply the amendments in financial statements not authorised for issue at 28 May 2020.

22 May 2020

The ASC has submitted its comment letter to the IASB on ED/2020/1 Interest Rate Benchmark Reform — Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16).

08 May 2020

The ASC has submitted its comment letter to the IASB on ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16).

08 May 2020

The ASC extends the comment period for General Presentation and Disclosures, Comprehensive Review of the IFRS for SMEs Standard, and Business Combinations – Disclosures, Goodwill and Impairment by more than two months, in the light of the IASB’s revised timelines. The extension provides stakeholders with additional time to comment on these consultation documents amidst the Covid-19 pandemic.

05 May 2020

The ASC invites comments on Exposure Draft ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date by 20 May 2020.

30 Apr 2020

The Minister for Finance has appointed a new member to the ASC. Ms Koh Kah Sek has been appointed for the term until 31 October 2021. The composition of the ASC can be found here. Click here for the press release issued by the Ministry of Finance.

24 Apr 2020

The ASC invites comments on Exposure Draft ED/2020/2 Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16) by 4 May 2020.

09 Apr 2020

The ASC invites comments on Exposure Draft ED/2020/1 Interest Rate Benchmark Reform — Phase 2 by 4 May 2020.

23 Mar 2020

The ASC invites comments on Discussion Paper DP/2020/1 Business Combinations—Disclosures, Goodwill and Impairment by 10 July 2020.

03 Feb 2020

The ASC invites comments on Request for Information: Comprehensive Review of the IFRS for SMEs Standard by 15 May 2020.

29 Jan 2020

2020 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2020. The collections include official pronouncements that have been issued by the ASC up to 31 December 2019, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2020.