Professional Documents
Culture Documents
National professional organisation website: Institute of Singapore Chartered Accountants (formerly the Institute of Certified Public Accountants of Singapore)
of a 'small entity' (for each of the previous two consecutive financial reporting periods, with
amended application to newly incorporated entities). An entity qualifies as a small entity if it
meets at least two of the three following criteria:
o
The standard applies (as an option) as an alternative framework to the Singapore Financial
Reporting Standard (SFRS) for the preparation and presentation of general purpose financial
statements of entities for financial reporting periods beginning on or after 1 January 2011.
Under the Singapore FRS 16 Property, Plant and Equipment, one-off revaluations
of such assets that took place between 1984 and 1996 are permitted without
requiring ongoing use of the revaluation model
Singapore FRS 17 removes the words in paragraph 14 and 15 of IAS 17, which
indicates that land normally has an indefinite economic life and, if title is not
expected to pass to the lessee by the end of the lease term, the lessee does not
receive substantially all of the risks and rewards incident to ownership
Some differences exist in the requirements to present consolidated financial statements and in accounting for associates and joint ventures as compared to IAS
27, IAS 28, and IAS 31
There are some differences in the effective dates of the Singaporean equivalents
of IFRS 2, IFRS 7
IAS 27 (revised 2008) Consolidated and Separate Financial Statements (Cost of an investment in the separate financial statements)
IFRS convergence
Singapore has been following a path of converging Singapore Financial Reporting
Standards (SFRS) with IFRS for Singapore listed companies for many years and
Singapore has adopted substantially all IFRSs issued by the IASB as SFRSs, albeit at
times with different effective dates and transition requirements. However, the timeline
for full convergence was adjusted to await developments in the major projects
on revenue recognition, financial instruments and theimpairment loss model, all of
which are of significance to Singapore entities. Given the mandatory or expected
mandatory effective date of 1 January 2017 and 2018 for the revenue recognition and
financial instruments projects, respectively, the ASC has now decided to introduce a
new financial reporting framework that is identical to IFRS for Singapore listed
companies for annual periods beginning on or after 1 January 2018. This framework
will also be made available for voluntary application by all non-listed Singapore-incorporated companies at the same time.
Related news
25 Nov 2013
An agenda has been released for the fifth meeting of the Asian-Oceanian Standards
Setters Group (AOSSG), which is being held in Colombo, Sri Lanka on 27-28 November
2013. Representatives from many of the 26 countries which are currently members of
AOSSG will attend the meeting, as will representatives from the International Accounting
Standards Board (IASB). The meeting will include discussion on a number of IASB projects,
consider the results of a survey conducted by the AOSSG on accounting and Islamic finance
in the Middle East and North Africa, receive feedback on the IFRS implementation efforts
and regional capacity building, and consider ongoing membership and process
requirements.
IFRS Foundation publishes jurisdiction profiles on the application
of IFRSs
05 Jun 2013
The IFRS Foundation has posted to its website a collection of 66 'jurisdiction profiles'
detailing information about the adoption of International Financial Reporting Standards
(IFRSs) and the IFRS for SMEs in all of the G20 jurisdictions and 46 other jurisdictions.
Report from recent IFASS meeting released
17 Jan 2013
A report has been issued summarising the discussions at a meeting of the
International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich
on 22-23 October 2012. The meeting covered a broad range of topics, including the future
relationships between the IASB and regional and national standard setters, topical issues in
financial reporting, reports from regional groups and administrative matters.
Outcomes from the fourth AOSSG meeting
13 Dec 2012
has been deferred for a year and they now apply to annual periods beginning on or after 1
January 2014. Entities can elect to early adopt the standards.
A tentative agenda has been released for the IFRS Foundation Trustees meeting to
be held in Singapore on Thursday, 12 January 2012.
The third meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) was held
in Melbourne, Australia, on 23 and 24 November 2011.
The World Business Council for Sustainable Development (WBCSD) and Singapore
Business Federation (SBF) have jointly established a CEO-led 'Sustainable Development
Platform' in Singapore.
More than 70 jurisdictions apply ISAs
11 Jul 2011
On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a
speech on global progress in the use of the Clarified International Standards on Auditing
(ISAs) at the 2011 annual conference on Accounting and Accountability for Regional
Economic Growth in Latin America and the Caribbean (referred to as CReCER after its
Spanish/Portuguese acronym).
Singapore releases Accounting Standard for charities
28 Jun 2011
The Singapore Exchange (SGX) has introduced a Sustainability Reporting Guide (the
"Guide") for its listed companies.
A Driving Wind for IFRS from Asia-Oceania
08 Jun 2011
The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A
Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 A Driving Wind for
IFRS from Asia-Oceania".
National Standard Setters (NSS) release report from their most
recent meeting
16 May 2011
The National Standard Setters (NSS) have released a report from their March 2011
meeting.
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30 May 2014
The Singapore Accounting Standards Council (ASC) has announced that Singaporeincorporated companies listed on Singapore Exchange (SGX) will have to apply a
financial reporting framework fully identical with International Financial Reporting
Standards (IFRSs) in 2018.
The announcement was made in the ASC Chairman's keynote address at the IFRS Foundation's IFRS Conference currently held in Singapore.
Singapore has been following a path of converging Singapore Financial Reporting Standards
(SFRS) with IFRS for Singapore listed companies for many years and Singapore has
adopted substantially all IFRSs issued by the IASB as SFRSs, albeit at times with different
effective dates and transition requirements. However, the timeline for full convergence was
adjusted to await developments in the major projects on revenue recognition, financial instruments and the impairment loss model, all of which are of significance to Singapore entities.
Given the mandatory or expected mandatory effective date of 1 January 2017 and 2018 for
the revenue recognition and financial instruments projects, respectively, the ASC has now
decided to introduce a new financial reporting framework that is identical to IFRS for
Singapore listed companies for annual periods beginning on or after 1 January 2018. This
framework will also be made available for voluntary application by all non-listed Singaporeincorporated companies at the same time.
The ASC argues that aligning full convergence with IFRSs with the effective date of major
new IASB pronouncements would mean that Singapore companies would not have to close
existing differences in transition requirements between SFRSs and IFRSs while transitioning
to a fundamentally new standard shortly afterwards and would minimise the restatement of
comparatives on transition to the new framework. The implementation lead time of more than
three years would also enable enable stakeholders to appreciate the potential impact of, and
prepare for, the transition to the new framework.The ASC also comments:
[Full convergence with IFRSs] will also place Singapore-listed companies on a level playing
field with their counterparts in the IFRS community and eliminate any perception that they
may be applying standards that are different from IFRS, even though they have been IFRScompliant in a substantive manner for more than a decade.
Please click for the following information on the ASC website:
o
press release
full text of keynote address given by the ASC Chairman at the IFRS Foundation's
IFRS Conference
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