All companies with financial period starting on or after 1 January 2003 have to comply with SFRS. It summarises the IASB’s considerations in developing IFRS Changes to the financial reporting framework in Singapore 2018 Published on: 07 May 2019 This publication from Deloitte (Singapore) provides a roundup of the recent changes in the Singapore financial reporting framework which are important to accounting and audit professionals. KB), Financial Instruments: Recognition and Measurement (562 KB), Changes in Existing Decommissioning, Restoration and Similar Businesses rely on us to help them understand the unfamiliar, set up shop smoothly, and continue supporting their needs in unfamiliar jurisdictions. Instruments (451 KB), Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (423 KB), Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (416 KB), Applying the Restatement Approach under SFRS(I) 1-29 Financial Reporting in Hyperinflationary Economies (414 KB), Interim Financial Reporting and Impairment (409 KB), SFRS(I) 1-19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (436 KB), Hedges of a Net Investment in a Foreign Operation (459 KB), Distributions of Non-cash Assets to Owners (420 KB), Extinguishing Financial Liabilities with Equity Instruments All rights reserved. Accrual-based accounting is one of the main principals of Singapore accounting standards. standard-setting for a question submitted, it publishes an agenda decision to explain its decision. Agenda decisions can be accessed on the IFRS Foundation's website. The EDB Connections Concierge is an online service that helps new businesses and tech companies set-up in Singapore through EDB's curated network of service providers. 2021 ISCA Membership Renewal Click here to renew Renew your membership online by 31 January 2021 and stand a chance to win waiver of annual subscription fee (20 winners) and $50 shopping vouchers (30 winners). In addition, companies with operating leases will need to determine the financing component implicit within the lease and recognise the expense under financing costs accordingly. Event Details (registration open only to invited guests), Venue: RSM office (8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095), Fee per pax: The prescribed accounting standards for Singapore-incorporated companies listed on the Singapore Exchange or SFRS(1), Singapore Financial Reporting Standards, are identical to those of the International Accounting Standards Board (IASB). The session will also answer several key questions: Other than SFRS 116 Leases, we will also share some of the practical challenges faced by companies during the implementation of the two accounting standards that were effective in 2018, namely SFRS 109 Financial Instruments and SFRS 115 Revenue from Contracts with Customers, and help to reinforce the key principles set forth in these two standards. Listed companies in Singapore are required to use Singapore Financial Reporting Standards (SFRS), which are substantially converged with IFRS Standards. Financial Instruments: Recognition and Measurement (For entities applying the temporary exemption from SFRS(I) 9) (1088 KB), First-time Adoption of International Financial Reporting Standards (789 KB), Non-current Assets Held for Sale and Discontinued Operations (666 KB), Exploration for and Evaluation of Mineral Resources (413 KB), Financial Instruments: Disclosures (835 KB), Consolidated Financial Statements (934 KB), Disclosure of Interests in Other Entities (596 KB), Revenue from Contracts with Customers (2086 KB), Presentation of Financial Statements (688 KB), Accounting Policies, Changes in Accounting Estimates and Errors (442 KB), Events after the Reporting Period (119 KB), Accounting for Government Grants and Disclosure of Government Assistance (318 KB), The Effects of Changes in Foreign Exchange Rates (377 KB), Investments in Associates and Joint Ventures (622 KB), Financial Reporting in Hyperinflationary Economies (105 KB), Financial Instruments: Presentation (751 KB), Financial Instruments: Recognition and Measurement (765 KB), Changes in Existing Decommissioning, Restoration and Similar Liabilities (266 KB), Members' Shares in Co-operative Entities and Similar Instruments (501 KB), Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (440 KB), Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (279 KB), Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies (263 KB), Interim Financial Reporting and Impairment (234 KB), IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (431 KB), Hedges of a Net Investment in a Foreign Operation (271 KB), Distributions of Non-cash Assets to Owners (560 KB), Extinguishing Financial Liabilities with Equity Instruments (428 KB), Stripping Costs in the Production Phase of a Surface Mine (239 KB), Foreign Currency Transactions and Advance Consideration (344 KB), Uncertainty over Income Tax Treatments (239 KB), Government Assistance - No Specific Relation to Operating Activities (379 KB), Income Taxes - Changes in the Tax Status of an Entity or its Shareholders (399 KB), Service Concession Arrangements: Disclosures (321 KB), Intangible Assets - Web Site Costs (402 KB). Are you prepared for the new leases standard? Any articles or publications contained within this website are not intended to provide specific business or investment advice. (481 KB), Events after the Reporting Period (442 KB), Accounting for Government Grants and Disclosure of Government These changes aim to build transparency in the annual report and help organisations to succeed by establishing trust through transparency. IFRS 16 (Leases) is also an im­por­tant and com­pletely new stan­dard, which is on the hori­zon and will su­per­sede IAS 17, with an ef­fec­tive date of Jan­u­ary 1, 2019. Financial statements are prepared on the accrual basis of accounting. Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards as at September 2006 International Financial Overall comparison Reporting Standards (IFRS) Singapore Financial Reporting Standards (SFRS) Last revision of FRS FRS 41 is consistent with IAS 41 in all material aspects. In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the Companies Act, Chapter 50 (the Act) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair view of the financial position of the Company as at 31 December 2019 and of the financial performance, changes in equity and cash flows of the Company for the year ended … New/Revised standards effective in 2018. This publication illustrates best practices for financial statement disclosures that comply with the Singapore Companies Act, Singapore Financial Reporting Standards (International) [SFRS (I)] and the Singapore Exchange Limited Listing Manual for companies with … The standards, which will be effective from annual periods of 2018-2019, will affect companies across different industries, with potentially broad implications beyond financial reporting. Financial Reporting Standards Effective for annual reporting period beginning on 1 January 2019 Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. For further enquiries, please contact the Manager responsible for the audit engagement. Topics Covered. About Singapore Illustrative Financial Statements 2019 . This collection of SB-FRSs and INT SB-FRSs includes official pronouncements issued by the Accountant-General (up to 31 December 2020) and are required to be applied for annual periods beginning on 1 January 2020. We help clients eliminate the complex and arduous task of navigating through local regulations and procedures. CFOs, Financial Controllers, Accounting and Finance Managers. Whether serving public sector organisations, owner managed businesses, private individuals or listed companies with overseas operations, our goal is to help our clients achieve their ambitions. This collection of SB-FRSs and INT SB-FRSs includes official pronouncements issued by the Accountant-General (up to 31 December 2020) and are required to be applied for annual periods beginning on 1 January 2020. Conditions as Consistent with the announcement by the United States Internal Revenue Service and in light of the COVID-19 situation, IRAS is automatically extending the FATCA filing deadline for Reporting Year 2019 to 31 Aug 2020.We encourage Reporting SGFIs to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any unexpected issues. This publication is an illustrative financial statements (IFS) of a Singapore-incorporated company, ABC Pte. Non-listed Singapore … Financial Reporting Standards (IFRSs), though there is a time lag in adopting several recent IFRSs. if it is published on the IFRS Foundation's website. More information is also ... Singapore and India. We are active in all 10 ASEAN countries. No responsibility for any errors or omissions nor loss occasioned to any person or organisation acting or refraining from acting as a result of any material in this website can, however, be accepted by the author(s) or RSM International. The first is accounting standards are developed in the public interest in support of the country’s corporate governance. Hedge funds. The International Accounting Standards Board has completed its project on the financial reporting impacts arising from the global interest rate benchmark reforms (“IBOR reform”) in 2020. Note 2: As required by the Singapore Exchange listing rules, the Group has adopted International Financial Reporting Standards (“IFRS”) with effect from 1 April 2018. Simply put, the SFRS for Small Entities is a simpler, less complicated version of the full Singapore Financial Reporting Standards. Download PDF. Accounting standards are developed in the public interest in support of Singapore’s corporate governance and financial reporting framework. ; ISCA Budget Update 2021 (Live Webinar) Join us on 18 March 2021 for ISCA’s annual Budget Update Seminar (Live Webinar)! 2019 continues to be a year of change with the revised Code of Corporate Governance (“the Revised Code”) and new lease accounting standard – SFRS (I) 16 Leases, which were both effective on 1 January 2019. 2021 ISCA Membership Renewal Click here to renew Renew your membership online by 31 January 2021 and stand a chance to win waiver of annual subscription fee (20 winners) and $50 shopping vouchers (30 winners). Telling your story. IFRS Foundation, permission to use SFRS(I)s for any other purpose is required from the ASC and the IFRS Foundation with regard to SFRS(I)s and IFRS Standards, respectively. Ahead of the upcoming 31 December year ends, we have released our latest illustrative US GAAP financial statements for Private Equity and Hedge Funds, which will be a very useful guide for preparers and cover the relevant changes in accounting standards in 2019. A new standard FRS 116 Leases was issued and supersedes FRS 17 and the related INT FRS effective for annual periods beginning on or after 1 January 2019, and Several FRSs were amended through the various Improvements to FRSs and Amendments to FRSs. The ASC’s policy intent is that an entity complying with SFRS(I)s can elect to simultaneously include an explicit and unreserved statement of compliance with IFRS Standards in its first SFRS(I) financial statements, and thereafter, in its As Andy will explain later in this report, our results in 2019 show good progress on the medium-term financial objectives that he and Bill laid out at the start of the year. SFRS(I)s should be read in the context of the Basis for Conclusions on IFRS Standards issued by the IASB. Financial Reporting (343 KB), First-time Adoption of Singapore Financial Reporting Standards Singapore is a large financial center with a strong regulatory framework and significant external exposures. its Shareholders (399 KB), Service Concession Arrangements: Disclosures (403 KB), Intangible Assets - Web Site Costs (414 KB), Appendix D.1 SFRS(I) 1-39 SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB). You should take specific independent advice before making any business or investment decision. What additional information is required for disclosures in the financial statements? Click for ASC press release (link to ASC website). 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