Changes to the financial reporting framework in Singapore
The purpose of this publication is to provide a roundup of the recent changes in the Singapore financial reporting framework which we believe are important to accounting and audit professionals.
In this edition, we continue to provide a summary of the new/revised FRSs and INT FRSs, as well as significant Projects in Progress and Exposure Drafts issued in 2012, including an updated comparison of FRS against IFRS.
We have retained summaries of the new/revised FRSs and INT FRSs summarised in the 2011 edition which are effective in the near future. While these are not effective yet, entities will need to consider and disclose in their current financial statements, the possible effects that these new/revised FRSs and INT FRSs might have in the period of initial application.
A summary of differences between FRS and IFRS is provided in this publication. One of the key IFRSs not adopted as an FRS at the time of this publication is IFRS 9 Financial Instruments. The ASC has deferred the adoption of IFRS 9 until a later date which is yet to be confirmed. The plan towards full convergence of Singapore FRSs with IFRSs for Singapore incorporated companies listed on the SGX by 2012 has also been deferred to a later date, which will be announced at an appropriate juncture.
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