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 provide a summary of the new/revised FRSs and INT FRSs organised based on their effective dates, an outline of recent exposure drafts and updates on the Revenue and the Leases projects. A comparison of the FRS against IFRS has been included, as well as summaries of other financial reporting matters arising from regulatory updates.
We have retained the relevant summaries of new/revised FRSs and INT FRSs included in the 2012 edition. For Standards that 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.
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 has been deferred to a later date, which will be announced at an appropriate juncture.
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