What additional information is required for disclosures in the financial statements? Prior year comparatives have been restated as required by the transition requirements. ; ISCA Budget Update 2021 (Live Webinar) Join us on 18 March 2021 for ISCA’s annual Budget Update Seminar (Live Webinar)! The collection does not include new/revised/amendments to SFRS(I)s which are effective for annual Under the Financial Reporting Surveillance Programme (FRSP), ACRA reviews selected financial statements (FS) of Singapore-incorporated companies for compliance with the prescribed accounting standards in Singapore. These changes aim to build transparency in the annual report and help organisations to succeed by establishing trust through transparency. Each industry is unique and the hallmark of a great business partner is the ability to understand and identify the needs and goals of each business in its context. 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. If the IFRS Interpretations Committee decides not to recommend 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. Issue 1 (PDF 523KB) From 2019, the accounting treatment of leases by lessees will change fundamentally. To access the EDB Connections Concierge, please click here. STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. Each member of the RSM network is an independent accounting and advisory firm each of which practices in its own right. It boasts a highly developed and sophisticated financial sector, with many foreign branches intermediating funds throughout the region. Ltd., prepared in accordance with: Financial Reporting Standards in Singapore (FRSs) Singapore Companies Act, Chapter 50 (CA) ... (Addendum to Illustrative Financial Statements 2019) Illustrative Financial Statements 2018. The RSM network is not itself a separate legal entity of any description in any jurisdiction. We are active in all 10 ASEAN countries. Our vertical industry units help companies grow through tailored services with insightful, practical and effective advice. 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). In Singapore, accounting standards are developed for two reasons. However, with permission of the securities regulator, listed companies may use IFRS Standards as issued by the Board. This publication is produced by KPMG in Singapore, and the views expressed herein are those of KPMG in Singapore. In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the IFRS. Singapore: Reporting financial institutions may begin submitting CRS returns 25 April 2019 The Inland Revenue Authority of Singapore (IRAS) on 22 April 2019 updated a list of “frequently asked questions” (FAQs) concerning the common reporting standard (CRS) including CRS registration. More information is also ... Singapore and India. FINANCIAL REPORTING PRACTICE GUIDANCE NO. 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