after 1 January 2019. In Singapore, services are provided by Deloitte & Touche LLP and its subsidiaries and affiliates. It was issued by the Accounting Standards Board in December 2000. SFRS is principally based on and substantially similar to the International Financial Reporting Standards (IFRS) that are issued by the International Accounting Standards Board (IASB). • Amendments to FRS 110, ‘Consolidated financial statements’ and FRS 28, ‘Investments in associates and joint ventures’ on Investment entities applying the consolidation exemption. Welcome to EY.com. Programme Outline . Electronic Equipment (408 KB), Applying the Restatement Approach under FRS 29 Financial Reporting in The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. 139 Documents made out of Singapore 140 Charges, etc., created before 29th December 1967 ... [Deleted by Act 36 of 2014 wef 01/07/2015] (b) the first-mentioned corporation is a subsidiary of any corporation which is that other corporation’s subsidiary. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. Singapore Financial Reporting Standards Pocket guide 2009 This pocket guide provides a summary of the recognition and measurement requirements of Singapore Financial Reporting Standards (SFRS) issued up to June 2009, and the ... 18. (65) 6749 8061 Together with the combination connecting thread, this increases flexibility. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. Impairment of non-financial assets – FRS 36 29 19. Significant development and changes have taken place recently in financial reporting, amongst which If you have an account with us, please sign-in first. 4.6 Summary of comparisons between the revised IAS 17, FRS 117 and FRS 117 2004 28 5. Quick read – SFRS(I) 16/FRS 116 I. Qualifying criteria for the companies incorporated under the Hong Kong Companies Ordinance . E. Valuation of intangible assets – FRS 38 (2 hrs) F. Valuation for simple investments – FRS 109 (2 hrs) Debt investments Equity investments G. Valuation for impairment assessment – FRS 36 (1 hr) Value-in-use Fair value less costs to sell H. Q&A with industry partner (1 hr) By NP lecturers By industry partner FRS 1. The overall set of accounting standards in Singapore contain about 41 different standards with each standard named as FRS X e.g. Pronouncements. He will be the first Nobel-prize winner to join a Singapore university. Bill No. The FRS 16 replaces the FRS16 (the version that was released in 2003), the INT FRS 6, the INT FRS 14 (property, plant, and equipment – compensating impairment loss) and the INT FRS 23.This standard requires that every accountant in Singapore (regardless of in-house or accounting services in Singapore) to apply the principles outlined in this standard to property, plant, and equipment. ‘fair value less costs of disposal” and ‘value in use’, 1 week before programme or until full enrolment. issued FRS 116 Leases as the Singapore equivalent of IFRS 16. KB), Stripping Costs in the Production Phase of a Surface Mine (420 KB), Foreign Currency Transactions and Advance Consideration (413 KB), Uncertainty over Income Tax Treatments (425 KB). However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. This state of affairs changed with the promulgation of accounting standard FRS 36 in Singapore, effective from 1 July 2004. Hyperinflationary Economies (576 KB), Interim Financial Reporting and Impairment (389 KB), FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding 36/2017. Joint ventures – FRS 31 39 Other subjects 29. STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. Programme Outline . values where required by Singapore Financial Reporting Standards and IFRS. Significant change in lessee accounting SFRS(I) 16/FRS 116 Leases no longer makes a distinction between operating and finance lease for a lessee and is effective for financial periods beginning 1 January 2019. 27 Nov 2020 - ASC has issued Amendments to SFRS(I) 17 and Amendments to FRS 117, together with Amendments to SFRS(I) 4 and Amendments to FRS 104 on Extension of the Temporary Exemption from Applying SFRS(I) 9 and FRS 109, respectively. 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