Jump to navigation Jump to search. Singapore Financial Reporting Standards (International)Changes effective for annual periods beginning after 1 January 2020. SFRS(I)s issued by the ASC are published for your own personal non-commercial use only, subject to the Terms & Conditions of Use of this Web Site. KB), Uncertainty over Income Tax Treatments (488 KB), Government Assistance - No Specific Relation to Operating As of 1 January 2018, Singapore-incorporated companies listed on the Singapore Exchange (SGX) must apply a new Singapore To discuss the provisions of the new/revised Financial Reporting Standards issued by the Accounting Standards Council and effective for the years 2018, 2019 and 2020. Applicability (341 KB), Preface to Singapore Financial Reporting Standards (International) have 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. (123 KB), The Conceptual Framework for %PDF-1.5 IFRS 1 ��� First-time Adoption of International Financial Reporting Standards 9 March 2020. applying the temporary exemption from SFRS(I) 9) (581 KB), Appendix D.3 Other SFRS(I)s excluding amendments by SFRS(I) 9 Financial Instruments (For entities applying the temporary exemption from SFRS(I) 9) (786 KB), Non-current Assets Held for Sale and Discontinued Operations (484 KB), Exploration for and Evaluation of Mineral Resources (440 KB), Financial Instruments: Disclosures (643 KB), Consolidated Financial Statements (643 KB), Disclosure of Interests in Other Entities (501 KB), Revenue from Contracts with Customers (677 KB), Presentation of Financial Statements (588 KB), Accounting Policies, Changes in Accounting Estimates and Errors its Shareholders (399 KB), Service Concession Arrangements: Disclosures (403 KB), Intangible Assets - Web Site Costs (414 KB), Appendix D.1 SFRS(I) 1-39 List of International Financial Reporting Standards. Financial Reporting Guidances. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). endobj KB), Foreign Currency Transactions and Advance Consideration (418 Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive Aim 1.1 This e-Tax Guide provides guidance on the tax treatment for entities adopting Wolters Kluwer Singapore | A Practical Guide to Financial ��� SFRS(I) 9 Singapore Financial Reporting Standard (International) 9 Financial Instruments TAM Total asset method YA Year of Assessment . Accrual-based accounting is one of the main principals of Singapore accounting standards. Description . Frequently Asked Questions on application of Financial Reporting Guidance 1 (���FRG 1���) Download. Overview. Programme Outline Major new/revised standards effective in 2018. 3 0 obj <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Financial Instruments: Recognition and Measurement (For entities applying the temporary exemption from SFRS(I) 9) (1088 KB), The Conceptual Framework for Financial Reporting, 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). Financial Reporting Standards: An Overview (Classroom)) - ��� stream 2. Unlike the accounting standards, FRGs are not mandatory on ISCA members but are consistent with the purpose of accounting standards. This collection of SFRS(I)s includes official pronouncements issued by the ASC up to 31 December 2019 and are required to be applied for annual reporting period beginning on 1 January 2020. Accounting standards are developed in the public interest in support of Singapore���s corporate governance and financial reporting framework. Early application is permitted. Financial Reporting Guidances (FRGs) are issued to share technical views and insights on issues, and/or best practices in an area/industry. GAAP Singapore Ltd is assumed to have presented its financial statements in accordance with Singapore Financial Reporting Standards (���FRS���) for a number of years. KB), Financial Instruments: Recognition and Measurement (562 KB), Changes in Existing Decommissioning, Restoration and Similar All companies with financial period starting on or after 1 January 2003 have to comply with SFRS. Financial Reporting Practice Guidance No. Standards. 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. Issuance Date. STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. <>>> They do not IAS 1 sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. With SFRS(I) and the new accounting standards for SFRS(I) 9 Financial Instruments and SFRS(I) 15 Revenue from Contracts with Customers coming into effect, as described in the Financial Reporting Practice Guidance No.1 of 2018 relased by ACRA, What are the top five issues you need to consider when finalising the financial statements for 2014? endobj 1 of 2020: Proposed Areas of Review Focus by Directors on the Financial Statements Affected by the COVID-19 Pandemic (PDF, 539KB) MAS is the central bank of Singapore. Full convergence of SFRS with IFRS Standards for Singapore-incorporated companies listed on SGX was a strategic direction of the ASC set in 2009. Links to summaries, analysis, history and resources for International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). 4 0 obj Agenda decisions often explain how the applicable principles and requirements in IFRS Standards apply to the question submitted. %���� Please click here to download all the SFRS(I)s and SFRS(I) Interpretations in the 2020 volume. The accounting standard-setting process must be robust and credible to promote public confidence in the standards developed from the process. Singapore Financial Reporting Standards (International) Table of SFRS(I)s and IFRS Standards ��� 1 January 2020 This table shows how SFRS(I)s and IFRS Standards correspond. Singapore Financial Reporting Standards (International) Effective for annual reporting period beginning on 1 January 2020 SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRS Standards) issued by ��� Offer expires on the 11th of February 2020. ��� The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. 1 Singapore Financial Reporting Standard (International) 9 which sets out the requirements for recognising and measuring financial instruments for companies that have issued or are in the process of issuing equity or debt instruments for trading in a public market in Singapore, is similar to FRS 109 except for the transition provisions. INT FRS 122; FRS 109 Financial instruments; FRS 115 Revenue from contracts with customers ����O��/_�����^�8ǒ*������h�%,ጥK�*O�~��|Y$��j��g�T֟~~���S�ݧ��|٪�>9���/�Mr��x�=㛏�3�\�'�m�gbs�����=S�dw���$�o��?��_^�x����/�wL�V�����F�>�2-��℃�{Vlnv��'���)��� _WgW�T���Y�M��+���t:>Ћ���xZs�T2-�DV�*娓l�1ͲT2�݂1�(�V�4�R�z���g;9� �����OIv����s���~~��7�"a2ͤ����j����Ƕ�^�js���7���}������G�]�4F@�|s��U�T���'?Y�����:�)���O�O��h^ۄv�N8m��ѡ�?�TkK(�L���h���rl������j~�t!�($����Eb��pKt��2s�����gҬ��f�\4+�2O�%W. If you do not already have Adobe Reader, please download the software for free here:[, Singapore Financial Reporting Standards (International), Statement on Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, earlier application is permitted. 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 The collection does not include new/revised/amendments to SFRS(I)s which are effective for annual reporting periods beginning after 1 January 2020. The IFRS Interpretations Committee works with the IASB in supporting the application of IFRS Standards, such as by responding to questions submitted regarding IFRS Standards. the authority of IFRS Standards. The Conceptual Framework and SFRS(I)s should be read in the context of the Basis for Conclusions on IFRS Conceptual Framework and IFRS Standards issued by the IASB. Issue 49 (PDF, 1.81MB) It���s the year-end financial reporting season again. The illustrative financial statements include the disclosures required by the Singapore Companies Act, SGX-ST Listing Manual, and FRSs and INT FRSs that are issued at the date of publication (July 31, 2015). subsequent SFRS(I) financial statements. 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