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. Financial Reporting Standards. Description . Overview. 9 March 2020. GAAP Singapore Ltd is assumed to have presented its financial statements in accordance with Singapore Financial Reporting Standards (���FRS���) for a number of years. have SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB). Singapore Financial Reporting Standards (International) (SFRS (I)s) refer to Singapore Financial Reporting Standards (International) and SFRS (I) Interpretations issued by the ASC. 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). Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, earlier application is permitted. endobj (481 KB), Events after the Reporting Period (442 KB), Accounting for Government Grants and Disclosure of Government Reporting Standard 116 or Singapore Financial Reporting Standard (International) 16 - Leases . standard-setting for a question submitted, it publishes an agenda decision to explain its decision. Offer expires on the 11th of February 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 STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. With the arrival of the new revenue standard ��� FRS 115 Revenue from Contracts with Customers, the construction industry has effectively lost its contract accounting ���rule book���. Singapore started the process of aligning SFRS closely with IFRS Standards in 2002. 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. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. <>>> Financial Reporting Standards: An Overview (Classroom)) - ��� Programme Outline Major new/revised standards effective in 2018. FRB. Please click here to download all the SFRS(I)s and SFRS(I) Interpretations in the 2020 volume. ��� IFRS 1 ��� First-time Adoption of International Financial Reporting Standards Full convergence of SFRS with IFRS Standards for Singapore-incorporated companies listed on SGX was a strategic direction of the ASC set in 2009. The amendments are effective for annual periods beginning on or after January 1, 2022. 9 Reassessment of Embedded Derivatives (For entities INT FRS 122; FRS 109 Financial instruments; FRS 115 Revenue from contracts with customers 3 0 obj Issuance Date. its Shareholders (399 KB), Service Concession Arrangements: Disclosures (403 KB), Intangible Assets - Web Site Costs (414 KB), Appendix D.1 SFRS(I) 1-39 KB), Uncertainty over Income Tax Treatments (488 KB), Government Assistance - No Specific Relation to Operating Financial Reporting Guidances. Links to summaries, analysis, history and resources for International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Financial Reporting Practice Guidance No. 2 0 obj Early application is permitted. %���� stream This workshop is designed specifically for accountants and auditors who will like to have a comprehensive overview of the Singapore Financial Reporting Standards (FRS). KB), Foreign Currency Transactions and Advance Consideration (418 Links to summaries, analysis, history and resources for International As SFRS(I)s are based on IFRS Standards and the copyright to IFRS Standards is owned by the Accrual-based accounting is one of the main principals of Singapore accounting standards. If the IFRS Interpretations Committee decides not to recommend KB), Financial Instruments: Recognition and Measurement (562 KB), Changes in Existing Decommissioning, Restoration and Similar %PDF-1.5 Income Tax Treatment Arising from Adoption of FRS 109 ��� Financial Instruments 2 1. The FRSs issued by the Accounting Standards Council (ASC) ��� Liabilities (419 KB), Members' Shares in Co-operative Entities and Similar endobj Singapore Financial Reporting Standards: Annual Update 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. 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. 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. 2 of 2020: Areas of Review Focus for FY2020 Financial Statements under the Financial Reporting Surveillance Programme administered by ACRA (PDF, 488KB); Financial Reporting Practice Guidance No. 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. Frequently Asked Questions on application of Financial Reporting Guidance 1 (���FRG 1���) Download. Financial Reporting (782 KB), First-time Adoption of Singapore Financial Reporting Standards 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. This page was last edited on 3 October 2020, at 15:39 (UTC). It summarises the IASB’s considerations in developing IFRS Conceptual Framework and IFRS (International) (571 KB), Appendix D.1 SFRS(I) 1-39 Financial Instruments: Recognition and Measurement (For entities applying the temporary exemption from SFRS(I) 9) (1088 KB), Appendix D.2 SFRS(I) INT 1 of 2020: Proposed Areas of Review Focus by Directors on the Financial Statements Affected by the COVID-19 Pandemic (PDF, 539KB) <> x��][o��~7��Џ3�Q�y�K�X���-�>�����XY�E���>�b_��,�}q� �g�SU$��U����WO�����)���W����n���������o����������x8�|�t�������~�1y�ӛ�/_di�+˂%Y�*� With SFRS(I) and the new accounting standards for SFRS(I) 9 Financial Instruments and SFRS(I) 15 Revenue from Contracts with Customers coming into effect, as described in the Financial Reporting Practice Guidance No.1 of 2018 relased by ACRA, Singapore Financial Reporting Standards (International)Changes effective for annual periods beginning after 1 January 2020. MAS is the central bank of Singapore. List of International Financial Reporting Standards. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. To discuss the provisions of the new/revised Financial Reporting Standards issued by the Accounting Standards Council and effective for the years 2018, 2019 and 2020. For many years, Singapore has been working to converge the FRS with the IFRS. Unlike the accounting standards, FRGs are not mandatory on ISCA members but are consistent with the purpose of accounting standards. Table of SFRS(I)s and IFRS Standards can be accessed here (194 KB). Applicability (341 KB), Preface to Singapore Financial Reporting Standards (International) The use of the Basis for Conclusions is subject to the IFRS Foundation's Terms and (123 KB), The Conceptual Framework for What are the top five issues you need to consider when finalising the financial statements for 2014? the authority of IFRS Standards. ����O��/_�����^�8ǒ*������h�%,ጥK�*O�~��|Y$��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. Financial Reporting Guidances (FRGs) are issued to share technical views and insights on issues, and/or best practices in an area/industry. 2. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. All companies with financial period starting on or after 1 January 2003 have to comply with SFRS. Accounting Standards in Singapore In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the IFRS. Downloads. if it is published on the IFRS Foundation's website. Jump to navigation Jump to search. 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 ��� 1. The accounting standard-setting process must be robust and credible to promote public confidence in the standards developed from the process. The Basis for Conclusions is not part of IFRS Conceptual Framework and IFRS Standards. SFRS(I) 9 Singapore Financial Reporting Standard (International) 9 Financial Instruments TAM Total asset method YA Year of Assessment . They do not <> endobj December. Singapore Financial Reporting Standards (International) (SFRS(I)s) refer to Singapore Financial Reporting Standards (International) and SFRS(I) Interpretations issued by the ASC. Aim 1.1 This e-Tax Guide provides guidance on the tax treatment for entities adopting Assistance (444 KB), The Effects of Changes in Foreign Exchange Rates (491 KB), Accounting and Reporting by Retirement Benefit Plans (447 KB), Investments in Associates and Joint Ventures (481 KB), Financial Reporting in Hyperinflationary Economies (439 KB), Financial Instruments: Presentation (594 KB), Provisions, Contingent Liabilities and Contingent Assets (498 As of 1 January 2018, Singapore-incorporated companies listed on the Singapore Exchange (SGX) must apply a new Singapore 16 Nov 2020 - The Minister for Finance has appointed Mr Teo Kok Ming as a new member of ASC from 16 November 2020. This collection of SB-FRSs and INT SB-FRSs includes official pronouncements issued by the Accountant-General (up to 31 December 2020) and are required to be applied for annual periods beginning on 1 January 2020. 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 Accounting implications arising from COVID-19 for entities with 31 December 2019 financial reporting date 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). Accounting standards are developed in the public interest in support of Singapore���s corporate governance and financial reporting framework. Effective for annual reporting period beginning on 1 January 2020. Financial Reporting Standards in Singapore (���FRSs���) or voluntarily adopt SFRS(I). If you do not already have Adobe Reader, please download the software for free here:[, Singapore Financial Reporting Standards (International), Statement on 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. 1 0 obj Wolters Kluwer Singapore | A Practical Guide to Financial ��� 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. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Extension of FATCA Filing Deadline. Conditions as 4 0 obj On 29 May 2014, the ASC announced that Singapore-incorporated companies listed on SGX will apply a new financial reporting framework identical to IFRS Standards ��� 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). 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