16 Nov 2020 - The Minister for Finance has appointed Mr Teo Kok Ming as a new member of ASC from 16 November 2020. Except for exempted short-term and low value leases, 6% )56 &217(176 iurp sdudjudsk 2%-(&7,9( 6&23( '(),1,7,216 3urylvlrqv dqg rwkhu oldelolwlhv 5hodwlrqvkls ehwzhhq surylvlrqv dqg frqwlqjhqw oldelolwlhv It was issued by the Accounting Standards Board in December 2000. Quick read – SFRS(I) 16/FRS 116 I. For more secure, convenient, and efficient transactions, we request customers 1) to enrol to our e-invoicing service (and receive a 15% discount code) and 2) to send payments through Electronic Funds Transfer (EFT)/Telegraphic Transfer (TT). 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. Further, according to the Department of Statistics Singapore the compounded annual growth rate of the MAS Core Inflation Measure increased close to … The Florida is a 99-year Leasehold property, located in Hougang / Punggol / Sengkang. About Deloitte Singapore after 1 January 2019. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. Lessee enters into a 10-year lease of a floor of a building, with an option to extend for five years. 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. COVID-19 Accounting Essentials : FRS 116 Amendment and the Accounting for Job Support Scheme (On Demand) Description The Accounting Standards Council (ASC) of Singapore has issued an Amendment to SFRS (I) 16 and an Amendment to FRS 116 on Covid-19-Related Rent Concessions. This state of affairs changed with the promulgation of accounting standard FRS 36 in Singapore, effective from 1 July 2004. The collection does not include new/revised/amendments to FRSs which are effective for annual reporting periods beginning 36/2017. Lease accounting – FRS 17 29 20. Every accounting firm in Singapore should apply this standard for accounting for revenue that may arise from the following events and transactions: Sale of products However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. FRS 1. If you do not have an account with us, create one now for free. Pronouncements. Therefore, all construction contracts in Singapore should adhere to … The new Singapore leases standard will be effective in January 2019 and companies need to get ready for the adoption and implementation of FRS 116. Programme Facilitator(s) Act and Singapore Financial Reporting Standards ... such as net realisable value in FRS 2 Inventories or value in use in FRS 36 Impairment of Assets. A yearly increment of 4.9% may be on the high side as the latest FRS figures are only increasing by 3% every year. ... FRS 36, FRS 38, FRS 39, FRS 40, FRS 102, FRS 103, FRS 110, FRS 113. Rehabilitation Funds (418 KB), Liabilities arising from Participating in a Specific Market - Waste This collection of FRSs includes official pronouncements issued by the ASC up to 31 December 2018 and are required to be applied for annual reporting period beginning on 1 January 2019. The overall set of accounting standards in Singapore contain about 41 different standards with each standard named as FRS X e.g. International Accounting Standards Board and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from the ASC and the IFRS Foundation with regard to FRSs and IFRS Standards, It was issued by the Accounting Standards Board in December 2000. Fundamentals in FRS Training Course Singapore introduce participants to common Financial Reporting Standards (FRS) that is needed to handle various business scenarios, accounting treatment and disclosure in the financial reporting. He will be the first Nobel-prize winner to join a Singapore university. However, this may Therefore, it is advisable to understand the FRS 8 so that your business’s the accounting function matches the requirements set by the FRS 8. The Singapore Government Securities (SGS) website provides individual investors a general overview of the SGS market. You are about to leave ISCA eServices Portal and the registration link will be opened in a new tab. Singapore Financial Reporting Standards (International) 2020 Volume; Changes effective for annual periods beginning after 1 January 2020 02 FRS 109 Financial Instruments – impairment for corporates The new standard on financial instruments is effective from 1 January 2018 and introduces a new impairment model. The FRS 39 tax treatment is the default tax treatment for all taxpayers who adopt FRS 39 for accounting purposes. Electronic Equipment (408 KB), Applying the Restatement Approach under FRS 29 Financial Reporting in There are more than 40 Financial Reporting Standards (FRS) issued in … A taxpayer who wishes to be subject to tax on a realisation basis (i.e. FRS Singapore Financial Reporting Standards FASB United States Financial Accounting Standards Board ... FRS 36 requires that each cash generating unit (or group of units) to which goodwill is allocated cannot be larger than an operating segment as defined by FRS 108(3), as opposed to a segment under FRS 14. To gain a better understanding of the characteristics of the goodwill reporting regime, developing an understanding of the level of compliance and quality disclosures related to determining the recoverable amount of the CGUs are matters of … Reporting (350 KB), Presentation of Financial Statements (766 KB), Accounting Policies, Changes in Accounting Estimates and Errors (643 KB), Events After the Reporting Period (541 KB), Accounting for Government Grants and Disclosure of Government Assistance (541 Under FRS 36, goodwill is not amortised any longer and it is considered to be an asset with indefinite life. Qualifying criteria for the companies incorporated under the Hong Kong Companies Ordinance . Programme ObjectiveThis course allows participants to explore FRS 36 Impairment of Assets in detail and understand the key issues in discounted cash flow computation through the use of case studies. IAS 36 was reissued in March 2004 and applies to goodwill and in­tan­gi­ble assets acquired in business com­bi­na­tions for which the agreement date is on or after 31 March 2004, and for all other assets prospec­tively from the beginning of the first annual period beginning on or … KB), The Effects of Changes in Foreign Exchange Rates (657 KB), Accounting and Reporting by Retirement Benefit Plans (547 KB), Investments in Associates and Joint Ventures (838 KB), Financial Reporting in Hyperinflationary Economies (536 KB), Financial Instruments: Presentation (758 KB), Provisions, Contingent Liabilities and Contingent Assets (590 KB), Financial Instruments: Recognition and Measurement (561 KB), First-time Adoption of Financial Reporting Standards (742 KB), Non-current Assets Held for Sale and Discontinued Operations (652 KB), Exploration for and Evaluation of Mineral Resources (604 KB), Financial Instruments: Disclosures (640 KB), Consolidated Financial Statements (814 KB), Disclosure of Interests in Other Entities (667 KB), Revenue from Contracts with Customers (676 KB), Government Assistance - No Specific Relation to Operating Activities (382 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 Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. (65) 6749 8061 Nobel Prize-winning physicist Professor Sir Konstantin ‘Kostya’ Novoselov FRS will join NUS as Distinguished Professor of Materials Science and Engineering on 8 April 2019. In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar. The following example is extracted from FRS 116 – Illustrative Examples : Example 13. IntroductionIdentifying assets that may be impairedIdentifying cash-generating unitsImpairment assessment of goodwillMeasuring recoverable amount: ‘fair value less costs of disposal” and ‘value in use’Recognition of an impairment lossReversal of impairmentPresentation and disclosure Training Methodology Lecture style with case studies Closing Date for Registration1 week before programme or until full enrolment, Training Methodology Lecture style with case studies Closing Date for Registration1 week before programme or until full enrolment. (56314 KB), If you do not already have Adobe Reader, please download the software for free here:[, Singapore Financial Reporting Standards (International), Preface to Financial Reporting Standards (113 KB), Preface to Interpretations of Joint ventures – FRS 31 39 Other subjects 29. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. remain on pre-FRS 39 tax treatment) for its financial instruments on revenue account must elect in writing at the time of submission of its tax return in the first YA that FRS 39 is adopted for accounting purposes. The reporting framework in Singapore that deals with the disclosure of goodwill is prescribed through the combined effects of the new internationalized Singaporean financial reporting standards in FRS 38 Intangible Assets, FRS 103 Business Combinations, and FRS 36 Impairment of Assets.3 Hyperinflationary Economies (576 KB), Interim Financial Reporting and Impairment (389 KB), FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Abbreviations used in the publication ASC Accounting Standards Council FRS Singapore Financial Reporting Standards IAS International Accounting Standards Fundamentals in FRS Training Course Singapore (SkillsFuture Approved). A Foundation to Intermediate level programme for accountants who wish to achieve deeper understanding of the requirements of FRS 36 and for auditors who have to verify the appropriateness of the impairment computations and disclosure requirements in the financial statements. For Non-Members: Welcome to EY.com. IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Each standard covers a specific topic such as presentation of financial statements, recognition of revenue, accounting for inventories, and so on. I3investor offers stock market blogs, news, live quotes, price charts, price target, stock forum, watchlist, portfolio tools and more. Programme Outline . Bill No. Singapore Accounting Standards for Small Entities The reporting framework in Singapore that deals with the disclosure of goodwill accounting treatment is prescribed under FRS 36 Impairment of Assets. Do you wish to apply for SFC funding? This course allows participants to explore FRS 36 Impairment of Assets in detail and understand the key issues in discounted cash flow computation through the use of case studies. IAS 36 seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. 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). The accounting standard FRS 18 set out requirements for the selection, application and disclosure of accounting policies. ... such as net realisable value in FRS 2 or value in use in FRS 36. ISCA is a Member of Chartered Accountants Worldwide, (65) 6749 8060 and Singapore Financial Reporting Standards (“FRS”). Applying the general approach in FRS 109 to assess impairment of inter-company loan classified as amortised cost; ... Singapore University of Social Sciences. Scope of FRS 18. The conditions are: The shareholders must have been notified in writing and do not object to the use of the disclosure exemption. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. S201(10): refers to Section 201(10) of the Singapore Companies Act 12th Sch: refers to Twelfth Schedule of the Singapore Companies Act FRS 8.28: refers to paragraph 28 of Financial Reporting Standard (FRS) 8 INT FRS 15.5: refers to paragraph 5 of the Interpretation to Financial Reporting Standard (INT FRS) 15 Part 1—Initial measurement of the right-of-use asset and the lease liability. © 2016 Institute of Singapore Chartered Accountants | All Rights Reserved, What Chartered Accountants can do for Your Business, Chartered Accountants - A Trusted Mark of Excellence, Singapore Chartered Accountant Qualification, ISCA Financial Forensic Accounting Qualification, ISCA-SUSS Business Analytics Certification Programme, International Education Standard Exposure Drafts & Comments Letters, CA (Singapore) who is a public accountant, Application for Member-In-Retirement (MIR), Resignation, Removal or Suspension of Membership, CA (Singapore) who is a Public Accountant, Singapore Accountancy and Audit Convention Series 2020, ISCA Professional Business Accountant (PBA) Programme, ISCA One Young #CharteredStar Competition 2018, Local Enterprise Association Development (LEAD) Programme, ISCA-SAP Productivity Scorecard & Benchmarking Reports, Financial Accountants and Management Accountants (FA and MA), Auditors in small-and-Medium-Sized Practices (SMP), Ethics Pronouncements and Implementation Guidances, Anti-Money Laundering and Countering the Financing of Terrorism, Targeted Financial Sanctions (Prohibited Relationships), Guidance on Submission of STRs related to Panama Papers, FATF Report On Detecting Terrorist Financing Relevant Risk Indicators, Small and Medium-sized Accounting Practices (SMP), Association of Taxation Technicians Singapore (ATTS) Full Membership, Association of Taxation Technicians Singapore (ATTS) Specialist Certificate in Taxation. 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