The accounting standard FRS 18 set out requirements for the selection, application and disclosure of accounting policies. Further, according to the Department of Statistics Singapore the compounded annual growth rate of the MAS Core Inflation Measure increased close to … 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 … ... FRS 36, FRS 38, FRS 39, FRS 40, FRS 102, FRS 103, FRS 110, FRS 113. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. (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 The following example is extracted from FRS 116 – Illustrative Examples : Example 13. 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 The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. A BILL intituled ... Parliament of Singapore, as follows: Short title and commencement 1.—(1) This Act is the Income Tax (Amendment) ... immediately after the words “FRS 11 construction or upgrade services” in subsection (1B), the 6% )56 8vhixo olih lv hlwkhu d wkh shulrg ri wlph ryhu zklfk dq dvvhw lv h[shfwhg wr eh xvhg e\ wkh hqwlw\ ru e wkh qxpehu ri surgxfwlrq ru vlplodu xqlwv h[shfwhg wr eh rewdlqhg iurp wkh Together with the combination connecting thread, this increases flexibility. He will be the first Nobel-prize winner to join a Singapore university. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. Joint ventures – FRS 31 39 Other subjects 29. As FRSs are based on International Financial Reporting Standards (IFRS Standards) issued by the Quick read – SFRS(I) 16/FRS 116 I. Singapore FRS. Singapore Financial Reporting Standards (International) 2020 Volume; Changes effective for annual periods beginning after 1 January 2020 Do you wish to continue? 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. Singapore has adopted all effective IFRS Standards, except for IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments, and has made several modifications primarily to transition provisions and effective dates of the IFRS Standards that it has adopted.Accordingly, the standards, known as Singapore Financial Reporting Standards (SFRS), are substantially aligned with … 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. About Deloitte Singapore 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, For Members: 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. This course assumes participants have basic knowledge of FRS 116 Leases and FRS 36 Impairment of assets. 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). Pronouncements. Singapore Financial Reporting Standards (International) Effective for annual reporting period beginning on 1 January 2019 SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRS Standards) issued by … 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. However, this may ylghr uhfruglqjv sod\v pdqxvfulswv sdwhqwv dqg frs\uljkwv duh zlwklq wkh vfrsh ri wklv 6wdqgdug dqg duh h[foxghg iurp wkh vfrsh ri 6% )56 ([foxvlrqv iurp wkh vfrsh ri d 6wdqgdug pd\ rffxu li dfwlylwlhv ru wudqvdfwlrqv duh vr vshfldolvhg wkdw wkh\ jlyh ulvh wr dffrxqwlqj lvvxhv … Issuance of Annual Improvements to SB-FRSs (2018-2020), Amendments to SB-FRS 16, Amendments to SB-FRS 37, Amendments to SB-FRS 103, Amendments to SB-FRS 1, and Amendments to SB-FRS 1 (Deferral of Effective Date) 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. If you do not have an account with us, create one now for free. Abbreviations used in the publication ASC Accounting Standards Council FRS Singapore Financial Reporting Standards IAS International Accounting Standards Amendments to FRS 36 Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets; and INT FRS 121 Levies While care has been taken in the preparation of this publication, reference to accounting standards and other authoritative material should be made, and specific advice sought, in respect of any particular transaction or specific circumstances. Electronic Equipment (408 KB), Applying the Restatement Approach under FRS 29 Financial Reporting in 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 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 Check the details before confirming your registration for the companies incorporated under the Hong Kong Ordinance... 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