Insights
posted on January 19, 2021

SINGAPORE

   1. Financial Reporting

  • ACRA issues Financial Reporting Practice Guidance No. 2 of 2020

On 4 December 2020, the Accounting and Corporate Regulatory Authority (ACRA) issued Financial Reporting Practice Guidance No. 2 of 2020 to guide directors in the review of the upcoming FY2020 financial statements.

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1.2 Singapore ASC defers effective date of SFRS(I) 17 and FRS 117 on Insurance Contracts to 1 January 2023

On 27 November 2020, the Singapore Accounting Standards Council (ASC) 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.

With this, the effective date of SFRS(I) 17 and FRS 117 has been deferred to annual reporting periods beginning on or after 1 January 2023. Previously, those two standards were effective for annual reporting periods beginning on or after 1 January 2021.

Singapore ASC issues amendments to various SFRS(I)s and FRSs on Interest Rate Benchmark Reform – Phase 2

On 27 November 2020, the ASC issued Amendments to SFRS(I) 9, SFRS (I) 1-39, SFRS(I) 7, SFRS(I) 4 and SFRS(I) 16: Interest Rate Benchmark Reform — Phase 2 and Amendments to FRS 109, FRS 39, FRS 107, FRS 104 and FRS 116: Interest Rate Benchmark Reform — Phase 2, effective for annual reporting periods beginning on or after 1 January 2021.

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1.4 ISCA issues FRB 7 – COVID-19 Government Relief Measures: Accounting for Rental Relief Framework for SMEs & NPOs from the perspective of the landlord and the tenant

To help affected small and medium enterprises (SMEs) and specified non-profit organisations (NPOs) recover from the impact of COVID-19, the Singapore Government introduced a Rental Relief Framework for SMEs & NPOs.

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1.5 ISCA issues Revised Financial Reporting Bulletin 3 on Classification of Liabilities as Current or Non-Current

FRB 3 (Revised) has been updated from FRB 3 (issued on 15 April 2020) to incorporate amendments to SFRS(I) 1-1 which resulted from ASC adopting the equivalent amendments to IAS 1 (issued by IASB in Jan 2020). There is no change to the views and guidance from those shared in FRB 3 as a result of the above.

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   2. Audit and Assurance

3.1 ISCA issues SSA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements

On 17 November 2020, the Institute of Singapore Chartered Accountants (ISCA) issued SSA 250 (Revised) which deals with the consideration of laws and regulations in an audit of financial statements.

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3.2 ACRA issues 2020 PMP Public Report

The Accounting and Corporate Regulatory Authority (ACRA) has issued its 2020 Practice Monitoring Programme (PMP) Public Report in October 2020.

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INTERNATIONAL

   1. Financial Reporting

1.1 IASB seeks feedback on package of standards for group accounting

The International Accounting Standards Board (IASB) is calling for feedback on the IFRS Standards for group accounting—IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The deadline for comments is 10 May 2021.

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1.2 IASB consults on possible new accounting requirements for mergers and acquisitions within a group

On 30 November 2020, the IASB launched a public consultation on possible new accounting requirements for mergers and acquisitions involving companies within the same group—business combinations under common control. The deadline for comments is 1 September 2021.

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There is also a fact sheet about this IASB’s project and a Snapshot, which provides a more detailed summary of the Discussion Paper. Click here and here for more information.

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