SFRS(I) and FRS Conceptual Framework Revised by ASC for Financial Reporting
Singapore’s Accounting Standards Council (ASC) has issued revisions to the SFRS(I) and FRS Conceptual Framework for Financial Reporting. The changes are effective for annual periods beginning after 1 January 2019.
This Conceptual Framework underpins the IFRS standards and sets the fundamental concepts of financial reporting. The framework serves as a guide for the International Accounting Standards Board (IASB) to develop the IFRS standards. The Conceptual Framework also helps entities develop accounting policies for which no IFRS Standard is applicable.
The revision of the Conceptual Framework includes the following:
- A new chapter on measurement
- A guide to reporting financial performance
- Improvements in guidance and definition
- Clarifications in areas of importance
- Measurement of uncertainty when it comes to financial reporting