New Changes to Take Place From 1 January 2022 The Accounting Standards Council (ASC) Singapore has issued new changes that will begin 1 January 2022. The changes are set to affect the annual reporting periods. The ASC issued Annual Improvements to SFRS(I)s 2018-2020 and Annual Improvements to FRSs 2018-2020. The FRS refers to the Financial…
Preparing and Filing Financial Statements Becomes Manageable With Standard Format Enhancements Made Available Corporate companies now can file their financial statements better with new XBRL updates released by the BizFinx preparation tool. Most companies doing business in Singapore are required to file their financial statements and submit them to the Accounting & Corporate Regulatory Authority…
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…
Leases in Singapore Now Have New Accounting Standard Lessees now have substantial accounting changes, thanks to the IFRS16. As of 1 January 2019, the IFRS 16 Leases in now in effect, thereby replacing the IAS’s 17 Leases, this is new accounting standard of leases in Singapore. IFRS 16 is applicable to annual reporting periods which commence…
New Amendments to the Implementation of Section 121 of the Companies Act 2014 As of 20th April 2018, Section 121 of the Companies (Amendment) Act 2014 took effect, and with those changes comes the introduction of new sections 202A and 202B of the Companies Act. These regulations have successfully come into effect, and concurrently, the…
Accounting Standards Council Singapore (ASC) Issues New Amendments The Accounting Standards Council Singapore (ASC) recently issued several amendments to the Singapore Financial Reporting Standards (International) (SFRS(I)s) and Financial Reporting Standards (FRSs). These include annual improvements to SFRS(I)s 2015-2017 Cycle, effective for annual reporting periods beginning on or after 1 January 2019; and improvements to FRSs (March 2018), effective…