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For many years, Singapore has been working to converge the FRS with the IFRS. if it is published on the IFRS Foundation's website. have KB), Financial Instruments: Recognition and Measurement (562 KB), Changes in Existing Decommissioning, Restoration and Similar Income Tax Treatment Arising from Adoption of FRS 109 ��� Financial Instruments 2 1. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Full convergence of SFRS with IFRS Standards for Singapore-incorporated companies listed on SGX was a strategic direction of the ASC set in 2009. <>>> (481 KB), Events after the Reporting Period (442 KB), Accounting for Government Grants and Disclosure of Government the authority of IFRS Standards. Links to summaries, analysis, history and resources for International Agenda decisions often explain how the applicable principles and requirements in IFRS Standards apply to the question submitted. standard-setting for a question submitted, it publishes an agenda decision to explain its decision. Liabilities (419 KB), Members' Shares in Co-operative Entities and Similar (427 KB), Stripping Costs in the Production Phase of a Surface Mine (425 Wolters Kluwer Singapore | A Practical Guide to Financial ��� If you do not already have Adobe Reader, please download the software for free here:[, Singapore Financial Reporting Standards (International), Statement on its Shareholders (399 KB), Service Concession Arrangements: Disclosures (403 KB), Intangible Assets - Web Site Costs (414 KB), Appendix D.1 SFRS(I) 1-39 Accrual-based accounting is one of the main principals of Singapore accounting standards. Instruments (451 KB), Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (423 KB), Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (416 KB), Applying the Restatement Approach under SFRS(I) 1-29 Financial Reporting in Hyperinflationary Economies (414 KB), Interim Financial Reporting and Impairment (409 KB), SFRS(I) 1-19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (436 KB), Hedges of a Net Investment in a Foreign Operation (459 KB), Distributions of Non-cash Assets to Owners (420 KB), Extinguishing Financial Liabilities with Equity Instruments 1 of 2020: Proposed Areas of Review Focus by Directors on the Financial Statements Affected by the COVID-19 Pandemic (PDF, 539KB) The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. Accounting Standards in Singapore In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the IFRS. The Conceptual Framework and SFRS(I)s should be read in the context of the Basis for Conclusions on IFRS Conceptual Framework and IFRS Standards issued by the IASB. IFRS Foundation, permission to use SFRS(I)s for any other purpose is required from the ASC and the IFRS Foundation with regard to SFRS(I)s and IFRS Standards, respectively. stream December. MAS is the central bank of Singapore. applying the temporary exemption from SFRS(I) 9) (581 KB), Appendix D.3 Other SFRS(I)s excluding amendments by SFRS(I) 9 Financial Instruments (For entities applying the temporary exemption from SFRS(I) 9) (786 KB), Non-current Assets Held for Sale and Discontinued Operations (484 KB), Exploration for and Evaluation of Mineral Resources (440 KB), Financial Instruments: Disclosures (643 KB), Consolidated Financial Statements (643 KB), Disclosure of Interests in Other Entities (501 KB), Revenue from Contracts with Customers (677 KB), Presentation of Financial Statements (588 KB), Accounting Policies, Changes in Accounting Estimates and Errors IFRS 1 ��� First-time Adoption of International Financial Reporting Standards Extension of FATCA Filing Deadline. The collection does not include new/revised/amendments to SFRS(I)s which are effective for annual reporting periods beginning after 1 January 2020. 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