This section contains technical articles and information about the release of new or revised accounting and auditing standards/practice statements/guidelines as well as exposure drafts published for public comment here. You can also get updates on IASB and IFAC activities.
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QUICKLINK UPDATE FOR HANDBOOK Last Update - 07/07/2008
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STANDARDS / EDs issued from January 2008
STANDARDS / EDs issued from July 2007
STANDARDS / EDs issued from July 2006
STANDARDS / EDs issued from July 2005
STANDARDS / EDs issued from July 2004
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Tax Alerts Last Update - 22/09/2008
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This section provides updates on taxation matters.
IRAS' Update - Income Tax
IRAS' Update - Press Statements, Income Tax, GST & Seminars
IRAS' Update - Media Release, Tax Academy Course & Course Details
IRAS' Update - e-Tax Guide (Income Tax)
IRAS' Update - Income Tax & Tax Academy 1 Day Conference
IRAS' Update - Income Tax and Some Revisions
IRAS' Update-Public Consultation on Draft R&D Circular & Tax Academy Conference
Public Consultation on Both The Stamp Duties & GST (Amendment) Bill 2008
IRAS' Updates - e-Tax Guides (GST)
IRAS-ICPAS Dialogue Session: Procedure for companies applying for striking-off
IRAS's Updates - Revised e-Tax Guides (GST)
Visit IRAS Homepage - Revised e-Tax Guides
Visit IRAS' homepage - Revised e-Tax Guide on GST
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22 September 2008: INT FRS 116 Hedges of a Net Investment in a Foreign Operation Last Update - 23/09/2008
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The Accounting Standards Council (“ASC”) has issued an Interpretation of Financial Reporting Standard (INT FRS):
. INT FRS 116 Hedges of a Net Investment in a Foreign Operation.
The above INT FRS is accessible at the ASC website (www.asc.gov.sg).
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29 August 2008: Re-Exposure Draft of Audit Guidance Statement on Comfort Letters Last Update - 29/08/2008
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The Institute has issued a Re-Exposure Draft of an Audit Guidance Statement (AGS) on Comfort Letters and Other Assistance for Public Offerings of Equity Securities in Singapore.
ICPAS considers that a re-exposure of the proposed AGS is necessary because substantive changes have been made to the ED as a result of taking into consideration the wide-ranging comments from many constituents, including those of investment banking firms, lawyers and accounting firms.
Comments on the exposure draft are requested by 28 November 2008.
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Amendments to FRS 32 and FRS 1 Last Update - 29/08/2008
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The Accounting Standards Council (ASC) has issued the amendments to FRS 32 Financial Instruments: Presentation and FRS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation, effective for annual periods beginning on or after 1 January 2009.
This is accessible at the ASC website (www.asc.gov.sg).
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29 August 2008: Auditing Pronouncements Last Update - 29/08/2008
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The Institute has issued the following auditing pronouncements:
1. Singapore Standard on Auditing (SSA) 560 (Redrafted), Subsequent Events;
2. Singapore Standard on Auditing (SSA) 580 (Revised and Redrafted), Written Representations; and
3. Revised Audit Guidance Statement (AGS) 1, Sample Auditor’s Reports - consequential amendments arising from the amended SSA 700.
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4 July 2008: Amendments to FRS 102 Share-based Payment Last Update - 28/08/2008
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The Accounting Standards Council ("ASC") has issued the amendments to FRS 102 Share-based Payment: Vesting Conditions and Cancellations, effective for annual periods beginning on or after 1 January 2009.
This is accessible at the ASC website (www.asc.gov.sg).
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FRS 1 (R), INT FRS 113 and INT FRS 114 Last Update - 16/05/2008
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The Accounting Standards Council (ASC) has issued the following Financial Reporting Standard (FRS) and Interpretations of Financial Reporting Standards (INT FRS):
- FRS 1 Presentation of Financial Statements;
- INT FRS 113 Customer Loyalty Programmes;
- INT FRS 114 FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
These Standards are also accessible at the Accounting Standards Council (ASC) website (www.asc.gov.sg).
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20 June 2008: Sample Independent Auditor’s Reports Last Update - 28/08/2008
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The Institute has issued the following sample independent auditor's reports:
1. Sample Independent Auditor's Report on Agreed-Upon Procedures - Total Expense Ratio of Investment-linked Funds/Sub-funds (Appendix 12 of Audit Guidance Statement (AGS 1) Sample Auditor's Reports).
2. Independent Auditor's Report Relating to "Terminated" Investment-linked Insurance Policy Sub-Fund ("ILP Sub-Fund") Pursuant to MAS Notice 307 (Appendix 13 of AGS 1 Sample Auditor's Reports).
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Auditing Pronouncements Last Update - 28/08/2008
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The Institute has issued the following auditing pronouncements:
1. Revised sample auditor's report on EDAS Scheme (EDB) (Appendix 5A of Audit Guidance Statement (AGS) 1 Sample Auditor's Reports).
2. Consequential amendments arising from the amended SSA 700 - SSA 800, SSRSs and SSREs.
3. Amendments to SSREs 2400 and 2410.
4. Revised and/or redrafted clarity Singapore Standards on Auditing (SSAs).
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ASC’s Public Consultation on Proposed Framework for Differential Reporting Last Update - 28/08/2008
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ASC's Public Consultation on Proposed Framework for Differential Reporting
The Accounting Standards Council ("ASC") is conducting a public consultation exercise on the proposed differential reporting framework for Small and Medium Sized Entities (SMEs).
Differential reporting is the notion that some entities should be allowed to depart from particular requirements of accounting standards or entire accounting standards in preparing their financial statements.
For this purpose, ASC had set up a dedicated taskforce to consider the issue of differential reporting for SMEs and how it could be applied in Singapore.
The comment period for the consultation paper ends on 30 June 2008 and is accessible at the ASC website (http://www.asc.gov.sg/differential_reporting.html).
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Auditing Pronouncements Last Update - 28/08/2008
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The Institute has issued the following auditing pronouncements:
1. Revised IRAS sample auditor's reports (Appendices 2C, 2D and 2H of Audit Guidance Statement (AGS) 1 Sample Auditor's Reports).
2. Revised AGS on "Audit of Solicitors' Accounts" (Appendix 1 of AGS 5 Audits of Entities in Specific Industries, Professions or Vocations).
3. Revised sample auditor's reports on branches (Appendices 1D, 1G and 10 of AGS 1).
4. Revision of effective dates of first set of clarity Singapore Standards on Auditing (SSAs) to 15 December 2009.
The following auditing pronouncement has been withdrawn:
- Appendix 2F of AGS 1 Sample Auditor's Reports
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ED of Proposed Amendments to FRS 39 Last Update - 28/08/2008
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The Accounting Standards Council ("ASC") has issued the exposure draft of Proposed Amendments to Financial Reporting Standard (ED FRS) 39 Financial Instruments: Recognition and Measurement.
The comment period for the exposure draft ends on 11 January 2008 and is accessible at the ASC website (www.asc.gov.sg).
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ED of Proposed Improvements to Financial Reporting Standards Last Update - 28/08/2008
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The Accounting Standards Council ("ASC") has issued the Exposure Draft of Proposed Improvements to Financial Reporting Standards.
The comment period for the exposure draft ends on 11 January 2008 and is accessible at the Accounting Standard Council (ASC) website (www.asc.gov.sg).
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