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Singapore National Professional Organisation Website: Institute of Certified Public Accountants of Singapore National Standard-Setter: Singapore Accounting Standards Council Response to IFAC Member Body Survey on Standard Setting and Regulation Update for February 2007 Update for October 2006 Update for July 2006 Update for April 2006 Update for January 2006 Update for October 2005 Update for July 2005 Update for April 2005 Update for January 2005 Update for October 2004 Update for July 2004 Update for April 2004 Update for January 2004 Update for October 2003 Update for July 2003 Update for April 2003 Update for January 2003 Update for October 2002 Update for July 2002 Update for April 2002 Update for January 2002 Update for October 2001 Update for July 2001 Update for April 2001 Update for January 2001 Update for October 2000 Financial Reporting Framework in Singapore Accounting Standards In 2002, the Singapore government created the Council on Corporate Disclosure and Governance (CCDG) to replace the Institute of Certified Public Accountants of Singapore as the accounting standard setter for all companies incorporated in Singapore. The CCDG was replaced by the Accounting Standards Council (ASC) as of 1 November 2007. The ASC was established by the Accounting Standards Act, passed in Parliament on 27 August 2007. In addition to prescribing accounting standards for companies, the ASC will also prescribe accounting standards for charities, co-operative societies, and societies. The Singapore Government believes that 'creation of the ASC is a positive step towards ensuring consistency in accounting standards, facilitating comparison of financial statements between different entities and enhancing the credibility and transparency of financial reporting'. The ASC is responsible only for the formulation and promulgation of accounting standards. The monitoring and enforcement of compliance with accounting standards remains the prerogative of the respective regulators, the Accounting and Corporate Regulatory Authority (ACRA) for companies, Commissioner of Charities for charities, Registrar of Co-operative societies for co-operative societies, and Registrar of Societies for societies. Annual Deloitte & Touche Singapore GAAP Update Each year Deloitte & Touche (Singapore) publishes a booklet about the recent Changes to The Financial Reporting Framework in Singapore: The 2004 Edition of the Changes Booklet covered a series of improved and new Financial Reporting Standards (FRS) introduced in 2004, majority of which are effective in 2005. For most entities in Singapore, 2005 will be the first accounting period from which they need to address the requirements of those revised and new standards, and they should have by now implemented, or are in the process of implementing those changes. The 2005 Edition reflected a less hectic pace of change with respect to FRSs. However, some significant changes in regulatory reporting have arisen from the Companies (Amendment) Act 2005 that will affect all Singapore companies. The auditing and corporate governance regimes are also undergoing a wave of changes. Therefore the 2005 Edition highlights some significant changes in Singapore Standards on Auditing (SSA) and their implications on Singapore companies. It also covers changes in Code of Corporate Governance applicable for Singapore listed companies, and some important proposed changes to the listing rules. As in the past editions, a list of FRS and INT FRS is included, as is a list of the new/revised auditing pronouncements. The 2006 Edition of Changes to the Financial Reporting Framework in Singapore summarises the adoption by the Council on Corporate Disclosure and Governance (CCDG) of International Financial Reporting Standards (including Interpretations) up to November 2006. The booklet also includes a detailed comparison of Singapore GAAP and IFRSs. The 2007 Edition includes a summary of the new and revised Singaporean FRSs (standards) and INT FRSs (interpretations) issued since the 2006 edition and up to end of September 2007. There is also an updated comparison against IFRSs. Click to download: Changes to The Financial Reporting Framework in Singapore (2007) (PDF 210k). Changes to The Financial Reporting Framework in Singapore (2006) (PDF 207k). Changes to The Financial Reporting Framework in Singapore (2005) (PDF 207k). Changes to The Financial Reporting Framework in Singapore (2004) (PDF 267k). New Financial Reporting Framework in Singapore (2003) (PDF 156k). Changes to Singapore Accounting Standards 2002, the prior year's version of the New Financial Reporting Framework in Singapore (2003) booklet (PDF 270k). 2002 Accounting Regulation Creating the CCDG (PDF 160k). Comparison of Singapore GAAP and IFRSs (Updated October 2007) CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of International Financial Reporting Standards (IFRS), though some differences between Singapore Financial Reporting Standards and IFRSs remain, including the following: Under the Singapore FRS 16 Property, Plant and Equipment, one-off revaluations of such assets that took place between 1984 and 1996 are permitted without requiring ongoing use of the revaluation model. Singapore FRS 17 removes the words in paragraph 14 and 15 of IAS 17, which indicates that land normally has an indefinite economic life and, if title is not expected to pass to the lessee by the end of the lease term, the lessee does not receive substantially all of the risks and rewards incident to ownership. Some differences exist in the requirements to present consolidated financial statements and in accounting for associates and joint ventures as compared to IASs 27, 28, and 31. There are some differences in the effective dates of the Singaporean equivalents of IAS 40, IFRS 2, IFRS 7, The following have not yet been adopted: IAS 1 (revised 2007) Presentation of Financial Statements IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Deloitte iGAAP Financial Reporting Standards in Singapore Deloitte (Singapore) has published iGAAP Financial Reporting Standards in Singapore – a practical and comprehensive guide for companies that are based in Singapore and are reporting under the Financial Reporting Standards (FRS). This book Focuses on the practical issues that companies will face in applying FRSs Explains clearly the requirements of FRSs Adds interpretations and commentary where FRSs are silent or unclear Identifies other Singapore-specific requirements iGAAP Financial Reporting Standards in Singapore (ISBN-13 978-981-4197-89-2 and ISBN-10 981-4197-89-0) is published by CCH Asia Pte Limited and may be ordered from the CCH Singapore Website. Singapore Illustrative Financial Statements for 2007 Deloitte & Touche (Singapore) has published Singapore Illustrative Financial Statements 2007. This publication provides a set of sample financial statements of a typical listed company in Singapore, and includes illustrations of the various disclosures required by the Singapore Companies Act, SGX-ST Listing Manual, and Singapore Financial Reporting Standards (FRSs) and Singapore Interpreations (INT FRSs). Click to download: Singapore Illustrative Financial Statements 2007 (PDF 636k, 136 pages) February 2007 Update New Standards/Interpretations The Council on Corporate Disclosure and Governance (CCDG) issued the following, which is identical to that issued by the IASB during the fourth quarter of 2006: INT FRS 110 Interim Financial Reporting and Impairment (IFRIC 10) The following exposure drafts of proposed standards are still outstanding: Issued in 2004 ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities. Issued in 2005 ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; and ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations. Issued in 2006 ED Proposed Amendments to FRS 1 (IAS 1) A Revised Presentation; ED Proposed Amendments to FRS 102 (IFRS 2) Vesting Conditions and Cancellations; ED FRS Operating Segments (IFRS 8); ED of Proposed Amendments to FRS 32 (IAS 32) and FRS 1 (IAS 1) on financial instruments puttable at fair value and obligations arising on liquidation; and ED Proposed Amendments to FRS 23 (IAS 23) Borrowing Costs. The following exposure drafts of proposed interpretations are still outstanding: Issued in 2004 ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); and ED INT FRS Changes in Contributions to Employee Share Purchase Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS 102 Group and Treasury Share Transactions (IFRIC 11); ED INT FRS Service Concession Arrangements - Determining the Accounting Model (IFRIC 12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (IFRIC 12); and ED INT FRS Service Concession Arrangements - The Intangible Asset Model (IFRIC 12). Issued in 2006 ED INT FRS 19 - The Asset Ceiling: Availability of Economic Benefits and Minimum Funding Requirements (IFRIC Draft Interpretation D19); and ED INT FRS Customer Loyalty Programmes (IFRIC Draft Interpretation D20). October 2006 Update The Council on Corporate Disclosure and Governance (CCDG) has issued the following, which are identical to those issued under the IASB's agenda during the 3rd quarter of 2006: New Proposed interpretations ED INT FRS 19 - The Asset Ceiling: Availability of Economic Benefits and Minimum Funding Requirements (IFRIC Draft Interpretation D19) ED INT FRS Customer Loyalty Programmes (IFRIC Draft Interpretation D20) Outstanding EDs of Proposed Standards Issued in 2004 ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities. Issued in 2005 ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; and ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations Issued in 2006 ED Proposed Amendments to FRS 1 (IAS 1) A Revised Presentation; ED Proposed Amendments to FRS 102 (IFRS 2) Vesting Conditions and Cancellations; and ED FRS Operating Segments (ED IFRS 8). ED of Proposed Amendments to FRS 32 (IAS 32) and FRS 1 (IAS 1) on financial instruments puttable at fair value and obligations arising on liquidation; and ED Proposed Amendments to FRS 23 (IAS 23) Borrowing Costs. Outstanding EDs of Proposed Interpretations Issued in 2004 ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); and ED INT FRS Changes in Contributions to Employee Share Purchase Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (IFRIC Draft Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (IFRIC Draft Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (IFRIC Draft Interpretation D14); and ED INT FRS 102 Group and Treasury Share Transactions (IFRIC Draft Interpretation D17). Issued in 2006 ED INT FRS Interim Financial Reporting and Impairment (IFRIC Draft Interpretation D10). July 2006 Update The Council on Corporate Disclosure and Governance (CCDG) has issued the following, which are identical to those issued under the IASB's agenda during the 2nd quarter of 2006: New Interpretations: INT FRS 109 Reassessment of Embedded Derivatives (IFRIC Interpretation 9); and INT FRS 108 Scope of FRS 102 (IFRIC Interpretation 8). Proposed Standards: ED of Proposed Amendments to FRS 32 (IAS 32) and FRS 1 (IAS 1) on financial instruments puttable at fair value and obligations arising on liquidation; and ED Proposed Amendments to FRS 23 (IAS 23) Borrowing Costs. The following exposure drafts on proposed standards are still outstanding: Issued in 2004 " ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities. Issued in 2005 ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; and ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations. Issued in 2006 ED Proposed Amendments to FRS 1 (IAS 1) A Revised Presentation; ED Proposed Amendments to FRS 102 (IFRS 2) Vesting Conditions and Cancellations; and ED FRS Operating Segments (ED IFRS 8). The following exposure drafts on proposed interpretations are still outstanding: Issued in 2004 ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); and ED INT FRS Changes in Contributions to Employee Share Purchase Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (IFRIC Draft Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (IFRIC Draft Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (IFRIC Draft Interpretation D14); and ED INT FRS 102 Group and Treasury Share Transactions (IFRIC Draft Interpretation D17). Issued in 2006 " ED INT FRS Interim Financial Reporting and Impairment (IFRIC Interpretation 10). CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of International Financial Reporting Standards (IFRSs), though some differences between Singapore Financial Reporting Standards and IFRSs remain, including the following: " Under the Singapore FRS 16 Property, Plant and Equipment, one-off revaluations of such assets that took place between 1984 and 1996 are permitted without requiring ongoing use of the revaluation model. " Singapore FRS 17 removes the words in paragraph 14 and 15 of IAS 17, which indicates that land normally has an indefinite economic life and, if title is not expected to pass to the lessee by the end of the lease term, the lessee does not receive substantially all of the risks and rewards incident to ownership. " Singapore FRS 25 Accounting for Investments is retained until FRS 40 is effective. " There is no equivalent to IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions. IAS 30 will be superseded when IFRS 7 Financial Instruments: Disclosures is effective. " FRS 27, 28 and 31 differs in that it removes the requirement to produce consolidated, equity accounted or proportionate consolidated financial statements available for public use that comply with IFRS. " Some differences exist in the requirements to present consolidated financial statements and in accounting for associates and joint ventures as compared to IASs 27, 28, and 31. " Singapore FRS 39 has different transitional provisions as the standard was not previously required to be adopted. " Differences in effective dates. " The following have not yet been adopted: ? IFRIC 2 Members' Shares in c-operative Entities and Similar Instruments; and ? IFRIC 10 Interim Financial Reporting and Impairment. April 2006 Update The Council on Corporate Disclosure and Governance (CCDG) has issued the following, which are identical to those issued under the IASB's agenda during the 1st quarter of 2006: New or Revised Standards and Interpretations: FRS 107 (IFRS 7) Financial Instruments: Disclosures; Amendment to FRS 1 (IAS 1) Presentation of Financial Statements on Capital Disclosures; Amendments to FRS 21 (IAS 21) The Effects of Changes in Foreign Exchange Rates on Net Investment in a Foreign Operation; Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement on Fair Value Option; Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement and FRS 104 (IFRS 4) Insurance Contracts on Financial Guarantee Contracts; Amendments to FRS 101 (IFRS 1) First-time Adoption of Financial Reporting Standards on comparative disclosures for FRS 106 (IFRS 6) Exploration for and Evaluation of Mineral Resources; Revisions to FRS 104 (IFRS 4) Insurance Contracts: Implementation Guidance; INT FRS 107 (IFRIC Interpretation 7) Applying the Restatement Approach under FRS 29 (IAS 29) Financial Reporting in Hyperinflationary Economies; and INT FRS 106 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (IFRIC Interpretation 6). Proposed Standards: ED Proposed Amendments to FRS 1 (IAS 1) A Revised Presentation; ED Proposed Amendments to FRS 102 (IFRS 2) Vesting Conditions and Cancellations; and ED FRS Operating Segments (ED IFRS 8). Proposed Interpretation: ED INT FRS Interim Financial Reporting and Impairment (IFRIC Draft Interpretation D18). The following exposure drafts on proposed standards are still outstanding: Issued in 2004 ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities. Issued in 2005 ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; and ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations. The following exposure drafts on proposed interpretations are still outstanding: Issued in 2004 ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); and ED INT FRS Changes in Contributions to Employee Share Purchase Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (IFRIC Draft Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (IFRIC Draft Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (IFRIC Draft Interpretation D14); ED INT FRS Reassessment of Embedded Derivatives (IFRIC Interpretation 9); ED INT FRS Scope of FRS 102 Share-based Payment (IFRIC Interpretation 8); and ED INT FRS 102 Group and Treasury Share Transactions (IFRIC Draft Interpretation D17). January 2006 Update The Council on Corporate Disclosure and Governance (CCDG) has exposed the following draft technical correction, which is identical to the one issued under the IASB's agenda during the last quarter of 2005: Draft Technical Corrections (DTC) to FRS 21 The Effects of Changes in Foreign Exchange Rates. The following exposure drafts on proposed standards are still outstanding: Issued in 2004 ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities; ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option; ED Proposed Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance; and ED FRS Financial Instruments: Disclosures (IFRS 7). Issued in 2005 ED Proposed Amendments to FRS 101 First-time Adoption of Financial Reporting Standards (IFRS 1); ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; and ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations; The following exposure drafts on proposed interpretations are still outstanding: Issued in 2004 ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies for the First Time (IFRIC Interpretation 7); ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); ED INT FRS Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (IFRIC Interpretation 6); and ED INT FRS Changes in Contributions to Employee Share Purchased Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (IFRIC Draft Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (IFRIC Draft Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (IFRIC Draft Interpretation D14); ED INT FRS Reassessment of Embedded Derivatives (IFRIC Draft Interpretation D15); ED INT FRS Scope of FRS 102 Share-based Payment (IFRIC Draft Interpretation D16); and ED INT FRS 102 Group and Treasury Share Transactions (IFRIC Draft Interpretation D17). October 2005 Update The Council on Corporate Disclosure and Governance (CCDG) has issued the following, which are identical to those issued under the IASB's agenda during the 3rd quarter of 2005: ED Proposed Amendments to FRS 37 (IAS 37) Provisions, Contingent Liabilities and Contingent Assets and FRS 19 (IAS 19) Employee Benefits; ED Proposed Amendments to FRS 27 (IAS 27) Consolidated and Separate Financial Statements; ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations; Amendments to FRS 39 (IAS 39) Cash Flow Hedge Accounting of Forecast Intragroup Transactions; and FRS 106 (IFRS 6) Exploration for and Evaluation of Mineral Resources. The following exposure drafts on proposed standards are still outstanding: Issued in 2004 ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities; ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option; ED Proposed Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance; and ED FRS Financial Instruments: Disclosures (IFRS 7). Issued in 2005 ED Proposed Amendments to FRS 101 First-time Adoption of Financial Reporting Standards (IFRS 1). The following exposure drafts on proposed interpretations are still outstanding: Issued in 2003 ED INT FRS Emission Rights (IFRIC Interpretation 3) - withdrawn Issued in 2004 ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies for the First Time (IFRIC Interpretation 7); ED INT FRS Multi-employer Plans (IFRIC Draft Interpretation D6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (IFRIC Draft Interpretation D9); ED INT FRS Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (IFRIC Interpretation 6); and ED INT FRS Changes in Contributions to Employee Share Purchased Plans (IFRIC Draft Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (Draft IFRIC Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (Draft IFRIC Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (Draft IFRIC Interpretation D14); ED INT FRS Reassessment of Embedded Derivatives (Draft IFRIC Interpretation D15). July 2005 Update The Council on Corporate Disclosure and Governance (CCDG) has approved the following amendments to existing standard and new interpretations, which are identical to those issued under the IASB's agenda during the 2nd quarter of 2005: ED INT FRS Scope of FRS 102 Share-based Payment (Draft IFRIC Interpretation D16); and ED INT FRS 102 Group and Treasury Share Transactions (Draft IFRIC Interpretation D17). Amendments to FRS 19 (IAS 19) Employee Benefits relating to Actuarial Gains and Losses, Group Plans and Disclosures; INT FRS 104 Determining whether an Arrangement contains a Lease (IFRIC 4); and INT FRS 105 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (IFRIC 5). The following exposure drafts on proposed standards are still outstanding: Issued in 2004 ED FRS Exploration for and Evaluation of Mineral Resources (IFRS 6); ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities; ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option; ED Proposed Amendments to FRS 39 (IAS 39) Cash Flow Hedge Accounting of Forecast Intragroup Transactions; ED Proposed Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance; and ED FRS Financial Instruments: Disclosures (ED IFRS 7). Issued in 2005 ED Proposed Amendments to FRS 101 First-time Adoption of Financial Reporting Standards (IFRS 1). The following exposure drafts on proposed interpretations are still outstanding: Issued in 2003 ED INT FRS, Emission Rights (IFRIC Interpretation 3). Issued in 2004 ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies for the First Time (Draft IFRIC Interpretation D5); ED INT FRS Multi-employer Plans (Draft IFRIC Interpretation 6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (Draft IFRIC Interpretation D9); ED INT FRS Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (Draft IFRIC Interpretation D10); and ED INT FRS Changes in Contributions to Employee Share Purchased Plans (Draft IFRIC Interpretation D11). Issued in 2005 ED INT FRS Service Concession Arrangements - Determining the Accounting Model (Draft IFRIC Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (Draft IFRIC Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (Draft IFRIC Interpretation D14); ED INT FRS Reassessment of Embedded Derivatives (Draft IFRIC Interpretation D15); April 2005 Update During the first quarter of 2005, the Council on Corporate Disclosure and Governance (CCDG) approved the following standard and amendments, which are identical to those issued by the IASB except for the effective date of FRS 40 as explained below: FRS 40 Investment Property (IAS 40 revised); IAS 40 (revised) is effective for annual periods beginning on or after January 1, 2005. In Singapore, FRS 40 will be effective for annual periods beginning on or after January 1, 2007. Amendments to FRS 39 (IAS 39) Transition and Initial Recognition of Financial Assets and Financial Liabilities; and Amendment to Scope of INT/FRS 12 Consolidation - Special Purpose Entities (Amendment to the Scope of Interpretation SIC 12 Consolidation - Special Purpose Entities). The CCDG also issued the following exposure drafts of proposed interpretations during the 1st quarter of 2005: ED INT FRS Service Concession Arrangements - Determining the Accounting Model (Draft IFRIC Interpretation D12); ED INT FRS Service Concession Arrangements - The Financial Asset Model (Draft IFRIC Interpretation D13); ED INT FRS Service Concession Arrangements - The Intangible Asset Model (Draft IFRIC Interpretation D14); and ED INT FRS Reassessment of Embedded Derivatives (Draft IFRIC Interpretation D15). The following exposure drafts of proposed standards are still outstanding: Issued in 2004 ED FRS Exploration for and Evaluation of Mineral Resources (IFRS 6); ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities; ED Proposed Amendments to FRS 19 (IAS 19) Actuarial Gains and Losses, Group Plans and Disclosures; ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option; ED Amendments to FRS 39 (IAS 39) Cash Flow Hedge Accounting of Forecast Intragroup Transactions; ED Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance; and ED FRS Financial Instruments: Disclosures (ED IFRS 7). The following exposure drafts of proposed interpretations are still outstanding: Issued in 2003 ED INT FRS, Emission Rights (IFRIC Interpretation 3). Issued in 2004 ED INT FRS Determining Whether an Arrangement Contains a Lease (IFRIC Interpretation 4); ED INT FRS Decommissioning, Restoration and Environmental Rehabilitation Funds (IFRIC Interpretation 5); ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies for the First Time (Draft IFRIC Interpretation D5); ED INT FRS Multi-employer Plans (Draft IFRIC Interpretation 6); ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2); ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (Draft IFRIC Interpretation D9); ED INT FRS Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (Draft IFRIC Interpretation D10); and ED INT FRS Changes in Contributions to Employee Share Purchased Plans (Draft IFRIC Interpretation D11). January 2005 Update The Council on Corporate Disclosure and Governance (CCDG) has issued the following exposure draft of a proposed interpretation during the 4th quarter of 2004: ED INT FRS Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (Draft IFRIC Interpretation D10). The following exposure drafts of proposed standards are still outstanding: Issued in 2002 ED FRS 40 Investment Property (IAS 40 revised). Issued in the first three quarters of 2004 ED FRS Exploration for and Evaluation of Mineral Resources (IFRS 6). ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities. ED Proposed Amendments to FRS 19 (IAS 19) Actuarial Gains and Losses, Group Plans and Disclosures. ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option. ED Amendments to FRS 39 (IAS 39) Cash Flow Hedge Accounting of Forecast Intragroup Transactions. ED Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance. ED Amendments to FRS 39 (IAS 39) Transition and Initial Recognition of Financial Assets and Financial Liabilities. ED FRS Financial Instruments: Disclosures (ED IFRS 7). The following exposure drafts of proposed interpretations are still outstanding: Issued in 2003 ED INT FRS, Emission Rights (IFRIC Interpretation 3). Issued in the first three quarters of 2004 ED INT FRS Determining Whether an Arrangement Contains a Lease (IFRIC Interpretation 4). ED INT FRS Decommissioning, Restoration and Environmental Rehabilitation Funds (IFRIC Interpretation 5). ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies (Draft IFRIC Interpretation D5). ED INT FRS Multi-employer Plans (Draft IFRIC Interpretation 6). ED INT FRS Scope of INT FRS 12 Consolidation - Special Purpose Entities (Amendment to the Scope of Interpretation SIC 12 Consolidation - Special Purpose Entities). ED INT FRS Members' Shares in c-operative Entities (IFRIC Interpretation 2). ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (Draft IFRIC Interpretation D9). October 2004 Update The Council on Corporate Disclosure and Governance (CCDG) has approved the following standards and interpretation, which are almost identical to those issued under the IASB's agenda except for the effective dates as explained below: FRS 102 Share-based Payment (IFRS 2); FRS 103 Business Combinations (IFRS 3); Amendments to FRS 36 Impairment of Assets and FRS 38 Intangible Assets (IAS 36 and IAS 38 revised); FRS 104 Insurance Contracts (IFRS 4); FRS 105 Non- current Assets Held for Sale and Discontinued Operations (IFRS 5); Amendments to FRS 39 (IAS 39 revised) Financial Instruments: Recognition and Measurement - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk; and INT FRS 101 Changes in Existing Decommissioning, Restoration and Similar Liabilities (IFRIC 1). The departures from the equivalent revised IASs/IFRSs are as follows: IFRS 2 is effective for all entities for annual periods beginning on or after 1 January 2005. In Singapore, FRS 102 is effective for annual periods beginning on or after 1 January 2005 for public companies and for annual periods beginning on or after 1 January 2006 for all other companies. Also, the date for transitional provisions is 7 November 2002 under IFRS 2 and 22 November 2002 under FRS 102 in Singapore; and IFRS 3 is effective for the accounting for business combinations for which the agreement date is on or after 31 March 2004. In Singapore, FRS 103 is effective for annual periods beginning on or after 1 July 2004. The revised standards IAS 36 Impairment of Assets and IAS 38 Intangible Assets are applicable: to goodwill and intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004. to all other/intangible assets, for annual periods beginning on or after 31 March 2004. In Singapore, the revised standards FRS 36 and FRS 38 are effective for annual periods beginning on or after 1 July 2004, with prospective treatment from 1 July 2004 for existing goodwill. The CCDG also issued the following exposure drafts on proposed accounting standards during the 3rd quarter of 2004: ED Amendments to FRS 39 (IAS 39) Cash Flow Hedge Accounting of Forecast Intragroup Transactions; ED Amendments to FRS 39 (IAS 39) and FRS 104 (IFRS 4) Financial Guarantee Contracts and Credit Insurance; ED Amendments to FRS 39 (IAS 39) Transition and Initial Recognition of Financial Assets and Financial Liabilities; and ED FRS Financial Instruments: Disclosures (ED IFRS 7). The CCDG also issued the following exposure drafts on proposed interpretations during the 3rd quarter of 2004: ED INT FRS Scope of INT FRS 12 Consolidation - Special Purpose Entities (Draft IFRIC Interpretation D7); ED INT FRS Members' Shares in c-operative Entities (Draft IFRIC Interpretation D8); and ED INT FRS Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions (Draft IFRIC Interpretation D9). The following exposure drafts on proposed standards are still outstanding: Issued in 2002 ED FRS 40 Investment Property (IAS 40 revised); Issued in 1st and 2nd quarter of 2004 ED FRS Exploration for and Evaluation of Mineral Resources (ED IFRS 6); ED Proposed Amendments to FRS 103 (IFRS 3) Business Combinations - Combinations by Contract Alone or Involving Mutual Entities; ED Proposed Amendments to FRS 19 (IAS 19) Actuarial Gains and Losses, Group Plans and Disclosures; and ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - The Fair Value Option. The following exposure drafts of proposed interpretations are still outstanding: Issued in 2003 ED INT FRS, Emission Rights (Draft IFRIC Interpretation D1). Issued in 1st and 2nd quarter of 2004 ED INT FRS Determining Whether an Arrangement Contains a Lease (Draft IFRIC Interpretation D3); ED INT FRS Decommissioning, Restoration and Environmental Rehabilitation Funds (Draft IFRIC Interpretation D4); ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies (Draft IFRIC Interpretation D5); and ED INT FRS Multi-employer Plans (Draft IFRIC Interpretation 6). July 2004 Update On April 8, 2004, the CCDG approved revised standards almost identical to those issued under the IASB's Improvements Project and Financial Instruments Project, except for IAS 40 Investment Property. These improved FRSs will be effective for financial periods beginning on or after 1 January 2005. The revised standards are as follows: FRS 1 Presentation of Financial Statements FRS 2 Inventories FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors FRS 10 Events after the Balance Sheet Date FRS 16 Property, Plant and Equipment FRS 17 Leases FRS 21 The Effects of Changes in Foreign Exchange Rates FRS 24 Related Party Disclosures FRS 27 Consolidated and Separate Financial Statements FRS 28 Investments in Associates FRS 31 Interests in Joint Ventures FRS 32 Financial Instruments: Presentation and Disclosure FRS 33 Earnings Per Share FRS 39 Financial Instruments: Recognition and Measurement The revised standards issued by the CCDG contain a few departures from the equivalent revised IASs: FRS 16 Property, Plant and Equipment allows for one-off revaluations prior to 1996 to be carried as cost. FRS 17 Leases allows leasehold land to be classified as a finance lease if it meets the criteria in the standard. FRS 27 Consolidated and Separate Financial Statements, FRS 28 Investments in Associates, and FRS 31 Interests in Joint Ventures do not require that the parent must produce consolidated financial statements that comply with IFRSs in order to be exempt from consolidation or applying the equity method. The CCDG also issued the following exposure drafts of a proposed accounting standard during the 2nd quarter of 2004: ED Proposed Amendments to [Draft] FRS 103 Business Combinations - Combinations by contract alone or involving mutual entities; ED Proposed Amendments to FRS 19 Actuarial Gains and Losses, Group Plans and Disclosures; and ED Proposed Amendments to FRS 39 Financial Instruments: Recognition and Measurement - The Fair Value Option. CCDG also issued the following exposure draft of a proposed interpretation: ED INT FRS Multi-employer Plans. The following exposure drafts of proposed standards are still outstanding: Issued in 2002 ED/FRS 40, Investment Property (IAS 40 revised); ED/FRS, Share-based Payment (IFRS 2); ED/FRS, Business Combinations (IFRS 3); and ED/FRS, Proposed Amendments to FRS 34 Intangible Assets and FRS 36 Impairment of Assets (revised IAS 36 Impairment of Assets and IAS 38 Intangible Assets). Issued in 2003 ED/FRS, Insurance Contracts (IFRS 4); ED/FRS, Disposal of Non-Current Assets and Presentation of Discontinued Operations (IFRS 5); and ED Proposed Amendments to FRS 39 (IAS 39 revised), Financial Instruments: Recognition and Measurement - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk. Issued in 2004 ED FRS Exploration for and Evaluation of Mineral Resources (ED/IFRS 6). The following exposure drafts of proposed interpretations are still outstanding: Issued in 2003 ED INT FRS, Emission Rights (Draft IFRIC Interpretation D1); and ED INT FRS Changes in Decommissioning, Restoration and Similar Liabilities (Draft IFRIC Interpretation D2). Issued in 2004 ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies (Draft IFRIC Interpretation D5); ED INT FRS Determining Whether an Arrangement Contains a Lease (Draft IFRIC Interpretation D3); and ED INT FRS Decommissioning, Restoration and Environmental Rehabilitation Funds (Draft IFRIC Interpretation D4). April 2004 Update The Council on Corporate Governance and Disclosure (CCDG), the accounting standard-setter in Singapore, issued the following accounting standard during the first quarter of 2004: ED FRS Exploration for and Evaluation of Mineral Resources (ED/IFRS 6) CCDG also issued the following exposure drafts of proposed interpretations: ED INT FRS Applying FRS 29 Financial Reporting in Hyperinflationary Economies (Draft IFRIC Interpretation D5) ED INT FRS Determining Whether an Arrangement Contains a Lease (Draft IFRIC Interpretation D3) ED INT FRS Decommissioning, Restoration and Environmental Rehabilitation Funds (Draft IFRIC Interpretation D4) The CCDG also issued the Guide on Operating and Financial Review (the OFR Guide) for listed companies. The OFR Guide has been accepted by the Ministry of Finance. The CCDG recommended the OFR Guide be included as a practice note (which is non-mandatory) in the listing manual of the Singapore Exchange. The following exposure drafts of proposed standards are still outstanding: Issued in 2000 ED/SAS 40, Investment Property (IAS 40) Issued in 2002§ ED/SAS 47 Proposed Improvements to Statements of Accounting Standards ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32) Financial Instruments: Disclosure and Presentation, and SAS 33 (IAS 39) Financial Instruments: Recognition and Measurement ED/FRS Share-based Payment (ED/IFRS 2) ED/FRS Business Combinations (ED/IFRS 3) ED/FRS Proposed Amendments to SAS 34 Intangible Assets and SAS 36 Impairment of Assets (ED Proposed Amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets) Issued in 2003 ED/FRS Disposal of Non-Current Assets and Presentation of Discontinued Operations (ED/IFRS 4) ED/FRS Insurance Contracts (ED/IFRS 5) ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk The following proposed interpretations issued in 2003 are still outstanding: ED INT FRS Emission Rights (Draft IFRIC Interpretation DI) ED INT FRS Changes in Decommissioning, Restoration and Similar Liabilities (Draft IFRIC Interpretation D2) January 2004 Update The Council on Corporate Governance and Disclosure (CCDG), the accounting standard-setter in Singapore, issued the following accounting standard during the fourth quarter of 2003: FRS 101 (IFRS 1) First Time Adoption of FRS, with effect for financial years beginning on or after 1 January 2004. CCDG also issued the following exposure draft of a proposed interpretation: ED INT FRS Changes in Decommissioning, Restoration and Similar Liabilities (Draft IFRIC Interpretation D2). CCDG also issued the following Practice Directions (PD): PD 2 on FRS 101 First Time Adoption of FRS states that for companies using Singapore Statements of Accounting Standards (SAS) previously, the switch to FRS does not represent a change in accounting standards; and PD 3 on FRS 39 Financial Instruments: Recognition and Measurement, states that FRS 39 is operative for financial statements covering financial years beginning on or after January 1, 2005. FRS 39 does not allow retrospective application and early application of FRS 39 is restricted to financial statements covering financial years commencing on or after January 1, 2003. The following exposure drafts of proposed standards are still outstanding: Issued in 2000 ED/SAS 40 Investment Property (IAS 40). Issued in 2002 ED/SAS 47 Proposed Improvements to Statements of Accounting Standards. ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32) Financial Instruments: Disclosure and Presentation, and SAS 33 (IAS 39) Financial Instruments: Recognition and Measurement. ED/FRS Share-based Payment (ED/IFRS 2). ED/FRS Business Combinations (ED/IFRS 3). ED/FRS Proposed Amendments to SAS 34 Intangible Assets and SAS 36 Impairment of Assets (ED Proposed Amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets). Issued in 2003 ED/FRS Disposal of Non-Current Assets and Presentation of Discontinued Operations (ED/IFRS 4). ED/FRS Insurance Contracts (ED/IFRS 5). ED Proposed Amendments to FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk. The following exposure draft of proposed interpretation issued in 2003 is still outstanding: ED INT FRS Emission Rights (Draft IFRIC Interpretation DI). October 2003 Update The following exposure drafts of proposed standards were issued: ED/FRS Disposal of Non-Current Assets and Presentation of Discontinued Operations (ED/IFRS 4). ED/FRS Insurance Contracts (ED/IFRS 5). ED Proposed Amendments to FRS 39 (IAS 39), Financial Instruments: Recognition and Measurement - Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk. The following exposure draft of a proposed standard issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). The following exposure drafts of proposed standards issued in 2002 are still outstanding: ED/SAS 47 Proposed Improvements to Statements of Accounting Standards. ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32) Financial Instruments: Disclosure and Presentation, and SAS 33 (IAS 39) Financial Instruments: Recognition and Measurement. ED/FRS First-time Application of Financial Reporting Standards (ED/IFRS 1). ED/FRS Share-based Payment (ED/IFRS 2). ED/FRS Business Combinations (ED/IFRS 3). ED/FRS Proposed Amendments to SAS 34 Intangible Assets and SAS 36 Impairment of Assets (ED Proposed Amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets). The following exposure draft of proposed interpretation issued in 2003 is still outstanding: ED INT FRS Emission Rights (ED/INT IFRS Emission Rights). July 2003 Update The Singapore government issued Companies (Accounting Standards) (Amendment No. 2) Regulations 2003, which: adopted FRS 39 (IAS 39) Financial Instruments: Recognition and Measurement, with effect for financial years beginning on or after January 1, 2005; and eliminated the requirement for periodically revaluing items of property, plant, and equipment carried at revalued amounts under FRS 16 (IAS 16.29) for periods prior to December 31, 1996. With effect of the adoption of FRS 39, the differences between IFRS and Singapore GAAP other than effective dates are: IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, and IAS 40, Investment Property, are not adopted under FRS; and IAS 22.99 Business Combinations differs with regard to goodwill written off against reserves, as restatement is optional under FRS for all periods prior to adoption of the standard. The following exposure draft of a proposed standard issued in 2000 is still outstanding: ED/SAS 40, Investment Property (IAS 40). The following exposure drafts of proposed standards issued in 2002 are still outstanding: ED/SAS 47 Proposed Improvements to Statements of Accounting Standards; ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32) Financial Instruments: Disclosure and Presentation, and SAS 33 (IAS 39) Financial Instruments: Recognition and Measurement; ED/FRS 1 First-time Application of Financial Reporting Standards (ED/IFRS 1); ED/FRS 2 Share-based Payment (ED/IFRS 2);q ED/FRS 3, Business Combinations (ED/IFRS 3); and ED/FRS Proposed Amendments to SAS 34 Intangible Assets and SAS 36 Impairment of Assets (ED Proposed Amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets). The Council of Corporate Disclosure and Governance has issued its first draft Interpretation: ED INT FRS Emission Rights (ED/INT IFRS Emission Rights). April 2003 Update The Singapore government has issued Companies (Accounting Standards)(Amendments) Regulation 2003. The regulation made all interpretations of the Standing Interpretations Committee (SIC) effective on 1 February 2003. The numbering of Interpretations of Singapore Financial Reporting Standards (INT FRS) was also aligned with the SIC numbers. All Singapore-incorporated companies are required to follow the INT FRS approved by the Council on Corporate Disclosure and Governance. As a result of this Regulation, the following SIC were adopted: INT FRS 5 (SIC 5) Classification of Financial Instruments - Contingent Settlement Provisions; INT FRS 7 (SIC 7) Introduction of the Euro; INT FRS 8 (SIC 8) First Time Application of FRSs as the Primary Basis of Accounting; INT FRS 16 (SIC 16) Share Capital - Reacquired Own Equity Instruments (Treasury Shares); INT FRS 19 (SIC 19) Reporting Currency - Measurement and Presentation of Financial Statements under FRS 21 (SAS 20) and FRS 29 (SAS 38); and INT FRS 30 (SIC 30) Reporting Currency - Translation from Measurement Currency to Presentation Currency. The remaining differences between Singapore FRS and IFRS, other than effective dates, are: IAS 30, IAS 39, and IAS 40 are not adopted under FRS; IAS 16 requirements for revaluing assets carried at revalued amounts on a regular basis does not apply to pre-1983 revalued assets; and IAS 22.99 differs especially with regards to goodwill written off against reserves, for which restatement is optional under FRS for all periods prior to adoption of the standard. The following exposure draft of proposed standard issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). The following exposure drafts of proposed standards issued in 2002 are still outstanding: ED/SAS 47 Proposed Improvements to Statements of Accounting Standards; ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32), Financial Instruments: Disclosure Presentation and SAS 33 (IAS 39), Financial Instruments: Recognition and Measurement; ED/FRS 1 First-time Application of Financial Reporting Standards (ED/IFRS 1); ED/FRS 2 Share-based Payment (ED/IFRS 2); ED/FRS 3 Business Combinations (ED/IFRS 3); and ED/FRS Proposed Amendments to SAS 34 Intangible Assets and SAS 36 Impairment of Assets (ED Proposed Amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets). The revision to the following standard relating to the term 'same investment', which had been deferred indefinitely, has been rescinded by the adoption of FRS 25: SAS 25, Accounting for Investments (IAS 25 Rescinded). January 2003 Update The Singapore government has issued Companies (Accounting Standards) Regulations 2002. The regulations require all Singapore-incorporated companies to follow Singapore Financial Reporting Standards (FRS) approved by the new Council on Corporate Disclosure and Governance (CCDG) starting 1 January 2003. With few exceptions, the CCDG has adopted existing IAS as Singapore FRS. Further, CCDG has said that FRS will be "closely modelled after the International Accounting Standards and International financial Reporting Standards issued by the International Accounting Standards Board". The following exposure drafts of proposed standards were issued: ED/FRS 2 Share-based Payment (ED/IFRS 2). ED/FRS 3 Business Combinations (ED/IFRS 3). The following exposure draft of proposed standard issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). The following exposure draft of proposed standards issued in 2002 are still outstanding: ED/SAS 47 Proposed Improvements to Statements of Accounting Standards. ED/SAS 48 Proposed Amendments to SAS 32 (IAS 32) Financial Instruments: Disclosure Presentation and SAS 33 (IAS 39) Financial Instruments: Recognition and Measurement. ED/FRS 1 First-time Application of Financial Reporting Standards (ED/IFRS 1). The following exposure drafts of proposed Interpretations issued in 2001 are still outstanding: ED/INT 21 Reporting Currency - Measurement and Presentation of Financial Statements under SAS 20 (IAS 21) and SAS 38 (IAS 29) (SIC 19). ED/INT 22 Classification of Financial Instruments - Contingent Settlement Provisions (SIC 5). ED/INT 28 Reporting Currency - Translation from Measurement Currency to Presentation Currency (SIC 30). The revision to the following standard relating to the term 'same investment', which was operative for annual financial statements covering periods beginning on or after April 1, 2003 has been deferred indefinitely: SAS 25 Accounting for Investments (IAS 25). October 2002 Update The following standard was amended: SAS 17 Employee Benefits (IAS 19), to reflect ED/SAS 46, Proposed Amendments to SAS 17, Employee Benefits: The Asset Ceiling (effective for periods beginning on or after October 1, 2002). The following exposure drafts of proposed standards were issued: ED/FRS 1 First-time Application of Financial Reporting Standards (ED/IFRS 1). This exposure draft aims to ensure that all entities adopting FRSs for the first time present comparative information in their financial statements that is as close as possible to the information provided by existing users but within cost/benefit constraints. ED/SAS 47 Proposed Improvements to Statements of Accounting Standards (Improvements to International Accounting Standards Exposure Draft). This exposure draft aims to raise the quality and consistency of financial reporting by drawing on best practice from around the world, and removing options in the statements. ED/SAS 48, Proposed Amendments to SAS 32 Financial Instruments: Disclosure Presentation and SAS 33 Financial Instruments: Recognition and Measurement (Amendments to IAS 32 and IAS 39 Exposure Draft). The exposure draft proposes to improve SAS 32 (IAS 32) and SAS 33 (IAS 39). The following exposure draft of proposed standard issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). The following standard has been withdrawn: SAS 4 Depreciation (IAS 4) (withdrawn with effect from August 17, 2002). The following interpretation has been adopted: INT 25 Intangible Assets-Website Costs (SIC D32) (effective October 1, 2002). The following exposure drafts of proposed Interpretations issued in 2001 are still outstanding: ED/INT 21 Reporting Currency-Measurement and Presentation of Financial Statements under SAS 20 (IAS 21) and SAS 38 (IAS 29) (SIC 19); ED/INT 22 Classification of Financial Instruments - Contingent Settlement Provisions (SIC 5); and ED/INT 28 Reporting Currency - Translation from Measurement Currency to Presentation Currency (SIC 30). July 2002 Update During the second quarter of 2002, the following exposure drafts were withdrawn: ED/SAS 45 Share-based Compensation. ED/INT 31 Financial Instruments - Instruments or Rights Redeemable by the Holder (SIC D34). April 2002 Update The following standards have been deferred: SAS 32 Financial Instruments: Disclosure and Presentation (IAS 32) - for insurance enterprises only, deferment of the application of paragraph 33 (offsetting assets and liabilities) for one year. SAS 33 Financial Instruments: Recognition and Measurement (IAS 39) - now effective for financial statement periods beginning on or after January 1, 2004. As a result, the consequential revisions to other accounting standards arising from the adoption of SAS 33 (IAS 39) are also correspondingly deferred. These other related statements are: SAS 26 Consolidated Financial Statements and Accounting for Investments in Subsidiaries (IAS 27) SAS 27 Accounting for Investments in Associates (IAS 28) SAS 29 Financial Reporting of Interests in Joint Ventures (IAS 31); and SAS 32 Financial Instruments: Disclosure and Presentation (IAS 32) The following standards have been revised to eliminate differences with the equivalent IAS. The revisions are effective for financial statement periods beginning on or after 1 April 2002: SAS 1 Presentation of Financial Statements (IAS 1) SAS 11 Construction Contracts (IAS 11) SAS 14 Property, Plant and Equipment (IAS 16) SAS 16 Revenue (IAS 18 SAS 20 The Effects of Changes in Foreign Exchange Rates (IAS 21) SAS 25 Accounting for Investments (IAS 25 - Superseded) SAS 37 Information Reflecting the Effects of Changing Prices (IAS 37) The following exposure draft of proposed standards are still outstanding: ED/SAS 40 Investment Property (IAS 40) ED/SAS 45 Share-based Compensation ED/SAS 46 Proposed Amendments to SAS 17 (IAS 19), Employee Benefits: The Asset Ceiling The following interpretations have been adopted: INT 18 Consistency-Alternative Methods (SIC 18) INT 19 Disclosure-Service Concession Arrangements (SIC 29) INT 20 Equity-Costs of an Equity Transaction (SIC 17) INT 21 Revenue-Barter Transactions Involving Advertising Services (SIC 31) INT 22 Evaluating the Substance of Transactions in the Legal Form of a Lease (SIC 27) INT 23 Business Combinations-'Date of Exchange' and Fair Value of Equity Instruments (SIC 28) INT 24 Consolidation and Equity Method-Potential Voting Rights and Allocation of Ownership Interest (SIC 33) Effective dates: INT 18 INT 20 and INT 24: annual financial periods beginning on or after 1 April 2002. INT 19 INT 21 and INT 22: on 1 April 2002. INT 23: acquisitions given initial accounting recognition on or after 1 April 2002. The following exposure drafts of proposed Interpretations issued in 2001 are still outstanding: ED/INT 21 Reporting Currency-Measurement and Presentation of Financial Statements under SAS 20 (IAS 21) and SAS 38 (IAS 29) (SIC 19) ED/INT 22 Classification of Financial Instruments - Contingent Settlement Provisions (SIC 5) ED/INT 25 Intangible Assets-Website Costs (SIC D32) ED/INT 28 Reporting Currency-Translation from Measurement Currency to Presentation Currency (SIC 30) ED/INT 31 Financial Instruments - Instruments or Rights Redeemable by the Holder (SIC D34) January 2002 Update The Disclosure and Accounting Standards Committee (DASC) issued their final report in October 2001, and the government of Singapore has accepted all of their recommendations. Key changes will be as follows: Singapore will adopt the standards issued by the International Accounting Standards Board. The standards that are adopted would be the prescribed accounting standards and be termed 'Financial Reporting Standards (Singapore)' or 'FRS(S)'. A listed Singapore-incorporated company will be permitted to use alternative standards allowed by the Singapore Exchange, without the need for reconciliation to FRS(S), only if it is also listed on a foreign exchange that requires those standards. All non-listed other Singapore-incorporated companies must use FRS(S) unless otherwise approved by the Registry of Companies and Businesses. Compliance with the prescribed accounting standards will mandated on or after 1 January 2003. The Government will establish an independent panel whose members will be appointed by the Minister for Finance. It would undertake the prescription of accounting standards in Singapore. Where necessary, the panel could issue guidance on the application of specific standards. Compliance with prescribed accounting standards will be legislated. Deviations from accounting standards would be allowed if and only if such deviations are necessary in order to present a 'true and fair' set of financial statements. All listed companies with financial years commencing on or after 1 January 2003 will be required to make interim financial announcements, unaudited, on a quarterly basis. If consolidated financial statements are presented, the parent company will not be required to present an unconsolidated statement of its financial performance, although its separate financial statements should still be audited. The parent company should present its balance sheet so that users can assess its financial position. This applies to both interim and final results announcements of listed parent companies. For listed companies, certain additional information should be disclosed in the annual reports and quarterly announcements, including: (i) a cash flow statement; (ii) management discussion and analysis of the company's financial performance, state of affairs, and business operations; (iii) analysis of the business outlook; (iv) prospectus-type information relating to background of directors and key management staff, risk management policies and processes; and (v) corporate governance practices and processes. Items (iv) and (v) should only be disclosed in the listed company's annual report. The following exposure draft issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). The following exposure drafts issued in 2001 are still outstanding: ED/SAS 44 Proposed Limited Revisions. This ED would amend numerous existing standards to make them identical to IAS, thereby eliminating most of the differences between SAS and IAS. ED/SAS 45 Share-based Compensation. This will be an interim measure pending a standard from the IASB. It will apply to all listed companies and those in the process of being listed. The ED proposes following the fair-value measurement principles found in the US accounting standard FAS 123. For share-based compensation provided to employees, the ED proposes that the effect of applying FAS 123 be shown by pro forma disclosure of the impact on income and EPS. It does not propose recognition of an expense. For share-based compensation provided to non-employees, the ED proposes that an expense be recognised equal to either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. In December 2001, the Institute of CPAs of Singapore issued six exposure drafts that are identical to existing SIC Interpretations. They are: ED/INT 26 Equity - Costs of an Equity Transaction (SIC 17) ED/INT 27 Business Combinations - Measurement of Share Issued as Purchase Consideration (SIC-D28) ED/INT 28 Reporting Currency - Translation from Measurement Currency to Presentation Currency (SIC-D30) ED/INT 29 Revenue - Barter Transactions Involving Advertising Services - (SIC-D31) ED/INT 30 Consolidation and Equity Method - Potential Voting Rights (SIC-D33) ED/INT 31 Financial Instruments - Instruments or Rights Redeemable by the Holder (SIC-D34) October 2001 Update During the past two years the Institute of Certified Public Accountants of Singapore (ICPAS) has issued over a dozen new and revised accounting standards in their effort to harmonise the Singapore Statements of Accounting Standards (SAS) with IAS. While SAS is largely equivalent to IAS, some major differences remain. Deloitte Touche Tohmatsu has published a Comprehensive Review of Recent Changes to Singapore Standards (PDF 377k). The book includes a table of remaining differences with IAS. The following standards have been adopted for financial statement periods beginning on or after October 1, 2001. Both are identical to IAS: SAS 30 Interim Reporting SAS 39 Agriculture The following exposure drafts of proposed standards were issued: ED/SAS 44, Proposed Limited Revisions. This ED would amend numerous existing standards to make them identical to IAS, thereby eliminating most of the differences between SAS and IAS. ED/SAS 45, Share-based Compensation. This will be a proposed interim measure pending the issuance of a standard on accounting for share-based compensation from the IASB. It will be applicable to all listed companies and those in the process of being listed. The ED proposes following the fair-value measurement principles found in the US accounting standard FAS 123: For share-based compensation provided to employees, ED/SAS 45 proposes that the effect of applying FAS 123 be shown by way of a pro forma presentation of the impact on income and EPS. It does not propose recognition of an expense. For share-based compensation provided to non-employees, ED/SAS 45 proposes that an expense be recognised equal to either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The following exposure draft issued in 2000 is still outstanding: ED/SAS 40 Investment Property (IAS 40). July 2001 Update The Disclosure and Accounting Standards Committee (DASC), an independent committee formed to propose changes to the financial reporting and disclosure requirements in Singapore, has published its recommendations. DASC proposes that all companies incorporated in Singapore adopt International Accounting Standards for financial statement periods beginning on or after 1 January 2003, with one exception. The exception would be that companies listed both in Singapore and on a foreign exchange would be allowed to file under the standards required by the foreign exchange, without reconciliation to IAS, if the standards used are acceptable to the Singapore exchange. No new accounting standards have been adopted since the April 2001 update. April 2001 Update The following standards have been adopted for financial statement periods beginning on or after April 1, 2001: SAS 12 Income Taxes (IAS 12 including E68 revisions) SAS 17 (2000) Employee Benefits (E67 revisions) Limited Revisions to SAS 33 Financial Instruments: Recognition and Measurement (E66 revisions) SAS 37 Information Reflecting the Effect of Changing Prices (IAS 15) (note that this standard is required under Singapore standards and optional under IAS) SAS 38 Financial Reporting in Hyperinflationary Economies (IAS 29) The following interpretations are effective from April 1, 2001: INT 12 Equity Accounting Method - Recognition of Losses (SIC 20) INT 13 Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported (SIC 22) INT 14 Property, Plant and Equipment - Major Inspection or Overhaul Costs (SIC 23) INT 15 Earnings Per Share - Financial Instruments and Other Contracts that May be Settled in Shares (SIC 24) INT 16 Income Taxes-Recovery of Revalued Non-Depreciable Assets (SIC 21) INT 17 Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders (SIC 25) The following exposure drafts of proposed Interpretations were issued: ED/INT 18 Earnings Per Share - Financial Instruments and Other Contracts that May be Settled in Shares (SIC 24) ED/INT 19 Property, Plant and Equipment - Results of Incidental Operations (SIC D26) ED/INT 20 Transactions in the Legal Form of a Lease and Leaseback (SIC D27) ED/INT 21 Reporting Currency - Measurement and Presentation of Financial Statements under SAS 20 (IAS 21) and SAS 38 (IAS 29) - (SIC D19) The following exposure drafts issued in 2000 are still outstanding: ED/SAS 30 Interim Financial Reporting (IAS 34) ED/SAS 39 Agriculture (IAS 41) ED/SAS 40 Investment Property (IAS 40) January 2001 Update None of the outstanding exposure drafts listed below in the October 2000 update was adopted by 31 December 2000. Consequently these are the standards and interpretations currently at the exposure stage: Income Tax (IAS 12) and E68 revisions Information Reflecting the Effects of Changing Prices (IAS 15) Financial Reporting in Hyperinflationary Economies (IAS 29) Interim Financial Reporting (IAS 34) Investment Property (IAS 40) Agriculture (IAS 41) E66 revisions to IAS 39 E67 revisions to IAS 19 Accounting for Share Buy-Backs Equity Accounting Method - Recognition of Losses (SIC 20) Income Taxes-Recovery of Revalued Non-Depreciable Assets (SIC 21) Business Combinations-Subsequent Adjustment of Fair Values and Goodwill Initially Reported (SIC 22) Property, Plant and Equipment-Major Inspection or Overhaul Costs (SIC 23) Income Taxes-Changes in the Tax Status of an Enterprise or its Shareholders (SIC 25) However, in late 2000 the Disclosure and Accounting Standards Committee of the Institute of Certified Public Accountants of Singapore, which was formed to propose changes to the Singapore Companies Act, announced its recommendation that Singapore adopt the IAS and US standards as the only acceptable accounting standards in Singapore. If this is done, Singapore accounting standards would be eliminated. October 2000 Update The Institute of Certified Public Accountants of Singapore (ICPAS) is continuing its policy of harmonising Singapore Statements of Accounting Standard (SAS) with IAS. The ICPAS has announced their plan to simultaneously issue exposure drafts and standards with the IASC and to make the standards effective in the quarter following adoption. For 31 December 1999 year-ends, the following SASs came into effect (their equivalent IAS is indicated for reference): SAS 6 (revised) Earnings Per Share (IAS 33) The following standards have been issued and are effective for periods beginning 1 January 2000: SAS 1 (revised) Presentation of Financial Statements (IAS 1) SAS 15 (revised) Leases (IAS 17) SAS 23 (revised) Segment Reporting (IAS 14) The following standards have been issued and are effective for periods beginning 1 July 2000: SAS 8 (revised) Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policy (IAS 8) The following standards have been issued and are effective for periods beginning 1 October 2000: SAS 10 (revised) Events Occurring After the Balance Sheet Date (IAS 10) SAS 17 Employee Benefits (IAS 19) SAS 22 (revised) Business Combinations (IAS 22) SAS 31 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) SAS 32 Financial Instruments: Disclosure and Presentation (IAS 32) SAS 34 Intangible Assets (IAS 38) SAS 35 Discontinuing Operations (IAS 35) SAS 36 Impairment of Assets (IAS 36) The following standard has been issued and effective for periods beginning 1 July 2001: SAS 33 Financial Instruments: Recognition and Measurement (IAS 39) The ICPAS's Accounting Standards Committee issues interpretations of Singapore's SASs. The ICPAS has so far issued nine interpretations (INT), many of which mirror relevant SICs. The interpretations issued in 2000 are: INT 4 Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluation INT 5 Consolidation - Special Purpose Entities INT 6 Government Assistance - No Specific Relation to Operating Activities INT 7 Jointly Controlled Entities - Non-Monetary Contributions by Venturers INT 8 Operating Leases - Incentives INT 9 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items The main outstanding project for the ICPAS is the issuance of the IAS standards and SIC interpretations not yet adopted in Singapore. The ICPAS has reduced the exposure period to three months. These are the standards and interpretations at the exposure stage as at 15 September 2000: Income Tax (IAS 12) and E68 revisions Information Reflecting the Effects of Changing Prices (IAS 15) Financial Reporting in Hyperinflationary Economies (IAS 29) Interim Financial Reporting (IAS 34) Investment Property (IAS 40) Agriculture (IAS 41) E66 revisions to IAS 39 E67 revisions to IAS 19 Accounting for Share Buy-Backs Equity Accounting Method - Recognition of Losses (SIC 20) Income Taxes-Recovery of Revalued Non-Depreciable Assets (SIC 21) Business Combinations-Subsequent Adjustment of Fair Values and Goodwill Initially Reported (SIC 22) Property, Plant and Equipment-Major Inspection or Overhaul Costs (SIC 23) Income Taxes-Changes in the Tax Status of an Enterprise or its Shareholders (SIC 25)