Changes to financial reporting framework in Singapore
12 Jan 2006
In 2002, the Singapore government created the Council on Corporate Disclosure and Governance (CCDG) as the accounting standard setter for all companies incorporated in Singapore.
Since then, each year Deloitte & Touche (Singapore) has published a booklet about the recent Changes to The Financial Reporting Framework in Singapore. We have just posted the 2005 edition:
- The (PDF 267k) covered a series of improved and new Financial Reporting Standards (FRSs) 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 (PDF 207k) reflects 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.
CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of IFRSs, though some differences remain. You will find a list of those differences on our Singapore Page.