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Singapore adopts improved IASs and revised IASs 32 and 39

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27 Apr 2004

The Singapore accounting standard-setter – the Council on Corporate Disclosure and Governance (CCDG) – has approved revised standards comparable to those issued under the IASB's Improvements Project, except for IAS 40 Investment Property.

The CCDG has also approved revised standards comparable to the revised IAS 32 and IAS 39. The new 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.
These improved FRSs will be effective for financial periods beginning on or after 1 January 2005. There's more information at the CCDG Website.

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