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Singapore defers mandatory application date of consolidation and joint venture standards, cites implementation challenges

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03 Sep 2012

The Singapore Accounting Standards Council (ASC) has announced that it will allow stakeholders more time to implement the Singaporean equivalents to the 'package of five' standards addressing accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities. The mandatory effective date of the standards has been deferred for a year and they now apply to annual periods beginning on or after 1 January 2014. Entities can elect to early adopt the standards.

The five standards, FRS 110 Consolidated Financial Statements (equivalent to IFRS 10), FRS 111 Joint Arrangements(equivalent to IFRS 11), FRS 112 Disclosure of Interests in Other Entities (equivalent to IFRS 12), FRS 27 Separate Financial Statements (equivalent to IAS 27)and FRS 28 Investments in Associates and Joint Ventures (equivalent to IAS 28) (which the ASC refers to as the 'Relevant Standards') were originally scheduled to be applied to annual periods beginning on or after 1 January 2013.

In outlining its decision to defer the mandatory date, the ASC noted:

In its ensuing engagement with stakeholders after the Relevant Standards were issued, the ASC has been apprised that the challenges faced by stakeholders in implementing the Relevant Standards were more significant than the stakeholders had anticipated and accordingly, more time would be required to effect the implementation plans that they had put together for the Relevant Standards...  Taking into consideration this development, the ASC concluded that it is in the best interest of stakeholders to allow more time for the implementation of the Relevant Standards.

There have been other calls for deferral of these standards at a global level, including earlier calls by the European Financial Reporting Advisory Group (EFRAG).

Click for ASC press release (link to ASC website).

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