2023 ASC News

5 December 2023
The ASC has submitted its comment letter to the IASB on AI/ED/2023/1 Annual Improvements to IFRS Accounting Standards—Volume 11.

30 November 2023
The Accounting Standards Committee (ASC) invites comments on Exposure Draft ED/2023/5 Financial Instruments with Characteristics of Equity—Proposed amendments to IAS 32, IFRS 7 and IAS 1 by 2 February 2024.

31 October 2023
The Accounting and Corporate Regulatory Authority, with the approval of the Minister for Finance, has appointed the Chairman and members of the Accounting Standards Committee. These appointments will take effect from 1 November 2023. Click here for the announcement.

26 October 2023
The Accounting Standards Committee has submitted its comment letter to the IASB on Request for Information: Post-implementation Review of IFRS 15 Revenue from Contracts with Customers.

29 September 2023
The Accounting Standards Committee has issued Amendments to SFRS for Small Entities: International Tax Reform—Pillar Two Model Rules. These amendments include changes to the requirements in SFRS for Small Entities that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023.

26 September 2023
The Accounting Standards Committee has issued Amendments to SFRS(I) 1-21: Lack of Exchangeability and Amendments to FRS 21: Lack of Exchangeability, effective for annual reporting periods beginning on or after 1 January 2025.

25 September 2023
The Accounting Standards Committee has submitted its comment letter to the IASB on Request for Information: Post-implementation Review of IFRS 9 Financial Instruments—Impairment.

12 September 2023
The Accounting Standards Committee invites comments on Exposure Draft AI/ED/2023/1 Annual Improvements to IFRS Accounting Standards—Volume 11 by 31 October 2023.

13 July 2023
The Accounting Standards Committee has submitted its comment letter to the IASB on ED/2023/2 Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7).

13 July 2023
The Accounting Standards Committee has submitted its comment letter to the IASB on ED/2023/3 International Tax Reform—Pillar Two Model Rules (Proposed amendments to the IFRS for SMEs Standard).

30 June 2023
The Accounting Standards Committee invites comments on Request for Information: Post-implementation Review of IFRS 15 Revenue from Contracts with Customers by 8 September 2023.

9 June 2023
The Accounting Standards Committee has issued Amendments to SFRS(I) 1-7 and SFRS(I) 7: Supplier Finance Arrangements and Amendments to FRS 7 and FRS 107: Supplier Finance Arrangements, effective for annual reporting periods beginning on or after 1 January 2024.

1 June 2023
The Accounting Standards Committee invites comments on Exposure Draft ED/2023/3 International Tax Reform—Pillar Two Model Rules (Proposed amendments to the IFRS for SMEs Standard) by 28 June 2023.

30 May 2023
The Accounting Standards Committee invites comments on Request for Information: Post-implementation Review of IFRS 9 Financial Instruments—Impairment by 1 August 2023.

23 May 2023
The Accounting Standards Committee has issued Amendments to SFRS(I) 1-12: International Tax Reform—Pillar Two Model Rules and Amendments to FRS 12: International Tax Reform—Pillar Two Model Rules. These amendments include changes to the requirements in SFRS(I)s and FRSs that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023.

22 Mar 2023
The ASC invites comments on Exposure Draft ED/2023/2 Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7) by 1 June 2023.

10 Mar 2023
Serving the Accountancy Sector as One Entity
With effect from 1 April 2023, the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) will merge as one entity. The merged entity will take on the name of ACRA.

The merger will strengthen the effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary accountancy-related functions.

The Accounting Standards Committee to be set up by ACRA will set accounting standards for companies, charities, co-operative societies and societies in Singapore, a function now carried out by the Accounting Standards Council.

From 1 April 2023, please visit ACRA website for all information pertaining to accounting standard-setting or write to feedback_ASC@acra.gov.sg.

9 Mar 2023
The ASC has submitted its comment letter to the IASB on ED/2023/1 International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12).

9 Jan 2023
The ASC invites comments on Exposure Draft ED/2023/1 International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12) by 8 Feb 2023.

9 Jan 2023
2023 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2023. The collections include official pronouncements that have been issued by the ASC up to 31 December 2022, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2023.