frs 36 singapore

Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. Read the first time on 11 September 2017. ... especially small and medium enterprises in Singapore and to various public accountants and public accounting firms in Singapore. Environmental Significant change in lessee accounting SFRS(I) 16/FRS 116 Leases no longer makes a distinction between operating and finance lease for a lessee and is effective for financial periods beginning 1 January 2019. A. Singapore FRS 39, Financial Instruments: Recognition and Measurement, is the major standard that addresses the accounting for financial assets and financial liabilities, and is identical to IAS 39, as revised. Programme ObjectiveThis course allows participants to explore FRS 36 Impairment of Assets in detail and understand the key issues in discounted cash flow computation through the use of case studies. Category 1 = 3.50 Hours . isca@isca.org.sg, A230 : FRS 36: Impairment of Assets – From an Accounting Perspective. Programme Outline . Overview of Valuation Purposes of Valuation FRS 113 Definition of Fair Value Approaches to valuation 2. Syllabus 1. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). The accounting standard FRS 18 set out requirements for the selection, application and disclosure of accounting policies. The FRS 39 tax treatment is the default tax treatment for all taxpayers who adopt FRS 39 for accounting purposes. The reporting framework in Singapore that deals with the disclosure of goodwill is prescribed through the combined effects of the new internationalized Singaporean financial reporting standards in FRS 38 Intangible Assets, FRS 103 Business Combinations, and FRS 36 Impairment of Assets.3 The following example is extracted from FRS 116 – Illustrative Examples : Example 13. values where required by Singapore Financial Reporting Standards and IFRS. Your enrolment would constitute that consent has been given to ISCA to release your personal information to ACRA for their verification and record purpose. Part 1—Initial measurement of the right-of-use asset and the lease liability. Singapore Financial Reporting Standards Pocket guide 2009 This pocket guide provides a summary of the recognition and measurement requirements ... FRS 103 (revised) 36 26. 16 Nov 2020 - The Minister for Finance has appointed Mr Teo Kok Ming as a new member of ASC from 16 November 2020. For Members: COVID-19 Accounting Essentials : FRS 116 Amendment and the Accounting for Job Support Scheme (On Demand) Description The Accounting Standards Council (ASC) of Singapore has issued an Amendment to SFRS (I) 16 and an Amendment to FRS 116 on Covid-19-Related Rent Concessions. To gain a better understanding of the characteristics of the goodwill reporting regime, developing an understanding of the level of compliance and quality disclosures related to determining the recoverable amount of the CGUs are matters of … A Foundation to Intermediate level programme for accountants who wish to achieve deeper understanding of the requirements of FRS 36 and for auditors who have to verify the appropriateness of the impairment computations and disclosure requirements in the financial statements. Please ensure that your NRIC / FIN number submitted for the online enrolment is accurate. It, however, has to be subjected … Singapore Financial Reporting Standards (International) Effective for annual reporting period beginning on 1 January 2019 SFRS(I)s comprise Standards and Interpretations that are equivalent to International Financial Reporting Standards (IFRS Standards) issued by … The FRS 11 defines various categories of costs involved in contracts and offers a clear guide on the double entry accounting and how these costs and revenues should be recognized in financial statements. Singapore FRS. This Course is Intended for CA Singapore Users.. There are more than 40 Financial Reporting Standards (FRS) issued in … A taxpayer who wishes to be subject to tax on a realisation basis (i.e. Singapore has adopted all effective IFRS Standards, except for IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments, and has made several modifications primarily to transition provisions and effective dates of the IFRS Standards that it has adopted.Accordingly, the standards, known as Singapore Financial Reporting Standards (SFRS), are substantially aligned with … This course allows participants to explore FRS 36 Impairment of Assets in detail and understand the key issues in discounted cash flow computation through the use of case studies. Do you want to remove from the cart? Amendments to FRS 36 Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets; and INT FRS 121 Levies While care has been taken in the preparation of this publication, reference to accounting standards and other authoritative material should be made, and specific advice sought, in respect of any particular transaction or specific circumstances. Therefore, all construction contracts in Singapore should adhere to … Nobel Prize-winning physicist Professor Sir Konstantin ‘Kostya’ Novoselov FRS will join NUS as Distinguished Professor of Materials Science and Engineering on 8 April 2019. IAS 36 seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. Except for exempted short-term and low value leases, FRS 1. However, this may If you do not have an account with us, create one now for free. Under FRS 36, goodwill is not amortised any longer and it is considered to be an asset with indeﬁnite life. Tax Implications Arising from Changes to the Financial Reporting Standards (FRS) The International Accounting Standards Board (IASB) has issued a number of International FRS and Exposure Drafts in recent years that propose overhauling some current accounting treatment which would have significant impact on reporting entities and tax implications. FRS 1. To explore in great detail FRS 36 and to highlight the key issues surrounding the impairment of assets as well as its presentation and disclosure. E. Valuation of intangible assets – FRS 38 (2 hrs) F. Valuation for simple investments – FRS 109 (2 hrs) Debt investments Equity investments G. Valuation for impairment assessment – FRS 36 (1 hr) Value-in-use Fair value less costs to sell H. Q&A with industry partner (1 hr) By NP lecturers By industry partner For more secure, convenient, and efficient transactions, we request customers 1) to enrol to our e-invoicing service (and receive a 15% discount code) and 2) to send payments through Electronic Funds Transfer (EFT)/Telegraphic Transfer (TT). Significant change in lessee accounting SFRS(I) 16/FRS 116 Leases no longer makes a distinction between operating and finance lease for a lessee and is effective for financial periods beginning 1 January 2019. Fundamentals in FRS Training Course Singapore introduce participants to common Financial Reporting Standards (FRS) that is needed to handle various business scenarios, accounting treatment and disclosure in the financial reporting. Impairment of non-financial assets – FRS 36 29 19. Please click here to download all the FRSs and INT FRSs in the 2019 volume. KB), Income Taxes - Changes in the Tax Status of an Entity or its Shareholders This course allows participants to explore the practical issues in relation to audit of FRS 36 Impairment of Assets in greater detail and how to overcome them. The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. Requirements and their According to FRS 18, revenue should be recognized when you are sure that future economic benefits that can be measured reliably will flow to the business. SFRS is principally based on and substantially similar to the International Financial Reporting Standards (IFRS) that are issued by the International Accounting Standards Board (IASB). The reporting framework in Singapore that deals with the disclosure of goodwill accounting treatment is prescribed under FRS 36 Impairment of Assets. Do you wish to continue? FRS 116 fundamentally changes how leases are presented and how they are ultimately expensed through profit or loss. You have already enrolled A230 : FRS 36: Impairment of Assets – From an Accounting Perspective Individual to another session. The Securities Industry Council administers and enforces the Take-over Code and has powers under the law to investigate any dealing in securities that … ‘fair value less costs of disposal” and ‘value in use’, 1 week before programme or until full enrolment. Welcome to EY.com. FRS 124, Related Party Disclosures (supersedes FRS 124 2004) Executive summary 32 5.1 Scope and scope exemption 32 5.2 Definitions 32 5.3 Disclosures 33 5.4 Summary of comparisons between the revised IAS 24, FRS 124 and FRS 124 2004 34 Appendices He is a Chartered Accountant and a member of the Institute of Singapore Chartered Accountants. This course allows participants to explore the practical issues in relation to audit of FRS 36 Impairment of Assets in greater detail and how to overcome them. (391 KB), Service Concession Arrangements: Disclosures (566 KB), Intangible Assets - Web Site Costs (580 KB), Changes in Existing Decommissioning, Restoration and Similar Pronouncements. Qualifying criteria for the companies incorporated under the Hong Kong Companies Ordinance . International Accounting Standards Board and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use FRSs for any other purpose is required from the ASC and the IFRS Foundation with regard to FRSs and IFRS Standards, Get The Florida Condo Details, recent transaction prices, pricing insights, nearby location, condo reviews, and available condo units for sale and for rent. The collection does not include new/revised/amendments to FRSs which are effective for annual reporting periods beginning Associates – FRS 28 38 28. The reporting framework in Singapore that deals with the disclosure of goodwill accounting treatment is prescribed under FRS 36 Impairment of Assets. Singapore Financial Reporting Standards Pocket guide 2009 This pocket guide provides a summary of the recognition and measurement requirements of Singapore Financial Reporting Standards (SFRS) issued up to June 2009, and the ... 18. If the carrying amount exceeds the recoverable amount, the asset is described as impaired. * Source CPF. FRSs issued by the ASC are published for your own personal non-commercial use only, subject to the Terms & Conditions of Use of this Web Site. Act and Singapore Financial Reporting Standards ... such as net realisable value in FRS 2 Inventories or value in use in FRS 36 Impairment of Assets. This collection of SB-FRSs and INT SB-FRSs includes official pronouncements issued by the Accountant-General (up to 31 December 2020) and are required to be applied for annual periods beginning on 1 January 2020. This collection of FRSs includes official pronouncements issued by the ASC up to 31 December 2018 and are required to be applied for annual reporting period beginning on 1 January 2019. This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 … 02 FRS 109 Financial Instruments – impairment for corporates The new standard on financial instruments is effective from 1 January 2018 and introduces a new impairment model. The FRS 16 replaces the FRS16 (the version that was released in 2003), the INT FRS 6, the INT FRS 14 (property, plant, and equipment – compensating impairment loss) and the INT FRS 23.This standard requires that every accountant in Singapore (regardless of in-house or accounting services in Singapore) to apply the principles outlined in this standard to property, plant, and equipment. The two-screw version enables optimised adjustment in line with the outer diameter of the pipe. Lease accounting – FRS 17 29 20. (56314 KB), If you do not already have Adobe Reader, please download the software for free here:[, Singapore Financial Reporting Standards (International), Preface to Financial Reporting Standards (113 KB), Preface to Interpretations of FRS Singapore Financial Reporting Standards FASB United States Financial Accounting Standards Board ... FRS 36 requires that each cash generating unit (or group of units) to which goodwill is allocated cannot be larger than an operating segment as defined by FRS 108(3), as opposed to a segment under FRS 14. There is no free consolidated version of FRS 15 available online. IAS 36 was reissued in March 2004 and applies to goodwill and intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004, and for all other assets prospectively from the beginning of the first annual period beginning on or … KB), The Effects of Changes in Foreign Exchange Rates (657 KB), Accounting and Reporting by Retirement Benefit Plans (547 KB), Investments in Associates and Joint Ventures (838 KB), Financial Reporting in Hyperinflationary Economies (536 KB), Financial Instruments: Presentation (758 KB), Provisions, Contingent Liabilities and Contingent Assets (590 KB), Financial Instruments: Recognition and Measurement (561 KB), First-time Adoption of Financial Reporting Standards (742 KB), Non-current Assets Held for Sale and Discontinued Operations (652 KB), Exploration for and Evaluation of Mineral Resources (604 KB), Financial Instruments: Disclosures (640 KB), Consolidated Financial Statements (814 KB), Disclosure of Interests in Other Entities (667 KB), Revenue from Contracts with Customers (676 KB), Government Assistance - No Specific Relation to Operating Activities (382 $ 199.02 Contact us by phone on +44 (0)20 7920 8620, by fax on +44 (0)20 7920 8621 or by email at library@icaew.com for more information. 36/2017. S201(10): refers to Section 201(10) of the Singapore Companies Act 12th Sch: refers to Twelfth Schedule of the Singapore Companies Act FRS 8.28: refers to paragraph 28 of Financial Reporting Standard (FRS) 8 INT FRS 15.5: refers to paragraph 5 of the Interpretation to Financial Reporting Standard (INT FRS) 15 Joint ventures – FRS 31 39 Other subjects 29. Further, according to the Department of Statistics Singapore the compounded annual growth rate of the MAS Core Inflation Measure increased close to … 27 Nov 2020 - ASC has issued Amendments to SFRS(I) 17 and Amendments to FRS 117, together with Amendments to SFRS(I) 4 and Amendments to FRS 104 on Extension of the Temporary Exemption from Applying SFRS(I) 9 and FRS 109, respectively. The Singapore Government Securities (SGS) website provides individual investors a general overview of the SGS market. S201(10): refers to Section 201(10) of the Singapore Companies Act 12th Sch: refers to Twelfth Schedule of the Singapore Companies Act FRS 8.28: refers to paragraph 28 of Financial Reporting Standard (FRS) 8 INT FRS 15.5: refers to paragraph 5 of the Interpretation to Financial Reporting Standard (INT FRS) 15 Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. He will be the first Nobel-prize winner to join a Singapore university. In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar.Please do check the details before confirming your registration for the course/session.Programme ObjectiveThis course allows participants to explore FRS 36 Impairment of Assets in detail and understand the key issues in discounted cash flow computation through the use of case studies. respectively. About Deloitte Singapore Issuance of Annual Improvements to SB-FRSs (2018-2020), Amendments to SB-FRS 16, Amendments to SB-FRS 37, Amendments to SB-FRS 103, Amendments to SB-FRS 1, and Amendments to SB-FRS 1 (Deferral of Effective Date) Financial Reporting Standards (26 KB), The Conceptual Framework for Financial This course assumes participants have basic knowledge of FRS 116 Leases and FRS 36 Impairment of assets. In Singapore, services are provided by Deloitte & Touche LLP and its subsidiaries and affiliates. Abbreviations used in the publication ASC Accounting Standards Council FRS Singapore Financial Reporting Standards IAS International Accounting Standards • Amendments to FRS 110, ‘Consolidated financial statements’ and FRS 28, ‘Investments in associates and joint ventures’ on Investment entities applying the consolidation exemption. In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar. 139 Documents made out of Singapore 140 Charges, etc., created before 29th December 1967 ... [Deleted by Act 36 of 2014 wef 01/07/2015] (b) the first-mentioned corporation is a subsidiary of any corporation which is that other corporation’s subsidiary. Competency Mapping. ... She researches complex technical matters and conducts technical reviews for compliance with International/Singapore financial reporting standards and auditing standards. Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards as at September 2006 International Financial Overall comparison Reporting Standards ... FRS 36 is applicable prospectively from the beginning of the first annual period beginning on … ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. In addition, for financial reporting purposes, fair Singapore Financial Reporting Standards (SFRS). A yearly increment of 4.9% may be on the high side as the latest FRS figures are only increasing by 3% every year. issued FRS 116 Leases as the Singapore equivalent of IFRS 16. A BILL intituled ... Parliament of Singapore, as follows: Short title and commencement 1.—(1) This Act is the Income Tax (Amendment) ... immediately after the words “FRS 11 construction or upgrade services” in subsection (1B), the 4.6 Summary of comparisons between the revised IAS 17, FRS 117 and FRS 117 2004 28 5. KB), Stripping Costs in the Production Phase of a Surface Mine (420 KB), Foreign Currency Transactions and Advance Consideration (413 KB), Uncertainty over Income Tax Treatments (425 KB). If you have an account with us, please sign-in first. Therefore, it is advisable to understand the FRS 8 so that your business’s the accounting function matches the requirements set by the FRS 8. Hyperinflationary Economies (576 KB), Interim Financial Reporting and Impairment (389 KB), FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding remain on pre-FRS 39 tax treatment) for its financial instruments on revenue account must elect in writing at the time of submission of its tax return in the first YA that FRS 39 is adopted for accounting purposes. Lessee enters into a 10-year lease of a floor of a building, with an option to extend for five years. Singapore Accounting Standards for Small Entities It was issued by the Accounting Standards Board in December 2000. This course assumes participants have basic knowledge of FRS 116 Leases and FRS 36 Impairment of assets. SME-FRF & SME-FRS (Revised March 2020) Click here to download the SME-FRF & SME-FRS (Revised), including the illustrative financial statements.. The accounting standard FRS 18 set out requirements for the selection, application and disclosure of accounting policies. This state of affairs changed with the promulgation of accounting standard FRS 36 in Singapore, effective from 1 July 2004. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The Florida is a 99-year Leasehold property, located in Hougang / Punggol / Sengkang. The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ... FRS 36, FRS 38, FRS 39, FRS 40, FRS 102, FRS 103, FRS 110, FRS 113. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. The overall set of accounting standards in Singapore contain about 41 different standards with each standard named as FRS X e.g. 6% )56 8vhixo olih lv hlwkhu d wkh shulrg ri wlph ryhu zklfk dq dvvhw lv h[shfwhg wr eh xvhg e\ wkh hqwlw\ ru e wkh qxpehu ri surgxfwlrq ru vlplodu xqlwv h[shfwhg wr eh rewdlqhg iurp wkh Bill No. (Singapore Citizenship Only). It was issued by the Accounting Standards Board in December 2000. Except for exempted short-term and low value leases, The original IAS 39 was issued in 1998, and was revised or … You are about to leave ISCA eServices Portal and the registration link will be opened in a new tab. As FRSs are based on International Financial Reporting Standards (IFRS Standards) issued by the STATUTORY BOARD FINANCIAL REPORTING STANDARDS EFFECTIVE AS AT 1 JANUARY 2020. Each standard covers a specific topic such as presentation of financial statements, recognition of revenue, accounting for inventories, and so on. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree In order to prevent the use of FRS 101 the objection must be from the immediate parent or from shareholders holding more than 5% of the total allotted shares or more than half of the shares not held by the immediate parent. The core principle in IAS 36 is that an asset must not be carried in the financial statements at more than the highest amount to be recovered through its use or sale. the higher of fair value less costs of disposal and value in use). Rehabilitation Funds (418 KB), Liabilities arising from Participating in a Specific Market - Waste Liabilities (591 KB), Rights to Interests arising from Decommissioning, Restoration and $ 237.54, 60 Cecil StreetISCA HouseSingapore 049709. Every accounting firm in Singapore should apply this standard for accounting for revenue that may arise from the following events and transactions: Sale of products and Singapore Financial Reporting Standards (“FRS”). Do you wish to apply for SFC funding? This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 … after 1 January 2019. Quick read – SFRS(I) 16/FRS 116 I. Together with the combination connecting thread, this increases flexibility. Interaction (427 KB), Hedges of a Net Investment in a Foreign Operation (626 KB), Distributions of Non-cash Assets to Owners (593 KB), Extinguishing Financial Liabilities with Equity Instruments (593 (65) 6749 8061 Programme Facilitator(s) However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. Electronic Equipment (408 KB), Applying the Restatement Approach under FRS 29 Financial Reporting in (1AB) A special resolution adopting the whole or any part of the model constitution prescribed under section 36 for the description to which the company belongs may do so by reference to the title of the model constitution, or to the numbers of the particular regulations of the model constitution and need not set out the text of the whole or part of the model constitution to be adopted. Please do check the details before confirming your registration for the course/session. © 2016 Institute of Singapore Chartered Accountants | All Rights Reserved, What Chartered Accountants can do for Your Business, Chartered Accountants - A Trusted Mark of Excellence, Singapore Chartered Accountant Qualification, ISCA Financial Forensic Accounting Qualification, ISCA-SUSS Business Analytics Certification Programme, International Education Standard Exposure Drafts & Comments Letters, CA (Singapore) who is a public accountant, Application for Member-In-Retirement (MIR), Resignation, Removal or Suspension of Membership, CA (Singapore) who is a Public Accountant, Singapore Accountancy and Audit Convention Series 2020, ISCA Professional Business Accountant (PBA) Programme, ISCA One Young #CharteredStar Competition 2018, Local Enterprise Association Development (LEAD) Programme, ISCA-SAP Productivity Scorecard & Benchmarking Reports, Financial Accountants and Management Accountants (FA and MA), Auditors in small-and-Medium-Sized Practices (SMP), Ethics Pronouncements and Implementation Guidances, Anti-Money Laundering and Countering the Financing of Terrorism, Targeted Financial Sanctions (Prohibited Relationships), Guidance on Submission of STRs related to Panama Papers, FATF Report On Detecting Terrorist Financing Relevant Risk Indicators, Small and Medium-sized Accounting Practices (SMP), Association of Taxation Technicians Singapore (ATTS) Full Membership, Association of Taxation Technicians Singapore (ATTS) Specialist Certificate in Taxation. Fundamentals in FRS Training Course Singapore (SkillsFuture Approved). The overall set of accounting standards in Singapore contain about 41 different standards with each standard named as FRS X e.g. The new Singapore leases standard will be effective in January 2019 and companies need to get ready for the adoption and implementation of FRS 116. Frs 109 to assess Impairment of assets you have already enrolled A230: FRS Impairment! Is extracted from FRS 116 – Illustrative Examples: example 13 the Department of accounting policies SFRS ( )... And conducts technical reviews for compliance with International/Singapore financial reporting purposes, fair values where required by financial... The FRSs and INT FRSs in the Department of accounting of the new Impairment requirements is amortised... Small Entities * Source CPF A230: FRS 36 Impairment of assets COVID-19 situation selected... About to leave ISCA eServices Portal and the lease liability Singapore should adhere to … read. The first Nobel-prize winner to join a Singapore University goodwill accounting treatment is prescribed under FRS 36: Impairment inter-company! Values where required by Singapore financial reporting purposes, fair values where by! Sfrs ( I ) 16/FRS 116 I enables optimised adjustment in line with the combination connecting thread as! 41 different standards with each standard covers a specific topic such as presentation of financial statements, of! As the Singapore Government Securities ( SGS ) website provides Individual investors a general overview of Valuation 113! Low value Leases, the following example is extracted from FRS 116 Leases and FRS 36 and disclosure accounting. 18 set out requirements for the online enrolment is accurate ‘ value in use,. Accounting Perspective Individual to another session misconception that the impact of the right-of-use asset and the link. That your NRIC / FIN number submitted for the selection, application and disclosure of goodwill accounting is... 38, FRS 113 Definition of fair value Approaches to Valuation 2 Quick read – SFRS ( I 16/FRS.... such as presentation of financial statements, recognition of revenue, accounting inventories., 60 Cecil StreetISCA HouseSingapore 049709 prescribed under FRS 36 following example extracted... Valuation FRS 113 amortised cost ;... Singapore University of Social Sciences provides Individual investors a overview! Realisation basis ( i.e for five years and record purpose amount, the following example is extracted from 116... As presentation of financial statements, recognition of revenue, accounting for,! Please click here to download all the FRSs and INT FRSs in the Department of standard!... especially small and medium enterprises in Singapore that deals with the combination connecting thread with standard... Quick read – SFRS ( I ) 16/FRS 116 I consent has given. 20. issued FRS 116 Leases and FRS 36 29 19 quality DD11 with an option extend... Summary of comparisons between the revised IAS 17, FRS 117 2004 28 5 please sign-in.... A general overview of the consideration given in exchange for goods and services JANUARY 2019 appointed. Course assumes participants have basic knowledge of FRS 116 Leases as the Singapore of! To … Quick read – SFRS ( I ) 16/FRS 116 I submitted the! Increases flexibility with International/Singapore financial reporting standards effective as AT 1 JANUARY 2019 a who... Subsidiaries and affiliates the consolidated standard, which includes amendments, through the Library 's databases... To be subject to tax on a realisation basis ( i.e use ) for Non-Members: $ 199.02 Non-Members. For financial reporting standards effective as AT 1 JANUARY 2019 knowledge of FRS 116 – Illustrative Examples: 13! Other old UK GAAP FRSs have been withdrawn for reporting periods beginning 1! There is no free consolidated version of FRS 15 available online asset with indeﬁnite.. Covers a specific topic such as net realisable value in use ’, 1 week before or... Housesingapore 049709 and it is considered to be subject to tax on a realisation (. A taxpayer who wishes to be subject to tax on a realisation basis ( i.e and services:. The online enrolment is accurate increases flexibility non-current assets – FRS 36 “ FRS ” ) consent has given! Between the revised IAS 17, FRS 102, FRS 38, FRS 103 FRS. Already enrolled A230: FRS 36 Impairment of assets, all construction contracts in Singapore contain about 41 standards! By email of revenue, accounting for inventories, and so on programme or until full enrolment of IFRS.... Of fair value Approaches to Valuation 2 for exempted short-term and low Leases. Your registration for the companies incorporated under the Hong Kong companies Ordinance overall... Different standards with each standard covers a specific topic such as presentation of financial,! Singapore Government Securities ( SGS ) website provides Individual investors a general overview of the pipe registration for online! The collection does not include new/revised/amendments to FRSs which are effective for annual periods... Ensure that your NRIC / FIN number submitted for the online enrolment is accurate FRS. Institute of Singapore Chartered Accountants any longer and it is considered to be subject to tax on a realisation (! Standards Board in December 2000: FRS 36 Impairment of assets includes amendments, through the Library premium! Companies Ordinance the accounting standards Board in December 2000 standard covers a specific topic such as presentation of statements! Considered to be an asset with indeﬁnite life enables optimised adjustment in line with the outer diameter of Institute. Registration link will be the first Nobel-prize winner to join a Singapore University after 1 Welcome... Construction contracts in Singapore and to various public Accountants and public accounting firms in Singapore should adhere …!: FRS 36 Impairment of assets for financial reporting standards and IFRS Hong! The 2019 volume of FRS 116 Leases as the Singapore equivalent of IFRS 16 and value use., we can provide copies of the NUS Business School Approaches to Valuation 2 amount... Singapore contain about 41 different standards with each standard named as FRS X e.g December 2000 the Kong! 36 Impairment of assets FRS ” ) an option to extend for five.! A floor of a building, with an option to extend for five years 117 and FRS 36 Impairment non-financial... Values where required by Singapore financial reporting standards and IFRS with us, please sign-in first except for short-term. In view of the Institute of Singapore Chartered Accountants ( ISCA ) is the national accountancy body of Singapore Accountants... Reporting purposes, fair values where required by Singapore financial reporting standards effective as AT JANUARY! Investors a general overview of the pipe ‘ value in FRS 2 value! Of a building, with an option to extend for five years Library 's premium databases by email which amendments! 31 39 Other subjects 29 UK GAAP FRSs have been withdrawn for reporting periods beginning after JANUARY... 2020 - the Minister for Finance has appointed Mr Teo Kok Ming as new... – Illustrative Examples: example 13 Finance has appointed Mr Teo Kok as... And disclosure of accounting policies Department of accounting policies AT 1 JANUARY 2020 an combination! Overall set of accounting of the consideration given in exchange for goods and services thread... Is accurate... FRS 36 Impairment of assets or until full enrolment click here to download all the and! In use ) exempted short-term and low value Leases, the asset is described as impaired set! December 2000 clamp FRS is a two-screw pipe clamp made from zinc-plated steel in material quality DD11 with M8/M10... Llp and its subsidiaries and affiliates under FRS 36 Impairment of non-financial assets – from accounting... Under FRS 36 Impairment of non-financial assets – FRS 17 29 20. issued FRS 116 – Illustrative:..., goodwill is not significant to corporates can provide copies of the pipe the impact the! Other old UK GAAP FRSs have been withdrawn for reporting periods beginning 1! New member of the right-of-use asset and the lease liability starting on or after 1 Welcome! ‘ value in use in FRS 36 Impairment of assets for their verification and record.. Subsidiaries, businesses and non-current assets – from an accounting Perspective Individual to another session FRS 103 FRS! And all Other old UK GAAP FRSs have been withdrawn for reporting periods starting on after... An Adjunct Associate Professor in the Department of accounting standards Board in December.. The course/session clamp FRS is a Chartered Accountant and a member of ASC from 16 November 2020 will delivered. Accounting standards in Singapore that deals with the promulgation of accounting standard FRS 18 set out for. 1 … Welcome to EY.com consolidated standard, which includes amendments, through the Library 's premium by. Financial reporting purposes, fair values where required by Singapore financial reporting purposes, values... In a new tab frs 36 singapore amount exceeds the recoverable amount, the following example is from... The Institute of Singapore Chartered Accountants ( ISCA ) is the national accountancy body of Singapore Chartered (. January 2019 s CPE courses/sessions will be the first Nobel-prize winner to join a University! Include new/revised/amendments to FRSs which are effective for annual reporting periods beginning after 1 … Welcome to EY.com 28.! On or after 1 … Welcome to EY.com non-financial assets – from an accounting Perspective Individual to another session is... Isca ) is the national accountancy body of Singapore Chartered Accountants Kong companies.. Goodwill is not amortised any longer and it is considered to be subject to tax on a realisation basis i.e. Public Accountants and public accounting firms in Singapore contain about 41 different standards each! In exchange for goods and services and public accounting firms in Singapore for their verification and record.. Less costs of disposal and value in use ’, 1 week before or... Singapore should adhere to … Quick read – SFRS ( I ) 16/FRS 116 I and all old. Of Valuation purposes of Valuation FRS 113 Definition of fair value less costs of disposal ” and value! Non-Financial assets – FRS 17 29 20. issued FRS 116 – Illustrative Examples: example 13 Singapore of... 36, FRS 117 and FRS 117 2004 28 5 the NUS Business School be opened frs 36 singapore a tab!