Category: Financial Reporting

A Singapore intermediate holding company may be exempt from preparing consolidated financial statements. Whether it qualifies depends on its reporting framework and on how its parent prepares its accounts. The Exemption (Paragraph 4(a) of FRS 110 / SFRS(I) 10) It is wholly owned, or its non-controlling owners have been informed and do not object Its…

As cryptoassets (such as cryptocurrencies, tokens and other digital assets) become more widely held by companies, traditional accounting methods face new challenges. Because of this shift, recognizing and reporting cryptoassets correctly under prevailing Singapore accounting standards is critical. Why Cryptoassets Aren’t Treated Like Cash or Securities Cryptoassets (e.g., Bitcoin, Ethereum) are not considered cash or…

The International Accounting Standards Board (IASB) has issued IFRS 18 – Presentation and Disclosure in Financial Statements, introducing major changes to how financial performance is presented. Singapore is expected to adopt IFRS 18 into SFRS(I), with the effective date set for annual periods beginning on or after 1 January 2027. Because IFRS 18 significantly restructures…

Two new Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2027. SFRS(I) 18 Presentation and Disclosure in Financial Statements Replaces SFRS(I) 1-1 Presentation of Financial Statements. Introduces operating, investing and financing categories in the statement of profit or loss, with new required subtotals. Requires disclosure of management-defined…

The following amendments to Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2026. Classification and Measurement of Financial Instruments (SFRS(I) 9 and SFRS(I) 7) Clarifies how to assess financial assets with ESG-linked or similar contingent features. Allows an option to derecognise financial liabilities settled through electronic payment…

The following amendment to Singapore Financial Reporting Standards (International) (SFRS(I)) applies to annual periods beginning on or after 1 January 2025. Lack of Exchangeability (SFRS(I) 1-21) Sets out when a currency is considered exchangeable into another currency and how to estimate the spot exchange rate when it is not. Entities must disclose information that helps…

The following amendments to Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2024. Classification of Liabilities as Current or Non-current (SFRS(I) 1-1) Clarifies that classification depends on the right to defer settlement at the reporting date, including how loan covenants affect this. Additional disclosures apply to non-current…