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Singapore

International Financial Reporting Standards

Summary
Since late 2000, Singaporean authorities have been working toward aligning national standards with their international equivalents. As described on the Deloitte IAS Plus website, in 2001, the Disclosure and Accounting Standards Committee (DASC) of the Institute of Certified Public Accountants recommended the adoption of International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). The Singapore government subsequently accepted all of the DASC recommendations, and in 2004 the Council on Corporate Disclosure and Governance (CCDG) issued revised standards which were "almost identical" to those issued by the IASB under the Improvements Project (with the exception of the international standard on Investment Property). These revised Singapore Financial Reporting Standards (FRSs) became effective for financial periods beginning on or after January 1, 2005. A 2007 Deloitte publication notes that FRSs and Interpretations of FRSs are largely aligned with the international equivalents, except for differences in accounting for property plant and equipment, leases, associates and joint ventures, and requirements for consolidated financial statements. Further, modifications to effective dates, transitional provisions and, in certain cases, discrepancies in timing of adoption also exist. In 2007, the Accounting Standards Council (ASC) superseded the CCDG as the national accounting standards-setter. According to the ASC website, the Council continues to implement its predecessor's policy of adopting IFRSs and plans to "track closely" new IFRSs in order to consider them for adoption in Singapore. The possible application of new IFRSs in Singapore would be premised on the local economic and business environment and the needs of the entity to which these standards would apply to.

    General Overview

    The Accounting Standards Council (ASC) was created in 2007 with the enactment of the Accounting Standards Act, which led to the dissolution of the Council on Corporate Disclosure and Governance (CCDG). The CCDG's standard-setting responsibilities in Singapore were passed on to the ASC, effective as of November 2007. The ASC prescribes standards for all companies, including charities, co-operatives, and societies. As explained on its website, among other functions "the ASC will track closely the introduction of new International Financial Reporting Standards (IFRS) for possible application in Singapore, it will also take into account the local economic and business circumstances and context, as well as the entity to which the accounting standards would apply to." In general, ASC policy has been to adopt IFRSs although with modifications, and the Council believes that convergence with international standards will help achieve greater transparency and comparability with regard to financial information. It will also reduce the cost of compliance for companies investing in Singapore and local companies investing abroad.
    Since late 2000, Singapore authorities have been working toward aligning national standards with their international equivalents. As explained on the IAS Plus website, in 2001, the Disclosure and Accounting Standards Committee (DASC) of the Institute of Certified Public Accountants (ICPAS) had recommended the adoption of IFRSs instead of the Singapore Accounting Standards (SASs). The Singapore government subsequently accepted all of the DASC recommendations and, in 2003, issued the Companies (Accounting Standards) Regulations. These regulations require adherence to the CCDG-issued Financial Reporting Standards (FRSs) which were modeled after the international equivalents. The following year, in line with the IASB Improvements Project, the CCDG approved revised standards which were "almost identical" to the revised international standards, with the exception of IAS 40. These revised FRSs became effective for periods beginning on or after January 1, 2005. As stated in the July 2006 update on the IAS Plus website's Singapore country page, "the CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of... IFRS, though some differences between Singapore Financial Reporting Standards and IFRSs remain." A 2007 Deloitte publication also mentions the fact that FRSs and interpretations of FRSs are largely aligned with the international equivalents, except for differences in accounting for property plant and equipment, leases, associates and joint ventures, and requirements for consolidated financial statements. Further, modifications to effective dates, transitional provisions and, in certain cases, discrepancies in timing of adoption also exist. Listed and unlisted entities follow the same set of accounting standards. A 2007 Deloitte publication notes that simplified financial reporting standards and disclosure requirements for small and medium-size enterprises (SMEs) are also being developed in Singapore.
    According to the 2005 ICPAS self-assessment, the legal framework governing accounting and auditing practices is largely contained in the Companies Act. The Companies Act is supplemented by the Securities and Futures Act and the Listing Rules of the Singapore stock exchange (SGX-ST). The ASC website explains that the monitoring and enforcement of accounting standards is performed by specific regulators, namely: the Accounting and Corporate Regulatory Authority (ACRA) for companies, the Commissioner of Charities, the Registrar of Co-operative Societies, and the Registrar of Societies. The ACRA was formed in 2004 by the enactment of the Accounting and Corporate Regulatory Authority Act following a merger between the Registry of Companies and Businesses and the Public Accountants Board. According to its 2005 self-assessment, the ACRA is responsible for the registration of public accountants, accounting corporations, and accounting firms, as well as the regulation of the auditing practice in Singapore.
    Listed companies in Singapore adhere to the Listing Rules of the SGX-ST. Noncompliance with accounting requirements can lead to reprimand, fine, suspension, and expulsion. As of December 2007, the SGX-ST had revised its listing rules "to improve market efficiency and promote accountability of listed companies" (p. 6), per the 2007 KPMG report on Financial Reporting Matters. The Monetary Authority of Singapore (MAS) (Singapore's central bank) administers prudential oversight over the banking, futures, and insurance industries. According to the 2005 self-assessment, financial institutions are subject to MAS notices and guidelines in addition to the accounting and auditing requirements. Further, the MAS has the power to review the financial statements of listed financial institutions to monitor compliance with accounting and disclosure requirements.


    The Principles

    IFRS 1: First-time Adoption of International Financial Reporting Standards (effective 2006)

    According to the text of FRS 101 First-time Adoption of International Financial Reporting Standards, this standard was issued by the CCDG in 2003 and became operative for financial statements for periods beginning on or after January 1, 2004. Per the 2005 KPMG report, at the time of the assessment FRS 101 was aligned with the international equivalent. Amendments to FRS 101 were made in July 2004, September 2004, March 2005, June 2005, August 2005, January 2006, and February and July 2007. In response to the ED published by the IASB on proposed amendments to IFRS 1, the ASC published an equivalent ED which incorporates the revisions made to IFRS 1. The comment period expires in February 2008.

    IFRS 2: Share-based Payment (effective 2005)

    According to the text of FRS 102 Share-based Payment, this standard was issued by the CCDG in 2004 and listed companies are required to apply the standard for annual periods beginning on or after January 1, 2005. Other entities incorporated or registered in Singapore are required to apply this standard for annual periods beginning on or after January 1, 2006, with early application encouraged. Amendments to this standard were made in January 2006. The only difference noted in the 2007 Deloitte publication was with regard to an application date and, as explained in the report, " the cut-off grant date for retrospective treatment of equity-settled share-based payment is November 7, 2002 under IFRS 2 and November 22, 2002 under FRS 102" (p. 17).

    IFRS 3: Business Combinations (effective 2004)

    According to the text of FRS 103 Business Combinations, this standard was issued by the CCDG in 2004 and superseded FRS 22 Business Combinations issued in January 2003. FRS 103 is applicable for periods beginning on or after July 1, 2004. At the time of the assessment, the only difference noted in the 2005 KPMG report was with regard to the effective date. As explained in the report, "IFRS 3 is applicable for accounting to business combinations for which agreement date is on or after March 31, 2004" (p. A-5). Per the text of FRS 103, amendments were made in September 2004 and January 2006.

    IFRS 4: Insurance Contracts (effective 2006)

    According to the text of FRS 104 Insurance Contracts, this standard was issued by the CCDG in 2004 and became operative for financial statements covering periods beginning on or after January 1, 2005. It was later revised in January 2006. The 2005 KPMG and the subsequent 2007 Deloitte report do not make note of any differences between FRS 104 and the equivalent international standard.

    IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (effective 2005)

    According to the text of FRS 105 Non-current Assets Held for Sale and Discontinued Operations, this standard was issued by the CCDG in 2004 and became operative for financial statements covering periods beginning on or after January 1, 2005. Amendments were made in February 2007. The 2005 KPMG and the subsequent 2007 Deloitte report do not make note of any differences between FRS 105 and the equivalent international standard.

    IFRS 6: Exploration for and Evaluation of Mineral Resources (effective 2006)

    According to the text of FRS 106 Exploration for and Evaluation of Mineral Assets, this standard was issued by the CCDG in 2005 and became operative for financial statements covering periods beginning on or after January 1, 2006. Amendments were made in February 2007. The sources of assessment do not provide any information on whether or not this standard has been aligned with the international requirements.

    IFRS 7: Financial Instruments: Disclosures (effective 2007)

    According to the text of FRS 107 Financial Instruments: Disclosures, this standard "applies to companies incorporated or foreign companies registered under the Companies Act, that have been admitted to the official list of a securities exchange in Singapore and have not been removed from that official list, for annual periods beginning on or after January 1, 2007" (cover page). Other entities incorporated or registered in Singapore will apply this standard beginning on or after January 1, 2008, with early application encouraged. The only difference noted in the 2007 Deloitte publication is with regard to the application dates.

    IAS 1: Presentation of Financial Statements (effective 2007)

    According to the text of FRS 1 Presentation of Financial Statements, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 2000. The 2003 FRS 1 was superseded by a revised FRS 1 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report did not make not of any differences between FRS 1 and the international equivalent. Amendments to FRS 1 were made in September 2004, June 2005, January 2006, and July 2007. The 2007 Deloitte report noted that a revised version of IAS 1 was issued in September 2007 which will become effective beginning on or after January 1, 2009, with early adoption encouraged.

    IAS 2: Inventories (effective 2005)

    According to the text of FRS 2 Inventories, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after July 1, 1997. The 2003 FRS 3 was superseded by a revised FRS 3 in July 2004 effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 2 and the equivalent international standard.

    IAS 7: Cash Flow Statements (effective 1994)

    According to the text of FRS 7, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1995. Further, amendments were made in July 2004, February 2007, and July 2007. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 7 and the equivalent international standard.

    IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 2005)

    According to the text of FRS 8, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after July 1, 2000. The 2003 FRS 8 was superseded by a revised FRS 8 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. Amendments were made in September 2004. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 8 and the equivalent international standard.

    IAS 10: Events after the Reporting Period (effective 2005)

    According to the text of FRS 10 Events After the Balance Sheet Date, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 10 was superseded by a revised FRS 10 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. Amendments were made in September 2004 and January 2006. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 10 and the equivalent international standard.

    IAS 11: Construction Contracts (effective 1995)

    According to the text of FRS 11 Construction Contracts, this standard was issued by the CCDG in January 2003 effective for financial statements covering periods beginning on or after January 1, 1995. Amendments were made in July 2004 and July 2007. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 11 and the equivalent international standard.

    IAS 12: Income Taxes (effective 2001)

    According to the text of FRS 11 Construction Contracts, this standard was issued by the CCDG in January 2003 effective for financial statements covering periods beginning on or after January 1, 1995. Amendments were made in July 2004 and July 2007. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 11 and the equivalent international standard.

    IAS 14: Segment Reporting (effective 1998)

    According to the text of FRS 14 Segment Reporting, this standard was issued by the CCDG in January 2003, effective for financial statements covering periods beginning on or after January 1, 2000. At the time of the assessment, the 2005 KPMG comparison did not make note of any differences between FRS 14 and the equivalent international standard. Amendments were made in July 2004, September 2004, and January 2006. According to the 2007 Deloitte publication, "a new standard FRS 108 Operating Segments has been issued and will take effect in 2009. FRS 108 will replace the existing FRS 14 Segment Reporting, and will affect the way Singapore listed companies define their reporting segments currently. Several new disclosure requirements are also introduced in FRS 108" (p. 2).

    IAS 16: Property, Plant and Equipment (effective 2005)

    According to the text of FRS 16 Property, Plant and Equipment, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 1997. The 2003 FRS 16 was superseded by a revised FRS 16 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report noted that the Singaporean standard had not been aligned with the international equivalent. Amendments were made in September 2004, August 2005, and July 2007. However, differences still exist, and the 2007 Deloitte publication observed that "FRS 16 exempts regular revaluation for assets on which any one-off revaluation is performed between January 1, 1984 and December 31, 1996 (inclusive) or for assets that have been revalued prior to January 1, 1984, whereas IAS 16 does not give such an exemption" (p. 17).

    IAS 17: Leases (effective 2005)

    According to the text of FRS 17 Leases, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 2000. The 2003 FRS 17 was superseded by a revised FRS 17 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report noted that the Singaporean standard had not been aligned with the international equivalent. Amendments were made in September 2004 and January 2006. However, differences still exist, and the 2007 Deloitte publication observed that "FRS 17 removes the words in paragraphs 14 and 15 of IAS 17, which indicates that land normally has an indefinite economic life and, if title is not expected to pass to the leases by the end of the lease term, the lessee does not receive substantially all of the risks and rewards incident to ownership" (p. 17).

    IAS 18: Revenue (effective 1995)

    According to the text of FRS 18 Revenue, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 1997. Amendments were made in July and September 2004. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 18 and the equivalent international standard.

    IAS 19: Employee Benefits (effective 2006)

    According to the text of FRS 19 Employee Benefits, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. This standard was revised in June 2005 and amendments were made in January 2006 and February 2007. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 19 and the equivalent international standard.

    IAS 20: Accounting for Government Grants and Disclosure of Government Assistance (effective 1984)

    According to the text of FRS 20 Accounting for Government Grants and Disclosure of Government Assistance, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1985. Amendments were made in July 2004. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 20 and the equivalent international standard.

    IAS 21: The Effects of Changes in Foreign Exchange Rates (effective 2005)

    According to the text of FRS 21 Effects of Changes in Foreign Exchange Rates, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1997. The 2003 FRS 21 was superseded by a revised FRS 21 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. A second revision was made in 2006. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 21 and the equivalent international standard.

    IAS 23: Borrowing Costs (effective 1995)

    According to the text of FRS 23 Borrowing Costs, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1997. The 2003 FRS 21 was superseded by a revised FRS 21 in July 2007, effective January 1, 2009, and early application is permitted. The 2007 Deloitte publication noted that "FRS 23 Borrowing Costs is revised to eliminate the option of expensing borrowing costs directly attributable to qualifying assets. FRS 108 and the revised FRS 23 are adopted from the equivalent IFRS, which were developed as part of the IASB's efforts to converge with US GAAP in the accounting areas concerned" (p. 2).

    IAS 24: Related Party Disclosures (effective 2005)

    According to the text of FRS 24 Related Party Disclosures, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1987. The 2003 FRS 24 was superseded by a revised FRS 24 in July 2004, effective for periods beginning on or after January 1, 2005. Amendments were made in June 2005. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 24 and the equivalent international standard.

    IAS 26: Accounting and Reporting by Retirement Benefit Plans (effective 1998)

    According to the text of FRS 26 Accounting and Reporting by Retirement Benefit Plans, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1988. Amendments were made in July 2004. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 26 and the equivalent international standard.

    IAS 27: Consolidated and Separate Financial Statements (effective 2005)

    According to the text of FRS 27 Consolidated and Separate Financial Statements, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1990. The 2003 FRS 27 was superseded by a revised FRS 27 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004 and February 2007. The 2007 Deloitte publication observed that "the revised FRS 27 exempts a parent from presenting consolidated financial statements if its holding company produces consolidated financial statements available for public use, whereas under the revised IAS, such an exemption applies only if the holding company produces consolidated financial statements available for public use that comply with IFRS" (p. 17). An ED for proposed amendments to FRS 27 has been issued by the ASC and the comment period expires in February 2008.

    IAS 28: Investments in Associates (effective 2005)

    According to the text of FRS 28 Investments in Associates, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1991. The 2003 FRS 28 was superseded by a revised FRS 28 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 28 had not been aligned with the international equivalent. The subsequent 2007 Deloitte report also observed some differences between FRS 28 and the equivalent international standard.

    IAS 29: Financial Reporting in Hyperinflationary Economies (effective 1990)

    According to the text of FRS 29 Financial Reporting in Hyperinflationary Economies, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after April 1, 2001. Amendments were made in July 2004. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 29 and the equivalent international standard.

    IAS 31: Interests in Joint Ventures (effective 2005)

    According to the text of FRS 31 Financial Reporting of Interests in Joint Ventures, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1995. The 2003 FRS 31 was superseded by a revised FRS 31 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 31 had not been aligned with the international equivalent. The 2007 Deloitte report also observed some differences between FRS 31 and the equivalent international standard.

    IAS 32: Financial Instruments: Disclosure and Presentation (effective 2005)

    According to the text of FRS 32 Financial Instruments: Presentation, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 32 was superseded by a revised FRS 32 in July 2004, effective for annual periods beginning on or after January 1, 2005. Amendments were made in September 2004 and January 2006. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 32 and the equivalent international standard.

    IAS 33: Earnings per Share (effective 2005)

    According to the text of FRS 33 Earnings per Share, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1999. The 2003 FRS 33 was superseded by a revised FRS 33 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004, January 2006, and February 2007. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 33 and the equivalent international standard.

    IAS 34: Interim Financial Reporting (effective 1999)

    According to the text of FRS 34 Interim Financial Reporting, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2001. Amendments were made in July 2004, September 2004, and February 2007. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 34 and the equivalent international standard.

    IAS 36: Impairment of Assets (effective 2004)

    According to the text of FRS 36 Impairment of Assets, FRS 36 issued by the CCDG in 2003 was superseded by a revised FRS 36 in 2004, effective for annual periods beginning on or after July 1, 2004. Amendments were made in September 2004 and February 2007. The revisions were made to improve the quality of the standard and also seek international convergence on the accounting for business combinations following the issuance of FRS 103. The 2005 KPMG comparison noted discrepancies with regard to the effective date. However, the 2007 Deloitte report does not make note of any differences between FRS 36 and the equivalent international standard.

    IAS 37: Provisions, Contingent Liabilities and Contingent Assets (effective 1999)

    According to the text of FRS 37 Provisions, Contingent Liabilities and Contingent Assets, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 37 was superseded by a revised FRS 37 in July 2004. Amendments were made in July 2004, September 2004, and January 2006. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 37 and the equivalent international standard.

    IAS 38: Intangible Assets (effective 2004)

    According to the text of FRS 38 Intangible Assets, the revised standard superseded FRS 38 issued the previous year and is applicable for annual periods beginning on or after July 1, 2004. Amendments were made in August 2005 and July 2007. At the time of the assessment, the 2005 KPMG report noted that FRS 38 had not been aligned with the equivalent international standard. However, the 2007 Deloitte report does not make note of any differences in FRS 38 and the equivalent international standard.

    IAS 39: Financial Instruments: Recognition and Measurement (effective 2006)

    According to the text of FRS 39 Financial Instruments: Recognition and Measurement, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 2005. A revised FRS 39 superseded the 2003 FRS 39 in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 39 had been aligned with the international equivalent. Amendments were made in June 2005 and January 2006 and an ED for proposed amendments to FRS 39 has also been issued by the ASC. The comment period expired in January 2008.

    IAS 40: Investment Property (effective 2005)

    According to the text of FRS 40, this standard is applicable for annual periods beginning on or after January 1, 2007, with early application encouraged. Other than discrepancies in effective date, the 2005 KPMG and the subsequent Deloitte report did not make note of any differences between FRS 40 and the international equivalent.

    IAS 41: Agriculture (effective 2003)

    According to the text of FRS 41 Agriculture, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2001. Amendments were made in July and September 2004. The 2005 KPMG comparison and the subsequent 2007 Deloitte report do not make note of any differences between FRS 41 and the equivalent international standard.

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    Sources of Assessment

    Accounting and Corporate Regulatory Authority, "Update on the Work of the Council on Corporate Disclosure and Governance," ACRA Legal Digest, No. 8, May 2005. Available from Accounting and Corporate Regulatory Authority website. Accessed on January 10, 2008. (ACRA 2005)

    Accounting and Corporate Regulatory Authority website. Accessed on January 10, 2008. (ACRA website)

    Accounting Standards Council website. Accessed on January 10, 2008. (ASC website)

    Deloitte & Touche Tohmatsu, "Changes to the Financial Reporting Framework in Singapore," October 2004. Available from Deloitte & Touche IAS Plus website. Accessed on January 10, 2008. (D&T 2004)

    Deloitte & Touche Tohmatsu, "Changes to the Financial Reporting Framework in Singapore," October 2007. Available from Deloitte & Touche IAS Plus website. Accessed on January 10, 2008. (D&T 2007)

    Deloitte & Touche Tomatsu IAS Plus website. Accessed on January 10, 2008. (Deloitte IAS Plus website)

    International Monetary Fund, "Singapore: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, Payment and Settlement Systems, Monetary and Financial Policy Transparency, and Anti-Money Laundering," Country Report No. 04/104, Washington, D.C.: April 2004. Available from International Monetary Fund website. Accessed on January 10, 2008. (IMF 2004)

    KPMG, "Financial Reporting Matters: Audit," No. 3, December 2004. Available from KPMG website. Accessed on January 10, 2008. (KPMG 2004)

    KPMG, "Financial Reporting Matters: Audit," No. 19, December 2007. Available from KPMG website. Accessed on January 10, 2008. (KPMG 2007)

    KPMG Singapore, "Singapore Illustrative Financial Statements 2005," 2005. Available from KPMG Singapore website. Accessed on January 10, 2008. (KPMG 2005)

    Relevant Organizations

    Accounting and Corporate Regulatory Authority (ACRA)

    Accounting Standards Council (ASC)

    Commissioner of Charities

    Institute of Certified Public Accountants of Singapore (ICPAS)

    Ministry of Finance (MoF)

    Monetary Authority of Singapore (MAS)

    Registrar of Cooperative Societies of the Ministry of Community Development

    Registrar of Societies of the Ministry of Home Affairs

    Singapore Stock Exchange (SGX-ST)



    Relevant Legislation/Regulation

    Accountants Act (Chapter 2), 2005 Revised Edition

    Accounting Standards Act (Chapter 2A), 2007 Revised Edition

    Financial Reporting Standards (FRSs)

    Exposure Drafts of the Financial Reporting Standards (ED FRSs)

    Securities and Futures Act (Chapter 289), 2006 Revised Edition

    Companies Act (Chapter 50), 2005 Revised Edition

    Accounting and Corporate Regulatory Authority Act (Chapter 2A), 2005 Revised Edition

    Companies (Accounting Standards) Regulations, 2003

    SGX Rules

    SGX Listing Manual



    Supplementary Sources

    Deloitte & Touche Tohmatsu, "The New Financial Reporting Framework in Singapore 2003," September 30, 2003. Available from Deloitte IAS Plus website. Accessed on January 10, 2008. (Deloitte & Touche 2003)

    Institute of Certified Public Accountants of Singapore, "Assessment of the Regulatory and Standard- Setting Framework," Self-assessment prepared as part of the International Federation of Accountants' (IFAC) Member Body Compliance Program, May 2005. Available from International Federation of Accountants website. Accessed on January 10, 2008. (ICPAS 2005)

    Institute of Certified Public Accountants of Singapore, "Response to the IFAC Part 2, SMO Self-Assessment Questionnaire," Self-assessment prepared as a part of the International Federation of Accountants' (IFAC) Member Body Compliance Program, September 2006. Available from International Federation of Accountants website. Accessed on January 10, 2008. (ICPAS 2006)

    International Federation of Accountants website. Accessed on January 10, 2008. (IFAC website)
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