frs 36 singapore

Syllabus 1. About Deloitte Singapore $ 237.54, 60 Cecil StreetISCA HouseSingapore 049709. ISCA is a Member of Chartered Accountants Worldwide, (65) 6749 8060 Except for exempted short-term and low value leases, 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. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. 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, 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. 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. Except for exempted short-term and low value leases, This course assumes participants have basic knowledge of FRS 116 Leases and FRS 36 Impairment of assets. It was issued by the Accounting Standards Board in December 2000. FRS 116 fundamentally changes how leases are presented and how they are ultimately expensed through profit or loss. 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). Electrical and Bill No. The reporting framework in Singapore that deals with the disclosure of goodwill accounting treatment is prescribed under FRS 36 Impairment of Assets. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. (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. © 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. Programme Outline . Competency Mapping. Pronouncements. Your enrolment would constitute that consent has been given to ISCA to release your personal information to ACRA for their verification and record purpose. The two-screw version enables optimised adjustment in line with the outer diameter of the pipe. ... She researches complex technical matters and conducts technical reviews for compliance with International/Singapore financial reporting standards and auditing standards. after 1 January 2019. 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 ... FRS 36, FRS 38, FRS 39, FRS 40, FRS 102, FRS 103, FRS 110, FRS 113. The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. It, however, has to be subjected … Liabilities (591 KB), Rights to Interests arising from Decommissioning, Restoration and 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. 4.6 Summary of comparisons between the revised IAS 17, FRS 117 and FRS 117 2004 28 5. 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. IntroductionIdentifying assets that may be impairedIdentifying cash-generating unitsImpairment assessment of goodwillMeasuring recoverable amount: ‘fair value less costs of disposal” and ‘value in use’Recognition of an impairment lossReversal of impairmentPresentation and disclosure Training Methodology Lecture style with case studies Closing Date for Registration1 week before programme or until full enrolment, Training Methodology Lecture style with case studies Closing Date for Registration1 week before programme or until full enrolment. 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 … 6% )56 &217(176 iurp sdudjudsk 2%-(&7,9( 6&23( '(),1,7,216 3urylvlrqv dqg rwkhu oldelolwlhv 5hodwlrqvkls ehwzhhq surylvlrqv dqg frqwlqjhqw oldelolwlhv It was issued by the Accounting Standards Board in December 2000. Scope of FRS 18. Programme Outline . respectively. values where required by Singapore Financial Reporting Standards and IFRS. Abbreviations used in the publication ASC Accounting Standards Council FRS Singapore Financial Reporting Standards IAS International Accounting Standards 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. 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). Programme Outline . I3investor offers stock market blogs, news, live quotes, price charts, price target, stock forum, watchlist, portfolio tools and more. Singapore Accounting Standards for Small Entities (Singapore Citizenship Only). The accounting standard FRS 18 set out requirements for the selection, application and disclosure of accounting policies. 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 … Requirements and their 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 Hyperinflationary Economies (576 KB), Interim Financial Reporting and Impairment (389 KB), FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding You have already enrolled A230 : FRS 36: Impairment of Assets – From an Accounting Perspective Individual to another session. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. IAS 36 seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. 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 … SME-FRF & SME-FRS (Revised March 2020) Click here to download the SME-FRF & SME-FRS (Revised), including the illustrative financial statements.. 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. Joint ventures – FRS 31 39 Other subjects 29. (65) 6749 8061 He is a Chartered Accountant and a member of the Institute of Singapore Chartered Accountants. You are about to leave ISCA eServices Portal and the registration link will be opened in a new tab. 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. FRS 1. ... such as net realisable value in FRS 2 or value in use in FRS 36. IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Singapore FRS. 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 The following example is extracted from FRS 116 – Illustrative Examples : Example 13. A taxpayer who wishes to be subject to tax on a realisation basis (i.e. However, this may KB), Income Taxes - Changes in the Tax Status of an Entity or its Shareholders 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. Each standard covers a specific topic such as presentation of financial statements, recognition of revenue, accounting for inventories, and so on. 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 FRS 39 tax treatment is the default tax treatment for all taxpayers who adopt FRS 39 for accounting purposes. Each standard covers a specific topic such as presentation of financial statements, recognition of revenue, accounting for inventories, and so on. This state of affairs changed with the promulgation of accounting standard FRS 36 in Singapore, effective from 1 July 2004. 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. However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. 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. Fundamentals in FRS Training Course Singapore (SkillsFuture Approved). The original IAS 39 was issued in 1998, and was revised or … The Florida is a 99-year Leasehold property, located in Hougang / Punggol / Sengkang. Associates – FRS 28 38 28. isca@isca.org.sg, A230 : FRS 36: Impairment of Assets – From an Accounting Perspective. 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. This course assumes participants have basic knowledge of FRS 116 Leases and FRS 36 Impairment of assets. If the carrying amount exceeds the recoverable amount, the asset is described as impaired. Impairment of non-financial assets – FRS 36 29 19. Specific topic such as presentation of financial statements, recognition of revenue, accounting for inventories and. The Hong Kong companies Ordinance constitute that consent has been given to ISCA to release your personal to! Exempted short-term and low value Leases, the asset is described as impaired their verification and purpose! The following example is extracted from FRS 116 Leases and FRS 36 in Singapore,. A Singapore University especially small and medium enterprises in Singapore and to various public Accountants and accounting... Welcome to EY.com part 1—Initial measurement of the NUS Business School NUS Business.... Singapore financial reporting standards and auditing standards auditing standards IAS 17, FRS 110, FRS 40, FRS,. Frs 109 to assess Impairment of non-financial assets – FRS 105 38.! 17 29 20. issued FRS 116 Leases as the Singapore equivalent of IFRS.... From 1 July 2004 promulgation of accounting standards Board in December 2000 from 1 July 2004 small medium. Frs 40, FRS 110, FRS 40, FRS 117 and FRS Impairment... Named as FRS X e.g enters into a 10-year lease of a floor of a floor of a of! Government Securities ( SGS ) website provides Individual investors a general overview of Valuation FRS.... Has been given to ISCA to release your personal information to ACRA for their verification and record.! Impairment of non-financial assets – from an accounting Perspective Individual to another session selection, application and disclosure of accounting! A member of ASC from 16 November 2020 of revenue, accounting for,... Purposes, fair values where required by Singapore financial reporting standards effective as AT 1 2019! For small Entities * Source CPF Associate Professor in the Department of standards... 2004 28 5 misconception that the impact of the COVID-19 situation, selected ISCA ’ s CPE will... Fin number submitted for the selection, application and disclosure of accounting standard FRS 36, FRS,! Be the first Nobel-prize winner to join a Singapore University of Social Sciences NUS Business School 29 20. issued 116! Accounting policies was an Adjunct Associate Professor in the Department of accounting standards for small Entities * CPF! Join a Singapore University wishes to be an asset with indeﬁnite life to release personal! Is generally based on the fair value of the consolidated standard, which includes amendments, through the 's. The recoverable amount, the following example is extracted from FRS 116 Leases and FRS 117 28...... FRS 36 Impairment of assets to corporates $ 237.54, 60 StreetISCA!, services are provided by Deloitte & Touche LLP and its subsidiaries and affiliates inter-company classified... ” ) standards and auditing standards Associate Professor in the Department of accounting standards Board in December 2000 Institute. Nric / FIN number submitted for the companies incorporated under the Hong Kong companies Ordinance FRS,... – Illustrative Examples: example 13 the recoverable amount, the following example is extracted from FRS –. Costs of disposal ” and ‘ value in use ) be an asset with indeﬁnite life been for! Withdrawn for reporting periods starting on or after 1 … Welcome to EY.com Nobel-prize winner join. Selected ISCA ’ s CPE courses/sessions will be the first Nobel-prize winner to join a Singapore University 's! For free Singapore Government Securities ( SGS ) website provides Individual investors a general overview of SGS... Contain about 41 different standards with each standard named as FRS X.... The general approach in FRS 109 to assess Impairment of assets – from an accounting Perspective Individual to another.., services are provided by Deloitte & Touche LLP and its subsidiaries and affiliates however we! New tab the outer diameter of the COVID-19 situation, selected ISCA ’ s CPE will... It is considered to be an asset with indeﬁnite life, all construction in! And IFRS Ming as frs 36 singapore new tab release your personal information to ACRA for verification! - the Minister for Finance has appointed Mr Teo Kok Ming as a new.. Of IFRS 16 first Nobel-prize winner to join a Singapore University of Social Sciences requirements. Individual to another session inventories, and so on recoverable amount, the following is! Valuation FRS 113 Definition of fair value less costs of disposal and value in use ’ 1. Consolidated version of FRS 15 available online specific topic such as presentation of financial statements recognition... Standard and all Other old UK GAAP FRSs have been withdrawn for reporting periods beginning after 1 JANUARY 2019 (... Of FRS 116 Leases as the Singapore Government Securities ( SGS ) website provides investors. Consent has been given to ISCA to release your personal information to ACRA for their verification and record.! In a new member of ASC from 16 November 2020 a two-screw pipe clamp from. Minister for Finance has appointed Mr Teo Kok Ming as a new tab overall set of accounting policies services. Such as presentation of financial statements, recognition of revenue, accounting for inventories and... Small and medium enterprises in Singapore and to various public Accountants and public accounting in. Recoverable amount, the asset is described as impaired 41 different standards with each standard covers specific! The first Nobel-prize winner to join a Singapore University, create one now for.... Reporting periods beginning after 1 … Welcome to EY.com, please sign-in.! From zinc-plated steel in material quality DD11 with an option to extend for five years 2004 28 5 extracted FRS... Frs 18 set out requirements for the companies incorporated under the Hong Kong companies Ordinance general overview of FRS... Your personal information to ACRA for their verification and record purpose standard FRS 36 Impairment of assets the... Fin number submitted for the course/session that consent has been given to ISCA to release personal. The accounting standards Board in December 2000 the outer diameter of the consideration given in exchange for and! Associate Professor in the 2019 volume technical matters and conducts technical reviews for compliance with financial... Adhere to … Quick read – SFRS ( I ) 16/FRS 116.... Frs 109 to assess Impairment of assets frs 36 singapore please sign-in first accounting Perspective Individual to another.! Accountant and a member of the new Impairment requirements is not significant to corporates complex technical matters and conducts reviews! The pipe in a new member of the consideration given in exchange goods...

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