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changes to singapore accounting standards

changes to singapore accounting standards

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Published by isaac2008
The Institute of Certified Public Accountants of Singapore (ICPAS) has almost completed the process of
aligning the Singapore Statements of Accounting Standards (SAS) with the International Accounting
Standards (IAS). This coincides with the recommendation by the Disclosure and Accounting Standards
Committee (DASC) that Singapore adopt IAS and the Minister of Finance’s decision to accept their
recommendation. Just as the IAS are being renamed the International Financial Reporting Standards or
IFRS, Singapore accounting standards are likely to be known as Financial Reporting Standards (Singapore)
or FRS (S).
The Institute of Certified Public Accountants of Singapore (ICPAS) has almost completed the process of
aligning the Singapore Statements of Accounting Standards (SAS) with the International Accounting
Standards (IAS). This coincides with the recommendation by the Disclosure and Accounting Standards
Committee (DASC) that Singapore adopt IAS and the Minister of Finance’s decision to accept their
recommendation. Just as the IAS are being renamed the International Financial Reporting Standards or
IFRS, Singapore accounting standards are likely to be known as Financial Reporting Standards (Singapore)
or FRS (S).

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Published by: isaac2008 on Apr 23, 2008
Copyright:Attribution Non-commercial

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03/21/2013

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Changes
ToSingapore
Accounting
Standards
2002
Edition
ACRONYMS
CCDG
\u2013 Committee on Corporate Disclosure and Governance
DASC
\u2013 Disclosure and Accounting Standards Committee
ED
\u2013 Exposure Draft
FASB
\u2013 US Financial Accounting Standards Board
IAS
\u2013 International Accounting Standards
IASB
\u2013 International Accounting Standards Board
ICPAS
\u2013 Institute of Certified Public Accountants of Singapore
IFRS
\u2013 International Financial Reporting Standard
IGC
\u2013 Implementation Guidance Committee of the IASB
INT
\u2013 Interpretation of a Singapore Statement of Accounting Standard
IRAS
\u2013 Inland Revenue Authority of Singapore
MAS
\u2013 Monetary Authority of Singapore
SAS
\u2013 Singapore Statements of Accounting Standard
SGX
\u2013 Singapore Exchange
SIC
\u2013 Interpretation of the Standing Interpretations Committee of the IASB
US GAAP \u2013 United States Generally Accepted Accounting Principles
3rd Edition
Contents of publication current as of November 30, 2002.

The information in this brochure was prepared by the Technical Department of Deloitte & Touche in Singapore for the use of clients and staff and is written in general terms. It is intended only as a guide. Accordingly, we recommend that readers seek appropriate professional advice regarding the application of its contents to your specific situation and circumstances. This brochure should not be relied on as a substitute for such professional advice. All offices of Deloitte Touche Tohmatsu would be pleased to advise you.

While all reasonable care has been taken in the preparation of this brochure, neither Deloitte Touche Tohmatsu nor any of its offices accept responsibility for any errors it might contain, whether caused by negligence or otherwise, or for any loss, howsoever caused, incurred by any person as a result of relying on it.

Our Mission:
To Help Our Clients and Our People Excel.
Page
TABLE OF MAIN CHANGES TO SINGAPORE ACCOUNTING
STANDARDS AND INTERPRETATIONS
1
EXECUTIVE SUMMARY
3
SUMMARIES OF NEW ACCOUNTING STANDARDS AND
EXPOSURE DRAFTS:
5
SAS 1
Presentation of Financial Statements
5
SAS 11
Construction Contracts
5
SAS 12
Income Tax
6
SAS 16
Revenue
11
SAS 17
Employee Benefits
11
SAS 20
The Effect of Changes in Foreign Exchange Rates
11
SAS 30
Interim Financial Reporting
11
SAS 37
Information Reflecting the Effects of Changing Prices
12
SAS 39
Agriculture
12
ED/SAS 40 Investment Property
13
ED/SAS 47 Proposed Improvements to Statements of Accounting Standards
13

ED/SAS 48 Proposed Amendments to SAS 32, Financial Instruments:
Disclosure and Presentation and SAS 33, Financial Instruments:
Recognition and Measurement

16
ED/FRS 1 First-time Application of SAS
24
ED/FRS 2 Share-based Payment
24
SIGNIFICANT IASB PROJECTS:
27
Business Combinations
27
Performance Reporting
28
DIFFERENCES BETWEEN SAS AND IAS
30
EFFECTIVE DATES AND TRANSITIONAL PROVISIONS
31
LIST OF SINGAPORE ACCOUNTING STANDARDS AND
INTERPRETATIONS:
33
Singapore Accounting Standards
33
Interpretations of Singapore Accounting Standards
35
TABLE OF CONTENTS

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