IFRS

SFRS update for Q1 2021

This newsletter includes recent changes to Singapore Financial Reporting Standards (International) ('SFRS(I)') that were issued by the Accounting Standards Council Singapore ('ASC') in 2020.

The publication provides an overview of upcoming changes, explaining the relevant amendments together with effective dates, including:

  • Amendments to SFRS(I) 3 Business Combinations - Reference to the Conceptual Framework
  • Amendments to SFRS(I) 1-16 Property, Plant and Equipment – Proceeds Before Intended Use
  • Amendments to SFRS(I) 1-37: Onerous Contracts – Cost of Fulfilling a Contract
  • Annual Improvements
  • Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions
  • Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current
  • Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current – Deferral of Effective Date
  • Amendments to SFRS(I) 4 Insurance Contracts: Extension of the Temporary Exemption from Applying SFRS(I) 9