As a response to the COVID-19 global pandemic, the Singapore government has implemented measures through various to help businesses with their cash flows and help the Singapore economy recover. This article discusses key considerations to determine the appropriate accounting treatment for the various schemes announced by the Government.
If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.
The COVID-19 pandemic is requiring those responsible for the preparation of financial statements to reconsider whether assumptions and assessments previously made are still valid and appropriate which in turn is creating an additional burden on entities all over the world. In particular, IFRS 16 has become an area of focus for entities and the International Accounting Standards Board (IASB). The IASB has therefore added a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. We explain the current accounting requirements, the practical expedient and how to apply it.
This article covers the recent amendments to FRS 116 to provide practical expedients for lessees to account for rent concessions during the COVID-19 pandemic and certain GST related matters.
Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting. Our publication, Navigating the Changes to International Reporting Standards, is designed to give Chief Financial Officers a high-level awareness of these recent changes to IFRS.
IFRS Alert - IASB proposes major changes to the primary statements and notes
The publication is designed to give Chief Financial Officers a high-level awareness of recent changes that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones, giving brief descriptions of each.
This is the second in a series of publications designed to get you ready for FRS 109. In this issue, we bring you up to speed with the Standard’s new expected credit loss impairment model.
Are you prepared for IFRS 16? Do you understand the discount rate? Find out more
Our Industry Insights series summarises FRS 115 and explores what it means for various industries. This issue looks at the real estate and construction industries and talks you through the implications of the new revenue standard.
FRS 109 introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.
The Accounting Standards Council Singapore issued Financial Reporting Standards FRS 115, Revenue from Contracts with Customers and aligns the adoption of revenue recognition standards in Singapore to the global adoption of new revenue recognition standards under IFRS and US GAAP.
Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance.
Our publication, ‘Navigating the Changes to International Reporting Standards’, is designed to give Chief Financial Officers a high-level awareness of these recent changes to IFRS.
After twenty years of development the IASB published IFRS 17 ‘Insurance Contracts’. This new Standard replaces IFRS 4 which was published in 2004.
Both IAS 1 ‘Presentation of Financial Statements’ and IAS 10 ‘Events after the Reporting Period’ suggest that a departure from the going concern basis is required when specified circumstances exist. Neither Standard however provides any details of an alternative basis of preparation and how it may differ from the going concern basis.