Singapore

Financial Reporting Matters 

KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.
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    2014
  • Issue 47 | June 2014 (PDF, 2.04MB)
    The Accounting and Corporate Regulatory Authority (ACRA) has stepped up efforts in reviewing financial statements to monitor compliance with the Companies Act and Singapore Financial Reporting Standards. Directors who are legally responsible for the preparation of financial statements are personally answerable to all breaches identified by ACRA under the Financial Reporting Surveillance Programme.

    What should directors do to effectively discharge their legal responsibilities under the Companies Act? What happens when directors fail to fulfil their responsibilities? We help answer these questions in this issue.

  • Issue 46 | March 2014 (PDF, 1.48MB)
    Integrated reporting, the new buzz word for corporate reporting. Who are the leaders and who needs to keep up? Are there good causes for change? In this issue, we help you answer these interesting questions.

    Achieving quality growth based on innovation and deeper capabilities; building a fair and equitable society: These were the focus points for the Singapore Budget 2014 that was delivered on 21 February 2014. We provide an overview of the measures introduced this year that aim to help businesses achieve quality growth and their accounting implications.

    The offsetting disclosure requirements in FRS 107 Financial Instruments: Disclosures are effective for the first time for 31 December 2013 year-end. In this issue, we provide you with practical insights to help you implement the new offsetting disclosure requirements.

    On the international front, the new accounting standard for financial instruments IFRS 9 is likely to be effective in 2018 and lease accounting is back on the drawing board.


  • 2013
  • Issue 45 | December 2013 (PDF, 1.62MB)
    It’s the year-end financial reporting season again. What do you need to consider when finalising the financial statements for 2013? Usually, the focus will be on estimates and disclosures. Read this issue to find out which estimates and financial statements disclosures might require closer attention.

    In addition, we provide you with an overview of changes in the areas of financial reporting standards, income taxes, and legal and regulatory issues in 2013. It is worth checking this list against your own circumstances to see if any of them require changes to your financial statements or any disclosures for the year end 2013.

    Also, many businesses will be entitled to the benefits under the Productivity and Innovation Credit Scheme. Have you included the benefits in your tax provision computation? Read this issue to find out the benefits you are entitled to and how you should account for your entitlement this year-end.

    Last but not least, we bring to you a roundup of the latest accounting developments on the international front.


  • Issue 44 | September 2013 (PDF, 1.15MB)
    A new standard on joint arrangements, FRS 111, comes into effect 1 January 2014. What key questions should you be asking as you prepare for the transition?

    In May 2013, the FASB and the IASB issued the controversial lease accounting proposal for a second round of public comments. The revised proposal is a watered-down version of the original issued in 2010 and contain concessions for property leases. How will the proposed changes impact tenants and landlords?

    The Wage Credit Scheme, announced during Singapore Budget 2013, is part of a three-year Transition Support Package within the Government’s Quality Growth Programme. What are the key features of the scheme and how do you estimate and report the amount of entitlement in your interim and annual financial statements?

    On the international front, various boards are seeking comments on standards including the IASB Conceptual Framework, the IAASB exposure draft on improving the auditor’s report, and the IASB and the FASB exposure draft on insurance contracts. Read the section on International developments to find out more.


  • Issue 43 | June 2013 (PDF, 654KB)
    In May 2013, the new proposal on the lease accounting standard made it to the front page of the Business Times. Despite being controversial, the IASB and FASB are again proposing to bring most leases on-balance sheet for lessees. This issue, we take a look at the proposals in depth and how this will affect you.

    The consolidation suite of standards, including FRS 110 Consolidation will be effective from 1 January 2014, with retrospective application required. This means that the time to get ready is now! What are the top five questions you should be asking yourself in preparing for the transition? We help you find out.

    On the corporate reporting front, Integrated Reporting is now fast becoming the new buzz word. Find out more in our article if you are looking to improve the quality of your narrative reporting as a basis for a better dialogue with your investors and stakeholders.


  • Issue 42 | March 2013 (PDF, 1.4MB)
    A new year, a new set of financial reporting considerations.

    In 2013, one of the most significant changes to accounting standards is FRS 113 Fair Value Measurement coming into effect. In this issue, we highlight the top 10 questions that you should be considering in the transition to the new standard.

    A Better Singapore: Quality Growth, An Inclusive Society. This was the focus for Singapore Budget 2013 that was delivered on 25 February 2013. We provide an overview of the measures introduced this year for businesses and their accounting implications. We also take an in-depth look at the Integrated Investment Allowance scheme that was introduced in Budget 2012.

    In December 2012, we informed you that the review of Singapore Companies Act was completed. As promised, in this issue, we looked at how the re-write of the Act would affect you.


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XBRL Financial Reporting

XBRL Financial Reporting
Singapore's Accounting and Corporate Regulatory Authority has announced changes to the filing requirements for Singapore incorporated companies effective 2 December 2013.

Find out more about how XBRL could affect your business.