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FRB 3 (Revised), issued on 30 October 2020, was issued to assist members in understanding and applying the amendments to IAS 1 (issued by IASB in January 2020) to certain common scenarios in Singapore such as “long-term loans with callable clauses” and “term loans with rollover facilities”.
FRB 3 (Revised) has been updated from FRB 3 (issued on 15 April 2020) to incorporate the following amendments to SFRS(I) 1-1 which resulted from ASC adopting the equivalent amendments to IAS 1:
- Amendments to SFRS(I) 1-1, effective for annual reporting periods beginning on or after 1 January 2022, as announced by the ASC on 29 May 2020, and
- Deferment of the effective date of the amendments to SFRS(I) 1-1 by one year (that is, to annual reporting periods beginning on or after 1 January 2023) as announced by the ASC on 23 July 2020.
There is no change to the views and guidance from those shared in FRB 3 as a result of the above.
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