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FR Local News
Issuance of FRB 12 (Revised October 2025)
03 Oct 2025
As announced in Singapore Budget 2024, Singapore published the Multinational Enterprise (Minimum Tax) Act (MMT Act) to implement new corporate taxes under Pillar Two of BEPS 2.0 initiative ("Pillar Two legislation").
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FR Local News, SR News
Extended Timelines for Most Climate Reporting Requirements to Support Companies
29 Aug 2025
The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) have extended the implementation timelines for climate reporting (including external assurance) to support listed companies and large non-listed companies (Large NLCos) in developing their reporting capabilities.
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FR Local News
ASC issues amended FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures and third edition of the SFRS for Small Entities
18 Aug 2025
ASC has issued (i) amendments to Financial Reporting Standard (FRS) 119 Subsidiaries and Small Entities without Public Accountability: Disclosures, effective for annual reporting periods beginning on or after 1 January 2027 and (ii) third edition of the Singapore Financial Reporting Standard (SFRS) for Small Entities, effective for annual reporting periods beginning on or after 1 January 2027.
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FR Local News
ASC has withdrawn Practice Statement 1 Management Commentary from FRS with effect from 24 June 2025
25 Jun 2025
Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity's financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.
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FR Local News
ISCA Invites Comments on IASB’s Request for Information on Post-implementation Review of IFRS 16
23 Jun 2025
IASB has issued a request for information (RFI) to obtain comments from stakeholders. The aim is to determine whether the requirements in IFRS 16 Leases provide useful information to users of financial statements, and whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are as intended when the new requirements were developed. ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 3 September 2025 (Wednesday).
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FR Local News
ISCA Issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore
12 Jun 2025
ISCA issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore to support entities in understanding the accounting implications arising from the MMT Act in Singapore.
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FR Local News
Key accounting reminders on U.S. tariffs
18 Apr 2025
The recent introduction of baseline and additional reciprocal tariffs by the US has raised concerns about potential shifts in the global trade landscape. These changes bring implications that could significantly impact businesses and their operations.
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FR Local News
ACRA Publishes Financial Reporting Surveillance Programme (FRSP) Report and Directors' Guide
18 Mar 2025
ACRA has published the latest Financial Reporting Surveillance Programme (FRSP) report. Accompanying this report is a Directors' Guide (a FAQs document) to address questions about directors' roles and responsibilities regarding true and fair financial statements under the Companies Act.
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FR Local News
ISCA Issues FRG 5 Accounting For Refundable Investment Credit (RIC)
14 Mar 2025
ISCA Issues Financial Reporting Guidance (FRG) 5 Accounting For Refundable Investment Credit (RIC).
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FR Local News
ISCA Comments on IASB's ED Provisions - Targeted Improvements (Proposed Amendments to IAS 37)
11 Mar 2025
To address stakeholders' feedback on challenges in applying certain aspects of IAS 37, the ED proposes targeted improvements to the following areas: • Present obligation recognition criterion • Costs to include in measuring a provision • Rate used to 'discount' a provision
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