{"id":52947,"date":"2020-09-16T13:25:05","date_gmt":"2020-09-16T05:25:05","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?p=52947"},"modified":"2020-09-16T13:25:05","modified_gmt":"2020-09-16T05:25:05","slug":"asc-issues-new-changes-to-annual-reporting-periods-in-singapore","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/accounting\/asc-issues-new-changes-to-annual-reporting-periods-in-singapore\/","title":{"rendered":"ASC Issues New Changes to Annual Reporting Periods in Singapore"},"content":{"rendered":"<h2>New Changes to Take Place From 1 January 2022<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-52948 alignright\" title=\"ASC Issues New Changes to Annual Reporting Periods in Singapore\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2020\/09\/photo-asc-issues-new-changes-to-annual-reporting-periods-in-singapore-400x300-1.jpg\" alt=\"ASC Issues New Changes to Annual Reporting Periods in Singapore\" width=\"400\" height=\"300\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2020\/09\/photo-asc-issues-new-changes-to-annual-reporting-periods-in-singapore-400x300-1.jpg 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2020\/09\/photo-asc-issues-new-changes-to-annual-reporting-periods-in-singapore-400x300-1-300x225.jpg 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/p>\n<p>The Accounting Standards Council (ASC) Singapore has issued new changes that will begin 1 January 2022. The changes are set to affect the annual reporting periods.<\/p>\n<p>The ASC issued <a title=\"Singapore Financial Reporting Standards (International) - Changes effective for annual periods beginning after 1 January 2020\" href=\"https:\/\/www.asc.gov.sg\/pronouncements\/singapore-financial-reporting-standards-international\/changes-effective-for-annual-periods-beginning-after-1-january-2020\" target=\"_blank\" rel=\"noopener noreferrer\">Annual Improvements to SFRS(I)s 2018-2020<\/a> and <a title=\"Financial Reporting Standards - Changes effective for annual reporting periods beginning after 1 January 2020\" href=\"https:\/\/www.asc.gov.sg\/pronouncements\/financial-reporting-standards\/changes-effective-for-annual-periods-beginning-after-1-january-2020\" target=\"_blank\" rel=\"noopener noreferrer\">Annual Improvements to FRSs 2018-2020<\/a>. The FRS refers to the <a title=\"Singapore Financial Reporting Standards\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/corporate-compliance-requirement\/singapore-financial-reporting-standards\/\">Financial Reporting Standards<\/a>. FRS guidelines are based on the International Financial Reporting Standards (IFRS Standards).<\/p>\n<p>&nbsp;<\/p>\n<h3>What Are the New Changes?<\/h3>\n<p>The new changes issued by the ASC are amendments and revisions to the current FRS up to 31 December 2020. The changes will be applicable to annual reporting periods that commence after 1 January 2020.<\/p>\n<p>The changes are set to affect the following categories:<\/p>\n<ul>\n<li>Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture<\/li>\n<li>Effective Date of Amendments to FRS 110 and FRS 28<\/li>\n<li>Insurance Contracts<\/li>\n<li>Amendment to FRS 116: COVID-19-Related Rent Concessions<\/li>\n<li>Amendments to FRS 1: Classification of Liabilities as Current or Non-current<\/li>\n<li>Amendment to FRS 1: Classification of Liabilities as Current or Non-current\u2014Deferral of Effective Date<\/li>\n<li>Amendments to FRS 103: Reference to the Conceptual Framework<\/li>\n<li>Amendments to FRS 16: Property, Plant and Equipment\u2014Proceeds before Intended Use<\/li>\n<li>Amendments to FRS 37: Onerous Contracts\u2014Cost of Fulfilling a Contract<\/li>\n<li>Annual Improvements to FRSs 2018-2020<\/li>\n<\/ul>\n<p>The following changes will take place for the international Singapore Financial Reporting Standards (SFRS):<\/p>\n<ul>\n<li>Amendments to SFRS(I) 10 and SFRS(I) 1-28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture<\/li>\n<li>Insurance Contracts<\/li>\n<li>Amendment to SFRS(I) 16: COVID-19-Related Rent Concessions<\/li>\n<li>Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current<\/li>\n<li>Amendment to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current\u2014Deferral of Effective Date<\/li>\n<li>Amendments to SFRS(I) 3: Reference to the Conceptual Framework<\/li>\n<li>Amendments to SFRS(I) 1-16: Property, Plant and Equipment\u2014Proceeds before Intended Use<\/li>\n<li>Amendments to SFRS(I) 1-37: Onerous Contracts\u2014Cost of Fulfilling a Contract<\/li>\n<li>Annual Improvements to SFRS(I)s 2018-2020<\/li>\n<\/ul>\n<p>More information about the changes is available on the ASC\u2019s website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Changes to Take Place From 1 January 2022 The Accounting Standards Council (ASC) Singapore has issued new changes that will begin 1 January 2022. The changes are set to affect the annual reporting periods. The ASC issued Annual Improvements to SFRS(I)s 2018-2020 and Annual Improvements to FRSs 2018-2020. The FRS refers to the Financial&hellip;<\/p>\n","protected":false},"author":57,"featured_media":52948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66],"tags":[],"class_list":["post-52947","post","type-post","status-publish","format-standard","has-post-thumbnail","category-accounting","category-66","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/52947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=52947"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/52947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/52948"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=52947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=52947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=52947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}