What is statutory board financial reporting standard?

What is statutory board financial reporting standard?

The ‘Statutory Board Financial Reporting Standards’ (SB-FRS) are issued by the Accountant-General and are required to be complied by all Statutory Boards in Singapore. SB-FRS is set by reference to Singapore Financial Reporting Standards (SFRS) issues by The Accounting Standards Council (ASC).

What accounting standards are used in Singapore?

In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the IFRS. All companies with financial period starting on or after 1 January 2003 have to comply with SFRS. Accrual-based accounting is one of the main principals of Singapore accounting standards.

What is FRS 20?

FRS 20 specifies the accounting treatment to be adopted (including the disclosures to be provided) by entities making share-based payments. In particular, it requires entities to recognise an expense, measured at fair value, in respect of the share-based payments they make.

What are the four accounting standards?

Applicability of Accounting standards

Accounting Standard Level I Level III
AS 1 Disclosure of Accounting Principles Yes Yes
AS 2 Valuation of Inventories Yes Yes
AS 3 Cash Flow Statements Yes No
AS 4 Contingencies and Events Occurring After the Balance Sheet Date Yes Yes

What is a statutory board Singapore?

The Statutory boards of the Government of Singapore are organisations that have been given autonomy to perform an operational function by legal statutes passed as Acts in parliament. The statutes define the purpose, rights and powers of the authority. They usually report to one specific ministry.

Who sets accounting standards in Singapore?

ASC issues Singapore Financial Reporting Standards (International). ASC issues SFRS(I) 17 Insurance Contracts and FRS 117 Insurance Contracts. ASC invites public comment on various exposure drafts. ‘You get heard if you participate’ – ACCA’s interview with ASC Deputy Chairman.

Is Singapore FRS same as IFRS?

All Singapore-incorporated companies listed on the Singapore Exchange are required to apply a new Singapore financial reporting framework that is identical to the IFRS for annual periods beginning on or after 1 January 2018.

What are the three types of share-based payments?

Share-based payment transactions are of 3 types – equity-settled, cash-settled, and optionally-settled. A transaction is equity-settled where the entity receives goods/services that are settled by issuing equity instruments (that is, shares or share options).

How do I record a government grant in Singapore?

Government grants are booked in profit or loss on a systematic basis over the periods in which the entity recognises related expenses. This may require setting up the grant as deferred income or deducting it from asset amount.