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Newsletter
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.
June 2010 (520 KB)
In this issue, we discuss the recently issued FRSs on related party disclosures and the accounting for rights issues and debt for equity swaps. We also summarise other key developments that have an impact on financial reporting and provide an update on the IASB’s activities arising from the global financial crisis.
March 2010 (560 KB)
In this issue, we highlight a few key changes that the IASB plans to make on some of the most fundamental accounting concepts, and how these are likely to affect current practice.
December 2009 (125 KB)
In this year-end issue, we provide an overview of changes in financial reporting standards for 2009 and introduce those changes that will become effective in 2010. We also highlight other key developments that have an impact on financial reporting and provide an update on the IASB’s activities arising from the global financial crisis.
September 2009 (168 KB)
In this issue, we discuss the revisions made to FRS 103 Business Combinations and FRS 27 Consolidated and Separate Financial Statements (2009) and the second annual Improvements to FRSs 2009. We also provide an update on IASB’s activities, and summarise its progress to address the accounting issues that surfaced as a result of the global financial crisis.
June 2009 (158 KB)
This issue, we provide an update on IASB’s activities and discuss two resulting amendments to financial reporting standards already adopted in Singapore.
We also highlight the recent changes to the SGX Listing Manual and to the financial statement announcements to be released via SGXNet. In addition, we look at the ASC’s decision to fully converge FRS with IFRS for Singapore-incorporated companies listed on the SGX by 2012. Lastly, we summarise the adoption of the revised International Standards on Auditing and how it impacts our work and our clients.
March 2009 (154 KB)
In this issue, we discuss some of the accounting issues to consider as entities prepare for their 31 March 2009 quarterly or year-end financial reporting. We also discuss the accounting for the reduction in corporate income tax rate and the Jobs Credit Scheme introduced in the recent Budget, INT FRS 117 on distributions of non-cash assets to owners, IFRIC 18 on transfers of assets from customers and ED 10 on consolidated financial statements.
January 2009 (146 KB)
In this special report on the credit crisis, we take the opportunity to address some of the key questions that may arise as board members review and approve the financial statements of their companies for the year ended 31 December 2008, such as what issues to look out for, how they have been dealt with and what has been disclosed to shareholders.
We have also summarised the key best practice guidelines of the AC discussed in the recent ACGC Guidebook in this publication and provided an update on fair value accounting.
December 2008 (211 KB)
In this year-end issue, we highlight the recent changes in financial reporting standards and other key developments that have an impact on financial reporting. These include fair value discussions during the IASB and FASB round-tables. Companies should start preparing for these changes immediately if they have not already done so. Developments in corporate governance, the filing of financial statements in XBRL, the proposed changes to the SGX Listing Manual and some international developments are also covered.
November 2008 (153 KB)
In this special report on the credit crisis, we take the opportunity to summarise the Common Principles to Guide Financial Market Reform agreed at the G20 Washington meeting and discuss the steps the IASB has taken to address the credit crisis and fair value accounting.
September 2008 (91 KB)
In this issue, we discuss the revisions to FRS 1 Presentation of Financial Statements and the amendments to the accounting for FRS 102 Share-based Payment. We also discuss international developments during the last four months: the IASB and IFRIC have issued three revised standards, two new interpretations, three exposure drafts and a discussion paper.
June 2008 (88 KB)
In this issue, we discuss the key features of the new XBRL filing requirements, focussing on the common implementation issues and suggested approaches. We also discuss the changes in wording to the statutory auditors’ report and INT FRS 113 Customer Loyalty Programmes, which is effective 1 July 2008, and summarise some
key developments that will have an impact on financial reporting.
March 2008 (86 KB)
In this issue, we focus on the implementation issues for FRS 108 Operating Segments and FRS 23 Borrowing Costs. We also discuss the accounting rules for first-time application of the new or revised International Financial Reporting Standards (IFRS) which are expected to be adopted in Singapore in
the near future.
December 2007 (107 KB)
In this year-end issue, we summarise the key developments that have an impact on financial reporting.
September 2007 (100 KB)
In this issue, we clarify some general misconceptions about the implementation of FRS 107 Financial Instruments:
Disclosures
June 2007 (107 KB)
This issue examines the proposed financial reporting standards for small and medium-sized entities
March 2007 (123 KB)
This issue discusses the findings from two recent financial statements reviews conducted
internationally and in the UK. Also considered are changes in financial reporting matters that may have an impact on the financial results for the first quarter of 2007
December 2006 (129 KB)
This issue provides a quick reference for announced changes in financial reporting standards and changes in legislation and regulations that may impact on financial reporting.
October 2006 (88 KB)
The IFRIC has issued a proposed interpretation on the accounting for customer loyalty programmes. What is its impact on businesses such as credit card providers, airlines and petrol stations that have these programmes? In this issue, we also highlight an upcoming interpretation on interim financial reporting and impairment.
August 2006 (69 KB)
This issue highlights the recent amendments to the SGX Listing Rules. It also discusses how amendments to FRS 39 and FRS 104 affect accounting for financial guarantee contracts.
June 2006 (71 KB)
In this issue, we take a look at how changes in auditing standards have affected auditors’ work and their impact on company officers.
April 2006 (63 KB)
This issue highlights the recently issued financial reporting standard, FRS 107 Financial Instruments: Disclosures.
February 2006 (92 KB)
This issue discusses the recently issued Amendment to FRS 21 - Net Investment in a
Foreign Operation and provides guidance on several practical issues on implementing FRS 102 Share-based Payment.
2005
December 2005 (129 KB)
This issue provides a quick reference for all current and future changes in financial reporting standards and changes in legislation and regulations that impact on financial reporting.
October 2005 (96 KB)
This issue explains the significance and impact of the new interpretation, INT FRS 104 Determining whether an Arrangement contains a Lease, and highlights proposals in the latest exposure drafts relating to business combinations, consolidation and provisions.
August 2005 (105 KB)
This issue continues with the financial reporting implications of the Companies
Amendment Act 2005 and discusses the impact on the assessment of impairment for receivables following the
implementation of FRS 39 from 1 January 2005. This issue also covers the changes in the Code of Corporate
Governance 2005 and Singapore Exchange’s recent proposed amendments to the listing rules.
June 2005 (129 KB)
This issue provides an overview of the key changes introduced by FRS 40 Investment Property, as well as a summary of the Companies (Amendment) Act 2005 with a focus on the implications of shares with no par value.
April 2005 (126 KB)
This edition continues with our discussion on business combinations, focusing on step acquisitions, accounting for a business combination using provisional amounts and reverse acquisitions. We also introduce draft international interpretations that will affect entities applying IAS 11 Construction Contracts in recognising revenue.
January 2005 (110 KB)
In this edition, we discuss some challenges that may be encountered in applying the latest standard on business combinations. Also highlighted are recent developments
in the international financial reporting arena that may be of interest to Singapore companies.
2004
December 2004 (152 KB)
This issue highlights developments in financial reporting requirements over the year.
October 2004 (130 KB)
In this issue, we discuss accounting for share-based payment and highlight some common issues relating to financial instruments accounting. Accounting for insurance contracts is enclosed as a supplementary issue.
October 2004: Supplement (102 KB)
In this issue, we discuss accounting for share-based payment and highlight some common issues relating to financial instruments accounting. Accounting for insurance contracts is enclosed as a supplementary issue.
August 2004 (124 KB)
In this inaugural issue, we highlight the standard on non-current assets held for sale and significant changes in accounting for business combinations, including intangibles and impairment.
Hardcopies of this newsletter are available through your regular KPMG contact.
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