A Practical Guide to 2023 FRS Updates - 3rd Run

This workshop is designed specifically for accountants and auditors who need to be aware of recent changes and updates to the Singapore Financial Reporting Standards.

Key Topics

SFRS(I) EFFECTIVE FOR FINANCIAL PERIODS BEGINNING ON OR AFTER 1 JANUARY 2022

• Amendments to SFRS(I) 3 Reference to the Conceptual Framework
• Amendments to SFRS(I) 1-16 Property, Plant and Equipment - Proceeds before Intended Use
• Amendments to SFRS(I) 1-37 Onerous Contracts—Cost of Fulfilling a Contract
• Annual Improvements to SFRS(I)s 2018–2020

SFRS(I) EFFECTIVE FOR FINANCIAL PERIODS BEGINNING ON OR AFTER 1 JANUARY 2023

• Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2 Disclosure of Accounting Policies
• Amendments to SFRS(I) 1-8 Definition of Accounting Estimates
• Amendments to SFRS(I) 1-12 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction

SFRS(I) EFFECTIVE FOR FINANCIAL PERIODS BEGINNING ON OR AFTER 1 JANUARY 2024

• Amendments to SFRS(I) 1-1 Classification of Liabilities as Current or Non-Current
• Amendments to SFRS(I) 1-1 Non-Current Liabilities with Covenants
• Financial Reporting Bulletin 3 Classification of Liabilities as Current or Non-Current
• Amendments to SFRS(I) 16 Lease Liability in a Sale and Leaseback

IFRS INTERPRETATIONS COMMITTEE (“IFRIC”) UPDATES

• SFRS(I) 1-7 Statement of Cash Flows - Demand Deposits with Restrictions on Use
• SFRS(I) 1-2 Inventories - Costs Necessary to Sell Inventories
• SFRS(I) 1-10 Events after the Reporting Period - Preparation of Financial Statements when an Entity is No Longer a Going Concern