eICPAS

Technical Resources

This section contains technical articles and information about the release of new or revised accounting and auditing standards/practice statements/guidelines as well as exposure drafts published for public comment here. You can also get updates on IASB and IFAC activities.

Tax Alerts Last Update - 03/02/2010

Revised ICPAS Code of Professional Conduct and Ethics Last Update - 02/12/2009

Please click here for the Revised ICPAS Code of Professional Conduct and Ethics.

28 January 2010: FRS 24 (Revised), INT FRS 119 and Amendments to INT FRS 114 Last Update - 28/01/2010

The Accounting Standards Council (�ASC�) has issued the following pronouncements:

1. FRS 24 (revised) Related Party Disclosures
2. INT FRS 119 Extinguishing Financial Liabilities with Equity Instruments
3. Amendments to INT FRS 114 Prepayments of a Minimum Funding Requirement

The above pronouncements are accessible at the ASC website www.asc.gov.sg.

ASC Deliberation on IFRS 9 Last Update - 28/01/2010

The Accounting Standards Council (ASC) has deliberated the adoption of International Financial Reporting Standard (IFRS) 9 Financial Instruments at its meeting in November 2009, and decided to defer its adoption in Singapore.

In arriving at this decision, the ASC took cognisance of the fact that this standard, which deals with Classification & Measurement of Financial Instruments, is the first of three phases of the International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement re-write project and the full impact of the second and third phases covering Impairment and Hedging respectively is not yet known. There is also the possibility of further changes to the standard due to the global convergence efforts as well as that arising from feedback received on this first phase. Equally, liabilities have been scoped out of the first phase and will be revisited by the International Accounting Standards Board at a later date.

The ASC will continue to participate in the technical and global developments of the standard and re-deliberate its decision during the year.

Appendix 2C of Audit Guidance Statement (AGS) 1 “Sample Auditor’s Reports” Last Update - 20/01/2010

Appendix 2C of Audit Guidance Statement (AGS) 1 �Sample Auditor�s Reports�
� Report on Monthly Statement of Fruit Machines� operations

a) AGS 1 � Appendix 2C

Amendments to Singapore Standards on Auditing (SSAs) 580 and 700 Last Update - 25/01/2010

The Institute has issued the following amended Singapore Standards on Auditing (SSAs):

1. SSA 580 Management Representations
2. SSA 700 The Independent Auditor�s Report on a Complete Set of General Purpose Financial Statements

Clarity Singapore Standards on Auditing (SSAs) Last Update - 25/01/2010

The Institute has issued the following clarity Singapore Standards on Auditing (SSAs):

1. SSA 210 Agreeing the Terms of Audit Engagements
2. SSA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
3. SSA 402 Audit Considerations Relating to an Entity Using a Service Organisation
4. SSA 510 Initial Audit Engagements - Opening Balances
5. SSA 700 Forming an Opinion and Reporting on Financial Statements
6. SSA 705 Modifications to the Opinion in the Independent Auditor�s Report
7. SSA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor�s Report
8. SSA 710 Comparative Information - Corresponding Figures and Comparative Financial Statements
9. SSA 800 Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
10. SSA 805 Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
11. SSA 810 Engagements to Report on Summary Financial Statements
12. Glossary of Terms

2 December 2009: IGPGs Last Update - 02/12/2009

The Institute has issued the following IFAC�s International Good Practice Guidances:

1. Defining and Developing an Effective Code of Conduct for Organisations; and
2. Evaluating and Improving Costing in Organisations

8 January 2010: ED Measurement of Liabilities in IAS 37 Last Update - 18/01/2010

The Accounting Standards Council (�ASC�) is inviting comments on Exposure Draft (ED) Measurement of Liabilities in IAS 37 (Proposed amendments to IAS 37). The comment period for the exposure draft ends on 15 March 2010.

The ED is accessible at the ASC website www.asc.gov.sg.

30 November 2009: ED Financial Instruments: Amortised Cost And Impairment Last Update - 01/12/2009

The Accounting Standards Council (�ASC�) is inviting comments on Exposure Draft (ED) Financial Instruments: Amortised Cost and Impairment. The comment period for the exposure draft ends on 30 April 2010.

The ED is accessible at the ASC website www.asc.gov.sg.

IFAC Guides Last Update - 21/08/2009

a) Guide to Quality Control for Use by Small- and Medium-sized Practices (QC Guide)

b) Guide to International Standards on Auditing for Use in the Audits of Small- and Medium-sized Entities (ISA Guide)

6 May 2009: ED Derecognition - Amendments to FRS 39 & FRS 107 and ED Income Tax Last Update - 08/05/2009

The Accounting Standards Council (�ASC�) has issued ED Derecognition - Amendments to FRS 39 and FRS 107 and ED Income Tax

This is accessible at the ASC website www.asc.gov.sg.

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