This contains, inter alia, 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. Updates on IASB and IFAC activities are also posted here.

ICPAS MEMBERS' HANDBOOK 7TH EDITION   Last Update - 01/08/2007

The Institute is pleased to inform members that the online Members' Handbook, Volumes I, II & III, 7th Edition June 2007 is available in the members' section of the ICPAS website. To access it, please login using the UID and password issued to you earlier on. If you need any assistance, please email Eric Yeo at webmaster@icpas.org.sg or contact him at tel: 67498060 ext. 877. Members/existing subscribers can purchase it at $10.70 per copy and the public can purchase it at $53.50 per copy.

CD-ROM FORM_2007

QUICKLINK UPDATE FOR HANDBOOK   Last Update - 21/02/2008

STANDARDS / EDs issued from January 2008 STANDARDS / EDs issued from July 2007 STANDARDS / EDs issued from July 2006 STANDARDS / EDs issued from July 2005 STANDARDS / EDs issued from July 2004

FRS 1 (R), INT FRS 113 and INT FRS 114   Last Update - 16/05/2008

The Accounting Standards Council (ASC) has issued the following Financial Reporting Standard (FRS) and Interpretations of Financial Reporting Standards (INT FRS): - FRS 1 Presentation of Financial Statements; - INT FRS 113 Customer Loyalty Programmes; - INT FRS 114 FRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. These Standards are also accessible at the Accounting Standards Council (ASC) website (www.asc.gov.sg).

18 April 2008: IASB Discussion Paper up for Comments   Last Update - 22/04/2008

The Accounting Standards Council (ASC) is inviting comments on the following Discussion Papers (DPs) issued by the IASB: 1. IASB Discussion Paper on proposals to increase transparency in the accounting for post- employment benefits The comment period to the ASC ends on 15 August. The DP is also accessible at the Accounting Standards Council (ASC) website(www.asc.gov.sg).

ASC’s Public Consultation on Proposed Framework for Differential Reporting   Last Update - 14/05/2008

ASC’s Public Consultation on Proposed Framework for Differential Reporting The Accounting Standards Council (“ASC”) is conducting a public consultation exercise on the proposed differential reporting framework for Small and Medium Sized Entities (SMEs). Differential reporting is the notion that some entities should be allowed to depart from particular requirements of accounting standards or entire accounting standards in preparing their financial statements. For this purpose, ASC had set up a dedicated taskforce to consider the issue of differential reporting for SMEs and how it could be applied in Singapore. The comment period for the consultation paper ends on 30 June 2008 and is accessible at the ASC website (http://www.asc.gov.sg/differential_reporting.html).

Auditing Pronouncements   Last Update - 16/04/2008

The Institute has issued the following auditing pronouncements: 1. Revised sample auditor’s report on EDAS Scheme (EDB) (Appendix 5A of Audit Guidance Statement (AGS) 1 Sample Auditor’s Reports). 2. Consequential amendments arising from the amended SSA 700 – SSA 800, SSRSs and SSREs. 3. Amendments to SSREs 2400 and 2410. 4. Revised and/or redrafted clarity Singapore Standards on Auditing (SSAs).

8 April 2008: Discussion Papers on Financial Instruments with Characteristics of Equity and Reducing Complexity in Reporting Financial Instruments   Last Update - 11/04/2008

The Accounting Standards Council (ASC) is inviting comments on the following Discussion Papers (DPs) issued by the IASB: 1. IASB Discussion Paper on Financial Instruments with Characteristics of Equity 2. IASB Discussion Paper on Reducing Complexity in Reporting Financial Instruments The comment period for the DPs ends on 1 July 2008 and the DPs are also accessible at the Accounting Standards Council (ASC) website. (www.asc.gov.sg)

AMENDMENTS TO FORM AND CONTENT OF AUDITOR'S REPORT - SSA 700   Last Update - 18/03/2008

The Institute had worked with the Accounting and Corporate Regulatory Authority (ACRA) in the amendments to Singapore Standard on Auditing 700 (SSA 700) The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements. Please see the attached joint press release and the amended SSA 700 for details.

SSA 700 -

SSA 700(press release) -

5 Mar 2008: Withdrawal of RAP 9 IPO Costs   Last Update - 04/03/2008

The Institute had previously withdrawn the following Statement on Recommended Accounting Practice (RAP) - RAP 9 IPO Costs The withdrawal is effective for annual periods beginning on or after 1 January 2008

5 Mar 2008: Withdrawal of RAP 9 IPO Costs   Last Update - 04/03/2008

- RAP 9 IPO Costs The withdrawal is effective for annual periods beginning on or after 1 January 2008

ICPAS PUBLICATION: “THE WORK OF THE AUDIT COMMITTEE – A SIMPLE GUIDE”   Last Update - 20/07/2007

The Institute issued a publication entitled: “The Work Of The Audit Committee – A Simple Guide” prepared by its Corporate Governance Committee. This publication provides information on areas such as characteristics, general responsibilities, communicating, reporting and measuring effectiveness of an audit committee and regulatory and exchange requirements on audit committees. A hard copy of the booklet is available for sale from the Institute at S$2.25 per copy for ICPAS members and S$5.35 per copy for non-members. The CD-ROM version is also available for sale at S$1.50 per copy for ICPAS members and S$5.35 per copy for non-members. To purchase, please click here.

Audit Committee - Order Form To purchase, please click

Auditing Pronouncements   Last Update - 30/01/2008

The Institute has issued the following auditing pronouncements: 1. Revised IRAS sample auditor’s reports (Appendices 2C, 2D and 2H of Audit Guidance Statement (AGS) 1 Sample Auditor’s Reports). 2. Revised AGS on “Audit of Solicitors’ Accounts” (Appendix 1 of AGS 5 Audits of Entities in Specific Industries, Professions or Vocations). 3. Revised sample auditor’s reports on branches (Appendices 1D, 1G and 10 of AGS 1). 4. Revision of effective dates of first set of clarity Singapore Standards on Auditing (SSAs) to 15 December 2009. The following auditing pronouncement has been withdrawn: • Appendix 2F of AGS 1 Sample Auditor’s Reports

20 July 2007: FRS 23 Borrowing Costs   Last Update - 22/04/2008

The Council on Corporate Disclosure and Governance ("CCDG") has issued the following Financial Reporting Standard (FRS). FRS 23 Borrowing Costs The above FRS is accessible at (http://www.asc.gov.sg/).

25 July 2007: ED INT FRS Real Estate Sales   Last Update - 22/04/2008

The Council on Corporate Disclosure and Governance ("CCDG") has issued the draft Interpretation of Financial Reporting Standard (ED INT FRS) Real Estate Sales. The comment period for this draft interpretation ends on 05 September 2007 and is accessible at the ASC website (http://www.asc.gov.sg/).

INT FRS Hedges of a Net Investment in a Foreign Operation   Last Update - 22/04/2008

The Council on Corporate Disclosure and Governance ("CCDG") has issued a draft Interpretation of Financial Reporting Standard (INT FRS) Hedges of a Net Investment in a Foreign Operation. The comment period for this draft interpretation, which is accessible at the ASC website (http://www.asc.gov.sg/), ends on 19 September 2007.

28 August 2007: Exposure Drafts on Clarity Standards   Last Update - 28/08/2007

The Institute has issued nine revised and/or redrafted clarity exposure drafts of Singapore Standards on Auditing (ED/SSAs) and Singapore Standard on Quality Control (ED/SSQC), based on those issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC): · ED/SSQC 1 (Redrafted), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements · ED/SSA 220 (Redrafted), Quality Control for an Audit of Financial Statements · ED/SSA 700 (Redrafted), The Independent Auditor's Report on General Purpose Financial Statements · ED/SSA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report · ED/SSA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report · ED/SSA 800 (Revised and Redrafted), Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement · ED/SSA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements · ED/SSA 510 (Redrafted), Initial Audit Engagements - Opening Balances · ED/SSA 530 (Redrafted), Audit Sampling Comments on the exposure drafts of proposed SSA 510 (Redrafted) and SSA 530 (Redrafted) are requested by 30 September 2007. Comments on the exposure drafts of proposed SSA 700 (Redrafted), SSA 705 (Revised and Redrafted), SSA 706 (Revised and Redrafted), SSA 800 (Revised and Redrafted) and SSA 805 (Revised and Redrafted) are requested by 31 October 2007. Comments on the exposure drafts of proposed SSQC 1 (Redrafted) and SSA 220 (Redrafted) are requested by 30 November 2007.

21 November 2007: Exposure Drafts on Clarity Standards – SSAs 505 and 620   Last Update - 21/11/2007

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has approved two sets of new proposals. The first exposure draft addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. The second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence. The Institute has issued the following revised and redrafted EDs of Singapore Standards on Auditing (ED/SSAs), based on the IAASB EDs: • ED/SSA 505 (Revised and Redrafted), External Confirmations; and • ED/SSA 620 (Revised and Redrafted), Using the Work of an Auditor's Expert. Comments on the exposure drafts are requested by 15 January 2008.

13 December 2007: Exposure Draft of Proposed Amendments to FRS 39 Financial Instruments: Recognition and Measurement   Last Update - 13/12/2007

The Accounting Standards Council (“ASC”) has issued the exposure draft of Proposed Amendments to Financial Reporting Standard (ED FRS) 39 Financial Instruments: Recognition and Measurement. The comment period for the exposure draft ends on 11 January 2008 and is accessible at the ASC website (www.asc.gov.sg).

13 December 2007: Exposure Draft of Proposed Improvements to Financial Reporting Standards   Last Update - 13/12/2007

The Accounting Standards Council (“ASC”) has issued the Exposure Draft of Proposed Improvements to Financial Reporting Standards. The comment period for the exposure draft ends on 11 January 2008 and is accessible at the Accounting Standard Council (ASC) website (www.asc.gov.sg).