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A Practical Guide to Financial Reporting Standards (Singapore), 6th Edition serves as an excellent guide to the Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards (INT FRSs) issued by Accounting Standards Council (ASC) that are effective as at 1 January 2017. It also covers three major FRSs that are effective on:
1 January 2018 (FRS 109 Financial Instruments and FRS 115 Revenue from Contracts with Customers), and
1 January 2019 (FRS 116 Leases).
Its comprehensive coverage of Singapore’s accounting standards will help both accounting practitioners and students cut down on research time and aid them in preparing their accounts and financial statements efficiently.
Key Features & Benefits
Ensures compliance in preparation of accounting and financial statements and helps readers to effectively apply all the existing FRSs in their financial reporting.
Guides readers expertly through the full range of implications and repercussions that are likely to arise from the revised and amended standards.
Questions-and-Answers dealing with the more complex accounting issues are included at the end of chapters to enhance understanding of the accounting requirements of the FRSs.
Users of financial statements including investors, employees, lenders, suppliers and customers, will benefit from using the guide to help them understand and interpret financial reports.
NEW in this Edition
Since the publication of the 5th edition of this book in 2013, there have been some important changes to the FRSs in Singapore that necessitate this 6th edition:
A new standard FRS 114 Regulatory Deferred Accounts was issued and is effective for annual periods beginning on or after 1 January 2016
A new standard FRS 115 Revenue from Contracts with Customer was issued, which supersedes FRS 11 and FRS 18 and the related INT FRS, effective for annual periods beginning on or after 1 January 2018
A new standard FRS 109 Financial Instruments was issued, which supersedes FRS 39, effective for annual periods beginning on or after 1 January 2018
A new standard FRS 116 Leases was issued and supersedes FRS 17 and the related INT FRS effective for annual periods beginning on or after 1 January 2019, and
Several FRSs were amended through the various Improvements to FRSs and Amendments to FRSs.
All Singapore Financial Reporting Standards (FRSs)
Interpretations of Financial Reporting Standards (INT FRS)
This book serves as a comprehensive guide to all the Financial Reporting Standards (FRSs) and INT FRS issued by the Accounting Standards Counci; Singapore that are effective as at 1 January 2018 (As well as FRS 116 Leases which is effective from 1 January 2019).
A Practocal Guide to Financial Reporting Standards (Singapore), 7th Edition gives extra emphasis on areas where formal guidance is ambiguous and difficult to understand. Comprehensive illustrations covering both simple and complex scenarios are provided in every chapter to provide useful guidance for practical application and implementation of the respective accounting standards.
An outstanding source of reference, this seventh Edition helps to provide a strong understanding standards both for accounting practitioners to enhance their practical working knowledge and for students looking to excel in their field of study and their future careers.
This book is a comprehensive guide to the preparation of consolidated financial statement in Singapore. It discusses consolidation financial statements in the context of the Singapore statute and the Financial Reporting Standards (FRS) issues by the Accounting Standards Council effective 1 January 2014.
In this third edition, the book has been revised to incorporate the new requirements of five new/revised FRS, namely:
- FRS 27 Separate Financial Statements
- FRS 28 Investment in Associates and Joint Ventures
- FRS 110 Consolidated Financial Statements
- FRS 111 Joint Arrangements
- FRS 112 Disclosures of Interests in Other Entitles
Derivatives & Hedge Accounting is written specially to help readers unravel the complexity of hedge accounting. The book addresses hedge accounting and two key international standards: IAS 39 Financial Instruments: Recognition and Measurement (known as FRS 39 in Singapore) and the new IFRS 9 Financial Instruments (known as FRS 109 in Singapore) issued in November 2014.
Authors Ng Eng Juan et al. take a straight-forward step-by-step approach to deal with the complex topic in just three chapters:
Chapter 1 Accounting for Derivatives discusses the nature, valuation and accounting for the four common types of derivatives: options, forwards, futures and swaps.
Chapter 2 Hedge Accounting under IAS 39 looks at hedge accounting under the existing IAS 39 standard.
Chapter 3 Hedge Accounting under IFRS 9 looks at hedge accounting under the new IFRS 9 standard.
Key Features & Benefits
Promotes understanding of complex topic – Although hedge accounting is not easy, this book singularly focused on hedge accounting leads students and accountants to boldly tackle the topic. Its straight-forward approach helps readers to get a good grasp of the complex topic.
Up-to-date with both standards – This book discusses the hedge accounting requirements of both the IAS 39 standard and the IFRS 9 standard. It is useful to those who continue to use IAS 39 (or FRS 39) for hedge accounting purposes as well as those who choose to adopt IFRS 9 (or FRS 109).
IFRS 9 for Singapore accountants – Chapter 3 on Hedge Accounting under IFRS 9 is especially important for Singapore accountants as the IFRS 9 is newly adopted in Singapore. The Accounting Standards Council of Singapore had previously not adopted earlier versions of the IFRS.
Wider understanding of hedging – The explanations provided are designed to help readers appreciate the economic and accounting impact of hedging and hedge accounting as a whole.
Chapter 1: Accounting for Derivatives
Chapter 2: Hedge Accounting under IAS 39
Chapter 3: Hedge Accounting under IFRS 9