Local News - Current
24 June 2025
The ASC has withdrawn Practice Statement 1 Management Commentary from FRS with effect from 24 June 2025. The withdrawal is part of an ongoing review by the ASC to streamline the number of frameworks and guidance that it has issued.
Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity's financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.
The withdrawal would align FRS with SFRS(I), which does not have an equivalent Practice Statement.
19 June 2025
The ASC invites comments on Request for Information: Post-implementation Review of IFRS 16 Leases by 20 August 2025.
1 April 2025
麻豆社区, with the approval of the Minister for Finance, has appointed the Chairman and members of the ASC. These appointments will take effect from 1 April 2025. Click here for the announcement.
7 March 2025
The ASC has submitted its comment letter to the IASB on ED/2024/8 Provisions鈥擳argeted Improvements.
6 February 2025
With effect from 7 February 2025, Mdm Esther Wee Yu will assume the position as the Accountant-General of the Accountant-General's Department and be appointed as a member of the ASC. The composition of the ASC can be found here.
17 January 2025
The ASC has submitted its comment letter to the IASB on ED/2024/7 Equity Method of Accounting鈥擨AS 28 Investments in Associates and Joint Ventures (revised 202x).
16 January 2025
2025 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2025. The collections include official pronouncements that have been issued by the ASC up to 31 December 2024, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2025.