ISCA Issues FRG 5 Accounting For Refundable Investment Credit (RIC)
To address the potential impact of BEPS 2.0, the RIC scheme was introduced in 2024 to encourage companies to make significant new or expanded investments in substantive economic activities in Singapore in key economic sectors and new growth areas.
To aid entities in accounting for RIC, FRG 5 was developed and issued after a one-month public consultation. FRG 5 outlines the background of the RIC scheme and key accounting considerations under SFRS(I)s for entities. Illustrative examples are included to aid in the understanding of the principles being applied.
FRG 5 can be found here.
ISCA Comments On IASB’s ED Provisions – Targeted Improvements (Proposed Amendments To IAS 37)
To address stakeholders’ feedback on challenges in applying certain aspects of IAS 37, the ED proposes targeted improvements in the following areas:
We are generally supportive of the proposals and have highlighted areas where further clarifications or enhancements could be made.
It should be noted that the proposals, once implemented, could result in significant changes to the current practice of measuring a provision, particularly for entities with significant long-term asset decommissioning obligations or are subject to levies and similar government-imposed charges.
February 2025 IASB Update And Podcast Available
In the February 2025 IASB Update and Podcast, IASB Chair Andreas Barckow and Vice-Chair Linda Mezon-Hutter join Executive Technical Director Nili Shah to discuss highlights from the IASB meeting held on February 18 and 19, and the IASB-ISSB meeting on February 19. The topics covered include:
IASB Webcast On Contracts Referencing Nature-Dependent Electricity – Targeted Amendments To IFRS 9 And IFRS 7
The webcast explains the recent targeted amendments to IFRS 9 and IFRS 7 regarding power purchase agreements (PPAs). The amendments are effective from January 2026 but companies can apply them earlier.
March 2025 Agenda And Meeting Papers Available
At the DPOC meeting held on March 4, topics discussed include an update on the activities of IASB and the IFRS Interpretations Committee (IFRIC) for the period 1 October 2024 to 31 January 2025, and an update on the activities of ISSB since the last update to DPOC in October 2024.
At the IFRIC meeting held on March 11, topics discussed include feedback received on the tentative agenda decisions relating to (i) how an entity accounts for guarantees that it issues on obligations of other entities (IFRS 9); (ii) the period over which an educational institution recognises revenue from tuition fees (IFRS 15); and (iii) whether an entity’s investments in carbon credits and expenditure on R&D activities qualify to be recognised as intangible assets (IAS 38).
At the Capital Markets Advisory Committee (CMAC) meeting held on March 14, topics discussed include updates on IASB’s current work plan and various projects. Feedback was also sought from CMAC on (i) potential changes to the proposed amendments related to the presentation and disclosure in IASB’s ED Financial Instruments with Characteristics of Equity; and (ii) initial analysis and next steps for the project on Statement of Cash Flows and Related Matters.
At the IASB meeting held from March 18 to 20, topics discussed include feedback received from various consultations and updates on projects, including Post-Implementation Review of IFRS 16, Business Combinations – Disclosures, Goodwill and Impairment; Rate-Regulated Activities, as well as IASB Workplan.
At the ASAF meeting held on March 24 and 25, topics discussed include feedback received on ED Equity Method of Accounting; Second Comprehensive Review of the IFRS for SMEs Accounting Standard; Intangible Assets; and Financial Instruments with Characteristics of Equity.
February 2025 ISSB Update And Podcast Available
In the February 2025 ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in February 2025, including a second joint board session with IASB and the key takeaways from the ISSB meeting in Montreal.
Q1 2025 ISSB Implementation Insights Podcast Available
The topics discussed in this Q1 2025 podcast include the various educational materials that support the implementation of the ISSB Standards; an overview of the ISSB priorities in 2025; and how ISSB continues to support the implementation of the ISSB Standards.
New Guide To Help Companies Using Climate-First Transition Relief In ISSB Standards
This guide, titled Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2, aims to help entities understand how to report only climate-related information when applying the ISSB Standards.
ACRA Publishes Financial Reporting Surveillance Programme (FRSP) Report And Directors’ Guide
The Accounting and Corporate Regulatory Authority (ACRA) has published the latest FRSP report. Accompanying this report is a Directors’ Guide (an FAQs document) to address questions about directors’ roles and responsibilities regarding true and fair financial statements under the Companies Act. The guide also covers ACRA’s FRSP and directors’ roles and responsibilities in the FRSP process.
Both documents can be accessed here.
© 2024 Institute of Singapore Chartered Accountants
For the t
Attention SCAQ Candidates!
Don't miss SCAQ En
