The introduction of Section 59A to the Accountants Act requires auditor’s reports issued by a public accountant or an accounting entity that fall within the scope of Section 59A(4) to clearly state the full name of the public accountant responsible for the audit engagement, regardless of the auditing standards applied. Previously, this requirement was only applicable for listed entities under the SSAs.
Amendments to the AGSs and SSAs have been made to align the ISCA pronouncements to the revised Accountants Act. This includes the update of relevant illustrative auditor’s reports to reflect the new requirement.
The amendments are effective for auditor’s reports dated on or after 6 May 2026.
ISCA Invites Comments On IAASB’s Exposure Draft: Proposed ISRE 2410 (Revised)
Key proposals in the exposure draft (ED) include a clearer articulation of what an interim review engagement is and how it differs from a financial statement audit. They also include enhanced requirements in areas of high public interest, such as going concern, fraud, and non-compliance with laws and regulations (NOCLAR). Investors and other users will also benefit from improved transparency in the auditor’s interim review report.
ISCA invites comments, which should be submitted to ISCA Professional Standards by 3 July 2026.
Singapore Has A Robust Framework For Combatting Financial Crime, According To International Body
The Financial Action Task Force (FATF) published a peer evaluation report of Singapore, which strongly affirmed that Singapore has a robust and effective framework and process to counter money-laundering, terrorism financing and proliferation financing. Singapore remains firmly committed to complying with the FATF Standards, and welcomes FATF’s recommendations. Singapore will carefully study the recommendations by FATF and assess how we can adopt them in the Singapore context, and in a risk-proportionate manner.
The ED aims to reduce diversity in practice by clarifying the scope of the fair value option in IAS 28 for accounting of investments in associates and joint ventures, and to improve consistency of presentation under IFRS 18. The proposed narrow-scope amendments clarify the meaning of “similar entities”, and remove the investment-linked insurance fund example, with the effect of making the fair value option available to more entities which have a main business activity of investing in particular types of assets. The proposed amendments are effective for annual periods beginning on or after 1 January 2027.
We are supportive of the ED proposals. However, we believe further clarifications could enhance consistency and comparability, particularly regarding the interpretation of the “main business activity” concept and the scope of the fair value option, including its applicability to REITs, and whether a wider use should be considered.
IFRS Foundation Publishes Revised Due Process Handbook
The revised Due Process Handbook issued by the IFRS Foundation formalises that both IASB and ISSB follow the same rigorous, inclusive, and transparent processes when developing and maintaining standards. The update mainly reflects the creation of ISSB and incorporates feedback from stakeholders, gathered during public consultation.
IASB Podcast On March 2026 Meeting Highlights
In this Podcast, IASB Vice-Chair Linda Mezon-Hutter and IASB Member Bruce Mackenzie shared on topics discussed at the IASB meeting in March 2026, which include Post-Implementation Review of IFRS 16 and Equity Method.
April 2026 IASB Update And Podcast Available
In this IASB Update and Podcast, IASB Chair Andreas Barckow and IASB Member Hagit Keren discussed highlights from the IASB meeting in April 2026, which include Financial Instruments with Characteristics of Equity, Amortised Cost Measurement and Business Combinations – Disclosures, Goodwill and Impairment.
May 2026 Agenda And Meeting Papers Available
ISSB Agrees On Proposed Way Forward For Nature-Related Disclosures
ISSB has agreed to develop guidance on nature-related disclosures through an IFRS Practice Statement. This will support existing standards (IFRS S1 and S2) by explaining how companies should disclose material nature-related risks and opportunities while minimising disruption during ongoing adoption. An ED is expected in October 2026 for public feedback.
April 2026 ISSB Update And Podcast Available
In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in April 2026, which include the proposed way forward for nature-related disclosures, the recent meeting of the Transition Implementation Group on IFRS S1 and IFRS S2, and the consultation on ISSB’s proposed amendments to three SASB Standards.
