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Financial Reporting Matters 2012
Financial Reporting Matters 2012
KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.
December
- Issue 41 (PDF, 991KB)
In this issue, we summarise the changes in the areas of financial reporting standards, income taxes, and legal and regulatory issues in 2012. We also discuss a new exception to consolidation for investment entities, an amendment relating to the presentation of financial assets and financial liabilities, and various discussions on changes to the auditors report.
For readers who are keen on financial reporting by unit trusts and REITs under the revised RAP 7, we highlight the latest developments on the interpretation of RAP 7 (2012) since we first published our September 2012 Supplement on Revision to RAP 7, the recommended accounting practices for unit trusts and REITs in Singapore. (PDF, 265KB)
September
- Issue 40 (PDF, 1.2MB)
In August 2012, the ASC announced that the mandatory effective date for the suite of consolidation standards will be pushed back to the beginning of 2014. This deferral reflects the significant challenges faced by entities in implementing these standards, and we strongly encourage entities to continue working on assessing the impact of these standards.
We analyse situations where early adoption may be beneficial and examine what needs to be done when applying the standards for the first time. We also discuss changes in accounting for "joint ventures" arising from the new standard on joint arrangements.
The only mandatory change in accounting standards for the 2012 financial year relates to deferred tax on investment properties. We highlight a practical issue that arises when a tax planning strategy is employed by interposing holding companies to hold overseas investment properties.
For readers who are keen on financial reporting by unit trusts and REITs under the revised RAP 7, we have added a stand-alone supplement (PDF, 409KB) section in this issue to facilitate quicker access.
June
- Issue 39 (PDF, 847KB)
In this issue, we feature the recent requirement by Singapore Exchange for directors to opine on internal controls. We also discuss the practical implications of two changes to accounting standards that will be effective in 2013 ó accounting for employee benefits and applying the new consolidation model to real estate investment trusts (REITs).
March
- Issue 38 (PDF, 743KB)
In this issue, we feature the 2012 Budget Speech by providing an overview of the measures introduced this year and highlight how these measures can benefit businesses. We also discuss in further detail the principles and concepts of FRS 113 Fair value measurements and provide some insights on its potential impact on entities and financial statements.
