Financial Reporting Matters 2013

Financial Reporting Matters 2013

KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.


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Financial Reporting Matters


  • Issue 45 (PDF, 1.62MB)
    It’s the year-end financial reporting season again. What do you need to consider when finalising the financial statements for 2013? Usually, the focus will be on estimates and disclosures. Read this issue to find out which estimates and financial statements disclosures might require closer attention. 

    In addition, we provide you with an overview of changes in the areas of financial reporting standards, income taxes, and legal and regulatory issues in 2013. It is worth checking this list against your own circumstances to see if any of them require changes to your financial statements or any disclosures for the year end 2013.

    Also, many businesses will be entitled to the benefits under the Productivity and Innovation Credit Scheme. Have you included the benefits in your tax provision computation? Read this issue to find out the benefits you are entitled to and how you should account for your entitlement this year-end. 

    Last but not least, we bring to you a roundup of the latest accounting developments on the international front.


  • Issue 44 (PDF, 1.15MB)
    A new standard on joint arrangements, FRS 111, comes into effect 1 January 2014. What key questions should you be asking as you prepare for the transition?

    In May 2013, the FASB and the IASB issued the controversial lease accounting proposal for a second round of public comments. The revised proposal is a watered-down version of the original issued in 2010 and contain concessions for property leases. How will the proposed changes impact tenants and landlords?

    The Wage Credit Scheme, announced during Singapore Budget 2013, is part of a three-year Transition Support Package within the Government’s Quality Growth Programme. What are the key features of the scheme and how do you estimate and report the amount of entitlement in your interim and annual financial statements?

    On the international front, various boards are seeking comments on standards including the IASB Conceptual Framework, the IAASB exposure draft on improving the auditor’s report, and the IASB and the FASB exposure draft on insurance contracts. Read the section on International developments to find out more.


  • Issue 43 (PDF, 654KB)
    In May 2013, the new proposal on the lease accounting standard made it to the front page of the Business Times. Despite being controversial, the IASB and FASB are again proposing to bring most leases on-balance sheet for lessees. This issue, we take a look at the proposals in depth and how this will affect you.

    The consolidation suite of standards, including FRS 110 Consolidation will be effective from 1 January 2014, with retrospective application required. This means that the time to get ready is now! What are the top five questions you should be asking yourself in preparing for the transition? We help you find out.

    On the corporate reporting front, Integrated Reporting is now fast becoming the new buzz word. Find out more in our article if you are looking to improve the quality of your narrative reporting as a basis for a better dialogue with your investors and stakeholders.


  • Issue 42 (PDF, 1.4MB)
    A new year, a new set of financial reporting considerations. 

    In 2013, one of the most significant changes to accounting standards is FRS 113 Fair Value Measurement coming into effect. In this issue, we highlight the top 10 questions that you should be considering in the transition to the new standard. 

    A Better Singapore: Quality Growth, An Inclusive Society. This was the focus for Singapore Budget 2013 that was delivered on 25 February 2013. We provide an overview of the measures introduced this year for businesses and their accounting implications. We also take an in-depth look at the Integrated Investment Allowance scheme that was introduced in Budget 2012.

    In December 2012, we informed you that the review of Singapore Companies Act was completed. As promised, in this issue, we looked at how the re-write of the Act would affect you.


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