Financial Reporting Matters 2014
Financial Reporting Matters
KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.
- Issue 49 (PDF, 1.81MB)
It’s the year-end financial reporting season again. What are the top five issues you need to consider when finalising the financial statements for 2014?
With the arrival of the new revenue standard – FRS 115 Revenue from Contracts with Customers, the construction industry has effectively lost its contract accounting ‘rule book’. Contractors will often find that applying the new standard to a traditional construction contract results in a revenue accounting outcome broadly similar to current stage of completion accounting. However, there is no automatic right to recognise revenue on a progressive basis for construction contracts, and many new concepts apply. In this issue, we help you come to grips with what’s changed
- Issue 48 (PDF, 2.61MB)
On 24 July 2014, the International Accounting Standards Board (IASB) issued the final version of the new financial instruments accounting standard, IFRS 9. This marks the culmination of the IAS 39 replacement project that was launched in 2008 in response to the financial crisis. Read this section to find out what the future entails for financial instruments accounting.
The IASB and the Financial Accounting Standards Board (FASB) issued a new global standard on revenue recognition - IFRS 15. The new standard may have a significant impact on the headline revenues of real estate developers that have long-term development projects spanning more than one year. Read this section to find out how real estate developers may be affected by this new standard.
- Issue 47 (PDF, 2.04MB)
The Accounting and Corporate Regulatory Authority (ACRA) has stepped up efforts in reviewing financial statements to monitor compliance with the Companies Act and Singapore Financial Reporting Standards. Directors who are legally responsible for the preparation of financial statements are personally answerable to all breaches identified by ACRA under the Financial Reporting Surveillance Programme.
What should directors do to effectively discharge their legal responsibilities under the Companies Act? What happens when directors fail to fulfil their responsibilities? We help answer these questions in this issue.
- Issue 46 (PDF, 1.48MB)
Integrated reporting, the new buzz word for corporate reporting. Who are the leaders and who needs to keep up? Are there good causes for change? In this issue, we help you answer these interesting questions.
Achieving quality growth based on innovation and deeper capabilities; building a fair and equitable society: These were the focus points for the Singapore Budget 2014 that was delivered on 21 February 2014. We provide an overview of the measures introduced this year that aim to help businesses achieve quality growth and their accounting implications.
The offsetting disclosure requirements in FRS 107 Financial Instruments: Disclosures are effective for the first time for 31 December 2013 year-end. In this issue, we provide you with practical insights to help you implement the new offsetting disclosure requirements.
On the international front, the new accounting standard for financial instruments IFRS 9 is likely to be effective in 2018 and lease accounting is back on the drawing board.