Accounting – FRS 1: Presentation of the Financial Statements
During preparation and presentation of financial statements in your business, there are Singapore Financial Reporting Standards that your financial statements should adhere to, when running business in Singapore. The FRS 1 sets the overall requirements when accounting for transactions for every financial statement. It defines their structure, their minimum requirements for their content and concepts such as accrual concept (Also see Accounting Period Assumption and Matching Principle: Understand their Relationship ) of accounting, current or non-current distinction, and going concern concepts.
Note that the FRS 1 requires a complete set of financial statements to have a statement of the business’s financial position, a statement of cash flow, a statement indicating the variations in equity, and a statement of profit or loss. This FRS 1 was revised in 2004 and amended in 2006.
The primary objective of the FRS 1 is to offer a guide for the presentation of all financial statements. It also ensures that your business’s financial statements of the past accounting period are compatible with other entities’ financial statements.
The FRS 1 is applicable on every general purpose financial statement that is prepared and presented according to the Singapore Financial Reporting Standards. Note that financial statements are prepared to show the business’s performance, financial position, and cash flow . This information is useful in decision making.
Components of Financial Statements
According to FRS 1, every general purpose financial statement should contain the following:
- Statement of the financial position as at the date the statement is prepared
- Profit or loss statement for the accounting period ending on a specific date
- A statement showing the variations in equity in the accounting period
- Cash flow statement (Also see Accounting for Book and Bank Overdrafts and their Cash Flow Presentation )
- Notes indicating the significance accounting policies
Note that FRS 1 provides clear guidelines on how each of the above statements should be prepared. It also indicates what should be included in each financial statements and how various transactions and components of the financial records should be recorded.
Also, the FRS 1 outlines all assumptions and judgments that you should make when preparing and presenting your business’s financial statements.
It is important to understand that none of the companies in Singapore and the entire world should deviate from the FRS 1 requirements when it comes to preparation and presentation of the business financial statements. Therefore, you should study the FRS 1 carefully and ensure those charged with the responsibility of preparing the financial statements in your firm comply with FRS 1. If you don’t understand FRS 1 well, consider engaging a accounting service in Singapore today.
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A196v : Analysis and Review of Public Sector Accounting: SB-FRS (Live Webinar)
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Introduction The ‘Statutory Board Financial Reporting Standards’ (SB-FRS) are issued by the Accountant-General and are required to be complied by all Statutory Boards in Singapore. SB-FRS is set by reference to Singapore Financial Reporting Standards (SFRS) issues by The Accounting Standards Council (ASC). Both sets of standards are virtually similar in principles and technical requirements but are applied in different operating environments. Private sector companies predominantly operate in a profit making business environment whereas Statutory Boards often operate in an environment to satisfy a set of social services or obligations in accordance with the objectives of a specific Statutory Board. Therefore the activities of the Statutory Boards are mainly non-profit making, however certain activities may be required to earn income. The interpretation of the principles of the Standards may be different for both the private and public sector. An example of a notable difference is in the interpretation of the principle ‘future economic benefit’, which is determined based on pure financial benefits for private sector entities, whereas it may not always be so for public sector entities. Programme Objective The seminar gives a practical analysis and review of selected SB-FRSs. It is intended for busy professionals requiring a refresher course on the technical principles of SB-FRS and their applications in accordance with Generally Accepted Accounting Practice in public sector environment. The seminar uses practical scenarios to address the complex issues of interpreting the principles of the Standards. It highlights areas where practitioners of SB-FRS may interpret the standards differently from private sector and how these differences may be overcome based on past experience and the use of judgement derived from the “Framework”.
Programme Outline
| | |
| SB-FRS 1 | Presentation of Financial Statements |
| SB-FRS 7 | Statement of Cash Flows |
| SB-FRS 24 | Related Party Disclosures |
| SB-FRS 115 | Revenue from Contracts with Customers |
| SB-FRS 1001 | Accounting and Disclosure for Non-Exchanges Revenue |
| SB-FRS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
| SB-FRS 10 | Events After the Reporting Period |
| SB-FRS 21 | The Effect of Changes in Foreign Exchange Rates |
| SB-FRS 23 | Borrowing Costs |
| SB-FRS 113 | Fair Value Measurement |
| | |
| SB-FRS 2 | Inventories |
| SB-FRS 105 | Non-current Assets Held for Sale and Discontinued Operations |
| SB-FRS 16 | Property, Plant and Equipment |
| SB-FRS 40 | Investment Property |
| SB-FRS 38 | Intangible Assets |
| SB-FRS 36 | Impairment of Assets |
| SB-FRS 37 | Provisions, Contingent Liabilities and Contingent Assets |
| SB-FRS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
| SB-FRS 116 | Leases |
| | |
| SB-FRS 32 | Financial Instruments: Presentation |
| SB-FRS 107 | Financial Instruments: Disclosure |
| SB-FRS 109 | Financial Instruments: Recognition and Measurement |
| SB-FRS 103 | Business Combinations |
| SB-FRS 27 | Separate Financial Statements |
| SB-FRS 28 | Investments in Associates and Joint Ventures |
| SB-FRS 110 | Consolidated Financial Statements |
| SB-FRS 111 | Joint Arrangement |
| SB-FRS 112 | Disclosure of Interest in Other Entities |
| SB-FRS-GN1 | Accounting and Disclosure for Funds, Grants Accumulated Surplus and Reserves |
| SB-FRS-GN2 | Accounting and Disclosure for Donations |
| SB-FRS-GN3 | Accounting and Disclosures for Trust Funds |
| SB-FRS-GN4 | Related Party Disclosures |
| SB-FRS-GN5 | Reporting of CPF Contributions and Key Management Personnel Compensation |
| SB-FRS-GN6 | Disclosure on Management Entities |
| SB-FRS-GN7 | Accounting for Sponsorship Received |
Training Methodology Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions. Closing Date for Registration 1 week before programme or until full enrolment
Intended For
This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators. Those who are keen on attending a practical course that examines the application of SB-FRS and the Guidance Notes applicable to Statutory Bodies are welcome to attend.
Competency Mapping
Category 1 = 14.00 Hours
24 Sep 2024 (9:00 AM - 5:00 PM) 25 Sep 2024 (9:00 AM - 5:00 PM)
For Members: $ 684.52 For Non-Members: $ 815.32
Programme Facilitator(s)
04 Dec 2024 (9:00 AM - 5:00 PM) 05 Dec 2024 (9:00 AM - 5:00 PM)
1] NTUC Union Training Assistance Programme (UTAP) UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. To find out more on the UTAP funding and support validity period please click here . Should you have queries on the funding scheme, you can email to [email protected] or call NTUC Membership Hotline at 6213-8008
Danny is a consultant providing continuing professional development training for the accountancy profession as well as providing consultancy services on financial reporting technical matters. He has over 35 years’ experience in public practice, commerce, and industry. He was trained and qualified as a professional accountant with a firm in London. Danny conducts courses in IFRS and IPSAS in Europe, Middle East, and Asia Pacific. He is currently a member of the Small and Medium-size Entities Implementation Group (SMEIG) that consider the need to amend IFRS for SMEs Accounting Standard and make recommendation to the Board of IASB. He is also a project manager for the MASB. He currently holds several advisory roles in financial reporting technical matters.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a fellow member of The Chartered Instituted of Management Accountants, and The Association of Chartered Certified Accountants. He is also a member of The Institute of Singapore Chartered Accountants, Malaysian Institute of Accountants and an associate member of Chartered Tax Institute of Malaysia.
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Changes effective for annual periods beginning after 1 January 2023
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Singapore Financial Reporting Standards (International) Changes effective for annual periods beginning after 1 January 2023
Singapore Financial Reporting Standards (International) (SFRS(I)s) refer to Singapore Financial Reporting Standards (International) and SFRS(I) Interpretations issued by the ASC^.
SFRS(I)s are published for your own personal non-commercial use only, subject to the Terms & Conditions of Use of this Web Site. As SFRS(I)s are based on IFRS Standards and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use SFRS(I)s for any other purpose is required from ACRA and the IFRS Foundation with regard to SFRS(I)s and IFRS Standards, respectively.
The following are the new/revised/amendments to SFRS(I)s issued up to 31 December 2023 which are effective for annual reporting periods beginning after 1 January 2023.
^ Pursuant to the Accountancy Functions (Consolidation) Act 2022, any accounting standards made or formulated or deemed to have been made or formulated, and any practice directions issued or deemed to have been issued, by the Council before 1 April 2023, and which have not been revoked before that date, shall continue in force after that date as if made or formulated or issued by the ASC after that date.
Singapore Financial Reporting Standards (International)
| Reference | Title | Effective Date | Issuance Date |
|---|---|---|---|
| SFRS(I) 10, SFRS(I) 1-28 | (PDF, 138KB) | To be determined | 29 Dec 2017 |
| SFRS(I) 1-1 | (PDF, 146KB) | 1 Jan 2024 | 29 May 2020 |
| SFRS(I) 1-1 | (PDF, 91KB) | - | 23 Jul 2020 |
| SFRS(I) 16 | (PDF, 191KB) | 1 Jan 2024 | 14 Dec 2022 |
| Various | (PDF, 197KB) | 1 Jan 2024 | 14 Dec 2022 |
| SFRS(I) 1-7, SFRS(I) 7 | (PDF, 130KB) | 1 Jan 2024 | 9 Jun 2023 |
| SFRS(I) 1-21, SFRS(I) 1 | (PDF, 227KB) | 1 Jan 2025 | 26 Sep 2023 |
Other accompanying documents
The SFRS(I)s should be read in the context of the Basis for Conclusions on IFRS Standards issued by the IASB. The Basis for Conclusions summarises the IASB's considerations in developing IFRS Standards. The use of the Basis for Conclusions is subject to the IFRS Foundation's Terms and Conditions (PDF, 171KB) as if they are materials on the IFRS Foundation's website.
Basis for Conclusions on IFRS Standards
| Reference | Title |
|---|---|
| IFRS 10, IAS 28 | (PDF, 299KB) (PDF, 408KB) |
| IAS 1 | (PDF, 160KB) |
| IAS 1 | (PDF, 138KB) |
| IFRS 16 | (PDF, 119KB) |
| Various | (PDF, 160KB) |
| IAS 7, IFRS 7 | (PDF, 173KB) |
| IFRS 1, IAS 21 | (PDF, 205KB) |
Accounting and Corporate Regulatory Authority
[PDF] Presentation of Financial Statements SB-FRS 1
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Consolidated Financial Statements of the Nestlé Group 2019
12 Feb 2020 Notes. 1. Accounting policies. 2. Scope of consolidation acquisitions and disposals of businesses
MAS Financial Statements - 2021/2022
28 Jun 2022 statement of the Group and the statement of comprehensive income and statement of changes in equity of the Authority for the financial year ...
BMW-Group-Income-Statements-2022-en.pdf
Selling and administrative expenses. 10. – 10616. – 9
AP21E: Presentation of the share of the profit or loss of associates
above operating profit (when presented);. 1 We refer to IG6 in IAS 1 'XYZ Group – Statement of profit or loss and other comprehensive income for the year
IFRS 17 Insurance Contracts: An illustration
income or expenses in the statement(s) of profit or loss and comprehensive ... previous interim financial statements when applying IFRS 17 in subsequent interim ...
IFRS 16 Effects Analysis
(b) publish general purpose financial statements for external users of financial statements.25 income statement and cash flow statement. However other ...
Annual Financial Statements 2022 Mercedes-Benz Group AG
13 Mar 2023 The items summarized in the balance sheet and the income statement are listed individually and explained in these notes. Notes to the Financial ...
Understanding a financial statement audit
The fair presentation of those financial statements is evaluated by independent auditors using a framework of generally accepted auditing standards (GAAS) which
Directors Statement 110 Independent Auditors Report 115
21 Apr 2023 The Directors are pleased to present their statement to the members together with the audited consolidated financial statements of. SATS Ltd. ( ...
income statement? For companies with material off balance sheet leases. IFRS 16 changes the nature of expenses related to those leases.
Financial Statements of BMW AG Financial Year 2020
17 Mar 2021 aggregated in the balance sheet and income statement and presented separately in the notes to the financial statements.
Consolidated Financial Statements of the Nestlé Group 2018
13 Feb 2019 Consolidated income statement for the year ended December 31 2018. Consolidated statement of comprehensive income for the year.
Tax time 2022 · How to access your income statement
Your income information will be available in the following ways: • your agent. • myGov – income statement. • your employer – payment summary.
Financial-Statements-2018-of-BMW-AG.pdf
21 Mar 2019 Total equity and liabilities. 45535. 41
Illustrative IFRS consolidated financial statements for The above consolidated statement of comprehensive income should be read in conjunction with the ...
Sample Disclosures: Accounting for Income Taxes
Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements
Paragraph 82(c) of IAS 1 Presentation of Financial Statements requires of associates and joint ventures in the statement(s) of financial performance.
AP21B: Analysis of expenses by function and by nature
IAS 1 Presentation of Financial Statements for the presentation of an those bases in the statement(s) of financial performance.
12 Feb 2020 Consolidated income statement for the year ended December 31 2019. Consolidated statement of comprehensive income for the year.
IMAGES
VIDEO
COMMENTS
Statutory Board Financial Reporting Standard 1 Presentation of Financial Statements (SB-FRS 1) is set out in paragraphs 1-140 and the Appendix. All the paragraphs have equal authority. SB-FRS 1 should be read in the context of its objective, the Preface to Statutory Board Financial Reporting
SB-FRS 1 Presentation of Financial Statements This guidance accompanies, but is not part of, SB-FRS 1. Illustrative financial statement structure IG1 SB-FRS 1 sets out the components of financial statements and minimum requirements for disclosure in the statements of financial position, profit or loss and other comprehensive income ...
Effective for annual reporting period beginning on 1 January 2023. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC^. ... FRS 1 : Presentation of Financial Statements (PDF, 369KB) IG (PDF, 293KB) FRS 2 : Inventories (PDF, 162KB) - FRS 7 : Statement ...
3. Presentation of financial statements - FRS 1 This overview is based on the version of FRS 1 'Presentation of financial statements' that is applicable up to financial periods commencing before 1 January 2009 (for example, 2007 and 2008 financial statements). A revised version of FRS 1 will apply from 2009. The objective of FRS 1 is to:
An amendment to FRS 1, 'Presentation of financial statements', applies from 1 July 2012 and impacts the disclosure of items presented in other comprehensive income. The revisions made to FRS 19, 'Employee benefits', are significant, will impact most entities and come into effect from 1 January 2013.
Financial Reporting StandardsEffective for annual reporting period beginning on 1 January 2024. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. FRSs are published for your own personal non-commercial use only, subject to the Terms & Conditions of ...
The following amendment to SFRS (I)s issued in May 2023 includes changes to the requirements in SFRS (I)s that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023. Entities are required to apply those changes when applying the requirements in the above collection of SFRS (I ...
Singapore Illustrative Financial Statements (IFS) 2007 - Updates for 2008. The Singapore IFS illustrates best practice disclosures and the requirements of the Singapore Companies Act, Singapore FRS, and the SGX Listing Manual. For the year ending 31 December 2008, the key changes in financial reporting requirements from 2007 are minimal and ...
This FRS 1 was revised in 2004 and amended in 2006. The primary objective of the FRS 1 is to offer a guide for the presentation of all financial statements. It also ensures that your business's financial statements of the past accounting period are compatible with other entities' financial statements. Scope.
2708 financial reporting standard frs presentation of financial statements this standard is applicable for annual reporting period beginning on january 2020. ... An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliable and more relevant to users of the financial ...
• Amendments to FRS 1, 'Presentation of financial statements' on the disclosure initiative. • Amendments to FRS 110, 'Consolidated financial statements' and FRS 28, 'Investments in associates and joint ventures' on Investment entities applying the consolidation exemption. Abbreviations used in the publication
Financial statements which are prepared for annual periods beginning on or after 1 January 2005 (but before 1 January 2009) should apply the requirements of FRS 1 (revised 2006) Presentation of Financial Statements which states in paragraph 8 that the components of financial statements are as follows. • a balance sheet; • an income statement;
1. FRS 101, Presentation of Financial Statements (supersedes FRS 101 2004) Executive summary 4 1.1 New definition for "impracticable" 4 1.2 Fair presentation and departures from FRSs 4 1.3 Classification of assets and liabilities 5 1.4 Presentation and disclosure 6 1.5 New disclosure on judgements made by management 7 1.6 Other changes 9 2.
Preface to Statutory Board Financial Reporting Standards-SB-FRS Conceptual Framework: SB-FRS Conceptual Framework for Financial Reporting-SB-FRS 1: Presentation of Financial Statements: IG: SB-FRS 2: Inventories-SB-FRS 7: Statement of Cash Flows: IE: SB-FRS 8: Accounting Policies, Changes in Accounting Estimates and Errors: IG: SB-FRS 10 ...
Introduction The 'Statutory Board Financial Reporting Standards' (SB-FRS) are issued by the Accountant-General and are required to be complied by all Statutory Boards in Singapore. SB-FRS is set by reference to Singapore Financial Reporting Standards (SFRS) issues by The Accounting Standards Council (ASC). Both sets of standards are virtually similar in principles and technical ...
the effective portion of gains and losses on hedging instruments in a cash flow hedge (see SB-FRS 39 Financial Instruments: Recognition and Measurement). Owners are holders of instruments classified as equity. Profit or loss is the total of income less expenses, excluding the components of other comprehensive income.
d of entity A's first SB-FRS reporting period is 31 December 20X5. Entity A decides to present comparative infor. atio. in those financial statements for one year only (see paragraph21). Therefore, its date of transition to SB-FRSs is the beginning of business on 1 Ja.
On 23 January 20201, the International Accounting Standards Board (IASB) issued amendments to IAS 1 Presentation of Financial Statements. The amendments are intended to clarify the requirements on determining whether a liability is current or non-current so as to promote consistency in application. The amendments shall be
Singapore Financial Reporting Standards (International)Changes effective for annual periods beginning after 1 January 2023. Singapore Financial Reporting Standards (International) (SFRS (I)s) refer to Singapore Financial Reporting Standards (International) and SFRS (I) Interpretations issued by the ASC^. SFRS (I)s are published for your own ...
SB-FRS 1 3 Statutory Board Financial Reporting Standard 1 Presentation of Financial Statements (SB-FRS 1) is set out in paragraphs 1-140 and the Appendix. All the paragraphs have equal authority. SB-FRS 1 should be read in the context of its objective, the Preface to Statutory Board Financial Reporting
SB-FRS 1 SB-FRS 1 PRESENTATION OF FINANCIAL STATEMENTS An entity shall apply this Standard for annual periods beginning on or after 1 January 2009. If an entity applies SB-FRS 1 for an earlier period, the amendments shall be applied for that earlier period. This Standard is equivalent to FRS 1 Presentation of Financial Statements issued by
View - Download Presentation of Financial Statements SB-FRS 1. Previous PDF : Next PDF : Consolidated Financial Statements of the Nestlé Group 2019. 12 Feb 2020 Notes. 1. Accounting policies. ... Paragraph 82(c) of IAS 1 Presentation of Financial Statements requires of associates and joint ventures in the statement(s) of financial performance. ...
Approval by the Board of Classification of Liabilities as Current or Non-current—Deferral of Effective Date issued in July 2020. Classification of Liabilities as Current or Non-current—Deferral of Effective Date, which amended IAS 1, was approved for issue by all 14 members of the International Accounting Standards Board. Hans Hoogervorst.