Financial Reporting Matters 2009 | KPMG | SG

Financial Reporting Matters 2009

Financial Reporting Matters 2009

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 2009

December

  • Issue 29 (PDF, 126KB)
    In this year-end issue, we provide an overview of changes in financial reporting standards for 2009 and introduce those changes that will become effective in 2010. We also highlight other key developments that have an impact on financial reporting and provide an update on the IASB's activities arising from the global financial crisis.
     

September

  • Issue 28 (PDF, 160KB)
    In this issue, we discuss the revisions made to FRS 103 Business Combinations and FRS 27 Consolidated and Separate Financial Statements (2009) and the second annual Improvements to FRSs 2009. We also provide an update on IASBís activities, and summarise its progress to address the accounting issues that surfaced as a result of the global financial crisis.


June

  • Issue 27 (PDF, 146KB) 
    This issue, we provide an update on IASB's activities and discuss two resulting amendments to financial reporting standards already adopted in Singapore.We also highlight the recent changes to the SGX Listing Manual and to the financial statement announcements to be released via SGXNet. In addition, we look at the ASC's decision to fully converge FRS with IFRS for Singapore-incorporated companies listed on the SGX by 2012. Lastly, we summarise the adoption of the revised International Standards on Auditing and how it impacts our work and our clients.


March

  • Issue 26 (PDF, 155KB) 
    In this issue, we discuss some of the accounting issues to consider as entities prepare for their 31 March 2009 quarterly or year-end financial reporting. We also discuss the accounting for the reduction in corporate income tax rate and the Jobs Credit Scheme introduced in the recent Budget, INT FRS 117 on distributions of non-cash assets to owners, IFRIC 18 on transfers of assets from customers and ED 10 on consolidated financial statements.


January

  • Issue 25 (PDF, 145KB) 
    In this special report on the credit crisis, we take the opportunity to address some of the key questions that may arise as board members review and approve the financial statements of their companies for the year ended 31 December 2008, such as what issues to look out for, how they have been dealt with and what has been disclosed to shareholders.

    We have also summarised the key best practice guidelines of the AC discussed in the recent ACGC Guidebook in this publication and provided an update on fair value accounting.

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