Corporate Support Services Updates

IASB issues IFRS 9, ‘Financial instruments’

The IASB has published the complete version of IFRS 9, ‘Financial instruments’, which replaces the guidance in IAS 39. This final version includes requirements on the classification and measurement of financial assets and liabilities; it also includes an expected credit losses model that replaces the incurred loss impairment model used today. The final hedging part of IFRS 9 was issued in November 2013.

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Government Paid Leave Scheme

The Government Paid Leave Schemes have been introduced to provide more comprehensive support for Singaporeans in getting married and starting their families. The Marriage and Parenthood (M&P) package was announced back in January 2013. A key component of the 2013 package is the enhancement and introduction of new work-life measures to help working couples balance work and family commitments as well as enable fathers to play a bigger role in bringing up their children.

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Companies (Amendment) Act 2014 – Changes to Financial Statements

In the last issue of our newsletter, we discussed how the Companies (Amendment) Act 2014 (the “CAA”) affects the annual filing requirements for dormant and small companies. We also noted that the legislative changes under the CAA will come into force in two phases, on 1 July 2015 (“Phase 1”), and in the first quarter of 2016 (“Phase 2”).
This time, we look at some changes to the provisions for financial statements brought about by the CAA.

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