The last three years have been very challenging for many preparers of financial statements as a result of numerous changes in the Singapore Financial Reporting Standards (FRS), following similar changes in the International Financial Reporting Standards (IFRS). Almost every FRS has been revised and many new ones issued, some of which are highly complex in its application.
Although there are relatively fewer changes to the FRS that are effective in 2006, practitioners continue to grapple with interpretations and practices that are evolving as these are sometimes not explicitly addressed in the standards. In July 2006, the International Accounting Standards Board announced that it will be providing a more stable platform for companies applying IFRS and will not require the application of new or revised IFRS before 2009, other than for some specifically identified ones, which will be effective earlier. As we are expecting a more stable FRS platform, 2007 and 2008 will be an opportune time for practitioners to take stock and smooth out the teething problems encountered in adopting new complex standards such as those relating to financial instruments, business combinations and share-based payments.
In 2006, the Singapore Companies (Amendment) Act 2005 also became effective, which inter alia allows companies to buy back their own shares from capital, hold these shares as treasury shares and abolishes the par value and authorised share capital for companies. The Code of Corporate Governance which was revised in 2005 will also be applicable for listed companies holding their Annual General Meetings on or after 1 January 2007.
This 2006 edition of the Illustrative Annual Report, first published in 2003, contains the up-to-date best practice corporate disclosures in compliance with the Singapore Companies Act, the Singapore FRS, and the Singapore Exchange Securities Trading Listing Manual for companies with financial year ending 31 December 2006. While this publication provides a useful reference point for the preparation of your companies’ annual reports and/or statutory financial statements, we also encourage you to consult your PricewaterhouseCoopers audit partner and manager if you have any questions or comments regarding corporate disclosure requirements applicable for this financial year.
|1.||Foreword and Publication Guide (134kb)|
|2.||List of Technical Pronouncements (98kb)|
|3.||Comparison between FRS and IFRS (87kb)|
|4.||Summary of Key Changes from FRS (127kb)|
|5.||Index to Illustrative Annual Report (87kb)|
|6.||Board of Directors and Corporate Governance Report (168kb)|
|7.||Directors' Report, Statement by Directors and Auditors' Report (139kb)|
|8.||Financial Statements (131kb)|
|9.||Notes to the Financial Statements (527kb)|
|10.||Additional Disclosure Requirements (109kb)|
|11.||Shareholders’ Information (78kb)|
|12.||Additional Disclosures Illustration (119kb)|
|14.||Contact Details (339kb)|