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ISCA Suite of Technical Guidance Relating to COVID-19

ISCA has issued a suite of technical guidance relating to COVID-19 which may be relevant to your organisations.

Authored By

Mr Low See Lien

Director

Assurance, Technical & Quality Control

lowseelien@nexiats.com.sg

Mr Titus Kuan

Director

Assurance & Technical

tituskuan@nexiats.com.sg

Please read below for more information and reach out to us should you require any clarifications.

Relevant materials on accounting relating to COVID-19:

  • ISCA’s Auditing and Assurance Standards Committee (AASC) and Financial Reporting Committee (FRC), in collaboration with ACRA, have formed a joint COVID-19 Working Group. The Working Group has published guidance in the form of FAQs on ISCA’s COVID-19 Series webpage to share its deliberations on accounting and auditing issues faced by the profession. You can access the FAQs [here]. The Working Group will continue to issue new FAQs to support the profession throughout this challenging period.

 

  • Financial Reporting Bulletin 2 (FRB 2) has been issued to address the question of whether the COVID-19 outbreak is an adjusting or non-adjusting event for entities with a 31 December 2019 financial reporting date and other accounting implications arising from the outbreak. You can access FRB 2 [here].

 

  • Financial Reporting Bulletin 5 (FRB 5) has been issued to provide accounting guidance and key considerations on how to account for Singapore property tax rebate arising from the COVID-19 Government relief measure. You can access FRB 5 [here].

 

Financial Reporting Bulletin 3 (FRB 3) and Financial Reporting Bulletin 4 (FRB 4):

  • In January 2020, the IASB issued amendments to IAS 1 which clarify the requirements on determining whether a liability is current or non-current. FRB 3 was issued to assist members in understanding and applying these amendments to certain commonly encountered scenarios in Singapore such as ‘long-term loans with callable clauses’ and ‘term loans with rollover facilities’. You can access FRB 3 [here]

 

  • FRB 4 was issued to address anticipated questions on the application of the Codification Framework issued in November 2019. You can access FRB 4 [here]

Topics in this Pulse

Pulse, Covid-19 Resources