Intent Declared Summary

As described on the Deloitte IAS Plus website, in 2001, the Disclosure and Accounting Standards Committee (DASC) of the Institute of Certified Public Accountants of Singapore (ICPAS) recommended the adoption of International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). The Singapore government subsequently accepted all of the DASC recommendations, and in 2004 the Council on Corporate Disclosure and Governance (CCDG) issued revised standards which were "almost identical" to those issued by the IASB in 2005 under the Improvements Project (with the exception of the international standard on Investment Property). These revised Singapore Financial Reporting Standards (FRSs) became effective for financial periods beginning on or after January 1, 2005. In 2007, the Accounting Standards Council (ASC) superseded the CCDG as the national accounting standards-setter. According to the ASC website, the Council continues to implement its predecessor's policy of adopting IFRSs and plans to "track closely" new IFRSs in order to consider them for adoption in Singapore. More recently, a 2009 ICPAS Action Plan reiterates Singapore’s commitment towards harmonization of accounting practices, asserting that the ASC continues to adopt IFRSs with modifications to reflect local legal environment. Overall, as pointed out by multiple sources on the subject, Singaporean standards deviate from their international counterparts only in specific and exceptional instances. In a May 2009 address at a KPMG Asia-Pacific IFRS conference, Mr. Tharman Shanmugaratnam, the Minister of Finance of Singapore, announced that the ASC is working towards full convergence with IFRSs for listed companies by the year 2012. As for small and medium-sized entities (SMEs), in line with the IFRS for SMEs issued by the IASB, per a 2009 Deloitte publication, an Exposure Draft on SMEs has been circulated which allows simplified reporting requirements for entities with no public accountability. Further, in June 2010, the ASC issued a Statement of Intent for the future adoption of IFRS for SMEs as a Singaporean FRS for SMEs.

General Overview

The Accounting Standards Council (ASC) was created in 2007 with the enactment of the Accounting Standards Act, which led to the dissolution of the Council on Corporate Disclosure and Governance (CCDG) effective as of November 2007. The ASC prescribes standards for all companies, including charities, co-operatives, and societies. As explained on its website, among other functions "the ASC will track closely the introduction of new International Financial Reporting Standards (IFRS) for possible application in Singapore, it will also take into account the local economic and business circumstances and context, as well as the entity to which the accounting standards would apply to." In general, ASC policy has been to adopt IFRSs, although with modifications, and the Council believes that convergence with international standards will help achieve greater transparency and comparability with regard to financial information. It will also reduce the cost of compliance for companies investing in Singapore and local companies investing abroad.

Since late 2000, Singapore authorities have been working toward aligning national standards with their international equivalents. As explained on the Deloitte & Touche Tohmatsu IAS Plus website, in 2001, the Disclosure and Accounting Standards Committee (DASC) of the Institute of Certified Public Accountants of Singapore (ICPAS) recommended the adoption of IFRSs instead of the Singapore Accounting Standards (SASs). The Singapore government subsequently accepted all of the DASC recommendations and, in 2002, issued the Companies (Accounting Standards) Regulations. These regulations require adherence to the CCDG-issued Financial Reporting Standards (FRSs) which were modeled after the international equivalents. The following year, in line with the IASB Improvements Project, the CCDG approved revised standards which were "almost identical" to the revised international standards, with the exception of IAS 40. These revised FRSs became effective for periods beginning on or after January 1, 2005. As stated in the July 2006 update on the Deloitte & Touche Tohmatsu IAS Plus website's Singapore country page, "the CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of... IFRS, though some differences between Singapore Financial Reporting Standards and IFRSs remain." A 2009 Deloitte publication also mentions the fact that FRSs and interpretations of FRSs are largely aligned with the corresponding international standards, “except for certain modifications to effective dates and transitional provisions, and differences in timing of adoption” (p. 68).

A more recent 2009 ICPAS Action Plan prepared as part of the International Federation of Accountants (IFAC) self-assessment asserts that in its ongoing efforts towards harmonization of accounting practices, the ASC continues to adopt IFRSs with modifications to reflect local legal environment. In a May 2009 address at a KPMG Asia-Pacific IFRS conference, Mr. Tharman Shanmugaratnam, the Minister of Finance of Singapore, announced that the ASC is working towards full convergence with IFRSs for listed companies by the year 2012. Furthermore, the Minister explained that this would set the stage for further interaction with the IASB so that regional concerns get adequately addressed going forward. As for small and medium-sized entities (SMEs), in line with IFRS on SMEs issued by the IASB, per a 2009 Deloitte publication, in Singapore an Exposure Draft on SMEs has been proposed which allows simplified reporting requirements for entities with no public accountability. The ASC further strengthened its commitment to adoption of IFRS for SMEs on June 23, 2010 by issuing a Statement of Intent, per the Deloitte IAS Plus website. As explained in the statement of intent, the ASC taskforce on SMEs proposes to establish a differential reporting framework for SMEs that do not have public accountability and “the ASC has considered the proposals of the ASC SME Taskforce and concurs that there are advantages to have in place a differential reporting framework for small entities in Singapore” (p. 4). The ASC explains its reasons for introducing the IASB's IFRS for SMEs as the Singapore FRS for Small Entities noting that “the ASC believes that the adoption of the IFRS for SMEs would benefit the smaller entities in Singapore by reducing undue financial reporting burden arising from the considerable number of recognition and measurement bases and detailed disclosures requirements." Small entities are defined as companies that either have no public accountability or qualify as small entities if they satisfy two of the following three criteria: (1) total annual revenue of not more than USD10 mil; (2) total gross assets of not more than USD10 mil; and (3)number of employees not more than 50.

According to the 2005 ICPAS self-assessment, the legal framework governing accounting and auditing practices is largely contained in the Companies Act. The Companies Act is supplemented by the Securities and Futures Act, and the Listing Rules of the Singapore Stock Exchange (SGX). The ASC website explains that the monitoring and enforcement of accounting standards is performed by specific regulators, namely: the Accounting and Corporate Regulatory Authority (ACRA) for companies, the Commissioner of Charities, the Registrar of Co-operative Societies, and the Registrar of Societies. The ACRA was formed in 2004 by the enactment of the Accounting and Corporate Regulatory Authority Act following a merger between the Registry of Companies and Businesses and the Public Accountants Board. According to its 2005 self-assessment, the ACRA is responsible for the registration of public accountants, accounting corporations, and accounting firms, as well as the regulation of the auditing practice in Singapore.

Listed companies in Singapore adhere to the Listing Rules of the SGX. Noncompliance with accounting requirements can lead to reprimand, fine, suspension, and expulsion. As of December 2007, the SGX had revised its listing rules "to improve market efficiency and promote accountability of listed companies" (p. 6), per the 2007 KPMG report on Financial Reporting Matters. The Monetary Authority of Singapore (MAS), Singapore's central bank, administers prudential oversight over the banking, futures, and insurance industries. According to the 2005 ICPAS self-assessment, financial institutions are subject to MAS notices and guidelines in addition to the accounting and auditing requirements. Further, the MAS has the power to review the financial statements of listed financial institutions to monitor compliance with accounting and disclosure requirements. As for professional ethics, the December 2009 KPMG on Reporting Matters points out that starting August 1, 2009 public accountants and members of ICPAS are required to abide by an enhanced Code of Professional Conduct and Ethics which is based on the Code of Ethics issued by the IFAC. As explained in the KPMG newsletter, “the issuance of the enhanced Code is part of ACRA’s commitment to providing an internationally reputed regulatory framework for auditing in Singapore” (p. 11). The ICPAS is listed as member on the IFAC website and, per the 2009 action plan, the Institute will adopt the IFAC code that is currently in effect by 2009.

The Principles

ENIFRS 1: First-time Adoption of International Financial Reporting Standards (effective 2010)

According to the text of FRS 101 First-time Adoption of International Financial Reporting Standards, this standard was issued by the CCDG in 2003 and became operative for financial statements for periods beginning on or after January 1, 2004. Per the 2005 KPMG report, at the time of the assessment FRS 101 was aligned with the international equivalent. FRS 101 was, however, revised in 2008 as part of the annual improvements project and the revised version replaces the earlier FRS 101. As noted in the text of the standard, “the version of FRS 101 revised in 2008 retains the substance of the previous version, but within a changed structure” (p. 5). The revised FRS 101 is effective for periods starting July 1, 2009 with earlier application permitted.

ENIFRS 2: Share-based Payment (effective 2010)

According to the text of FRS 102 Share-based Payment, this standard was issued by the CCDG in 2004 and listed companies are required to apply the standard for annual periods beginning on or after January 1, 2005. Other entities incorporated or registered in Singapore are required to apply this standard for annual periods beginning on or after January 1, 2006, with early application encouraged. Amendments to this standard were made in January 2006. Furthermore, as noted in the amended version of FRS 102, this standard was amended in October 2009 and the amendments to all share based payments became effective for periods beginning January 1, 2010 with earlier application permitted. However, the only difference noted in the 2009 Deloitte publication is that “the cut-off grant date for retrospective treatment of equity-settled share based payment is 7 November 2002 under IFRS 2 and 22 November 2002 under FRS 102” (p. 69).

ENIFRS 3: Business Combinations (effective 2010)

According to the text of FRS 103 Business Combinations, this standard was issued by the CCDG in 2004 and superseded FRS 22 Business Combinations issued in January 2003. The only difference noted in the 2005 KPMG report was with regard to the effective date. Subsequently, this standard was revised in January 2008 superseding FRS 103 Business Combinations issued in July 2004. The revised FRS 103 comes into effect for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after July 1, 2009. Earlier application is permitted, provided that FRS 27 (as amended in 2008) is applied at the same time.

ENIFRS 4: Insurance Contracts (effective 2006)

According to the text of FRS 104 Insurance Contracts, this standard was issued by the CCDG in 2004 and became operative for financial statements covering periods beginning on or after January 1, 2005. It was later revised in January 2006. The 2005 KPMG and the subsequent Deloitte reports do not make note of any differences between FRS 104 and the equivalent international standard.

ENIFRS 5: Non-current Assets Held for Sale and Discontinued Operations (effective 2010)

According to the text of FRS 105 Non-current Assets Held for Sale and Discontinued Operations, this standard was issued by the CCDG in 2004 and became operative for financial statements covering periods beginning on or after January 1, 2005. Amendments were made in February 2007 effective January 1, 2009. The 2005 KPMG and the subsequent Deloitte reports do not make note of any differences between FRS 105 and the equivalent international standard.

ENIFRS 6: Exploration for and Evaluation of Mineral Resources (effective 2006)

According to the text of FRS 106 Exploration for and Evaluation of Mineral Assets, this standard was issued by the CCDG in 2005 and became operative for financial statements covering periods beginning on or after January 1, 2006. Amendments were made in February 2007 effective January 1, 2009. The 2009 Deloitte report does not make note of any differences between FRS 105 and the equivalent international standard.

ENIFRS 7: Financial Instruments: Disclosures (effective 2009)

According to the text of FRS 107 Financial Instruments: Disclosures, this standard "applies to companies incorporated or foreign companies registered under the Companies Act, that have been admitted to the official list of a securities exchange in Singapore and have not been removed from that official list, for annual periods beginning on or after January 1, 2007" (cover page). Other entities incorporated or registered in Singapore will apply this standard beginning on or after January 1, 2008, with early application encouraged. The only difference noted in the 2007 Deloitte publication is with regard to the application dates. However, subsequent amendments were made to FRS 107 and the latest amendment in April 2009, the text of the amended FRS 107 notes that the amendments “require enhanced disclosures about fair value measurements and liquidity risk” (p. 3). An ED for FRS 107 and FRS 39 has been issued by the ASC with the invitation to comment period expiring June 17, 2009.

ENIFRS 8: Operating Segments (effective 2010)

According to the text of FRS 14 Segment Reporting, this standard was issued by the CCDG in January 2003, effective for financial statements covering periods beginning on or after January 1, 2000. At the time of the assessment, the 2005 KPMG comparison did not make note of any differences between FRS 14 and the corresponding international standard. Amendments were made in July 2004, September 2004, and January 2006. According to the 2007 Deloitte publication, "a new standard FRS 108 Operating Segments has been issued and will take effect in 2009. Per the Deloitte 2008 publication, “FRS 108 replaces FRS 14 Segment Reporting, and is applicable for entities whose equity or debt securities are publicly traded and entities that are in the process of issuing equity and debt securities in public securities markets” (p. 2). The text of FRS 108 notes that this standard applies to annual periods beginning January 1, 2009 and earlier application is encouraged.

ENIAS 1: Presentation of Financial Statements (effective 2010)

According to the text of FRS 1 Presentation of Financial Statements, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 2000. The 2003 FRS 1 was superseded by a revised FRS 1 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report did not make note of any differences between FRS 1 and the corresponding international standard. Amendments to FRS 1 were made in September 2004, June 2005, January 2006, and July 2007. Per the text of the amended FRS 1, this standard was revised in 2008 and the amendments are effective January 1, 2009. Earlier application is permitted.

ENIAS 2: Inventories (effective 2005)

According to the text of FRS 2 Inventories, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after July 1, 1997. The 2003 FRS 3 was superseded by a revised FRS 3 in July 2004 effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 2 and the corresponding international standard.

ENIAS 7: Cash Flow Statements (effective 2010)

According to the text of FRS 7, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1995. Further, amendments were made in July 2004, February 2007, and July 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 7 and the corresponding international standard.

ENIAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 2005)

According to the text of FRS 8, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after July 1, 2000. The 2003 FRS 8 was superseded by a revised FRS 8 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. Amendments were made in September 2004. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 8 and the corresponding international standard.

ENIAS 10: Events after the Reporting Period (effective 2005)

According to the text of FRS 10 Events After the Balance Sheet Date, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 10 was superseded by a revised FRS 10 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. Amendments were made in September 2004 and January 2006. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 10 and the corresponding international standard.

ENIAS 11: Construction Contracts (effective 1995)

According to the text of FRS 11 Construction Contracts, this standard was issued by the CCDG in January 2003 effective for financial statements covering periods beginning on or after January 1, 1995. Amendments were made in July 2004 and July 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 11 and the corresponding international standard.

ENIAS 12: Income Taxes (effective 2001)

According to the text of FRS 11 Construction Contracts, this standard was issued by the CCDG in January 2003 effective for financial statements covering periods beginning on or after January 1, 1995. Amendments were made in July 2004 and July 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 11 and the corresponding international standard.

NCIAS 16: Property, Plant and Equipment (revised 2009)

According to the text of FRS 16 Property, Plant and Equipment, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 1997. The 2003 FRS 16 was superseded by a revised FRS 16 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report noted that the Singaporean standard had not been aligned with the international equivalent. Amendments were made in September 2004, August 2005, and July 2007. However, differences still persist. According to the November 2009 Deloitte publication, “FRS 16 exempts regular revaluation for assets on which any one-off revaluation is performed between 1 January 1984 and 31 December 1996 (both dates inclusive) or for assets that have been revalued prior to 1 January 1984, whereas IAS 16 does not give such an exemption” (p. 68).

ENIAS 17: Leases (effective 2010)

According to the text of FRS 17 Leases, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 2000. The 2003 FRS 17 was superseded by a revised FRS 17 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. At the time of the assessment, the 2005 KPMG report noted that the Singaporean standard had not been aligned with the international equivalent. Amendments were made in September 2004 and January 2006. More recently, in a 2009 address at the KPMG Asia-Pacific IFRS conference, the Singaporean Minister of Finance points out that “the IASB has taken feedback and recently made revisions to the standard to allow such long term leasehold land to be allowed as a finance lease [and] with this new amendment, the treatment of leasehold land in Singapore is now aligned with the international treatment.” The November 2009 Deloitte publication confirms these observations noting that “with this amendment [to IAS 17 ], FRS 17’s treatment of leases of land does not change, but IAS 17’s treatment of leases of land appear to be consistent with FRS 17” (p. 30).

ENIAS 18: Revenue (effective 1995)

According to the text of FRS 18 Revenue, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January1, 1997. Amendments were made in July and September 2004. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 18 and the corresponding international standard.

ENIAS 19: Employee Benefits (revised 2009)

According to the text of FRS 19 Employee Benefits, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. This standard was revised in June 2005 and amendments were made in January 2006 and February 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 19 and the corresponding international standard. An ED for FRS 19 has been issued by the ASC with the invitation to comment period expiring September 21, 2009.

ENIAS 20: Accounting for Government Grants and Disclosure of Government Assistance (revised 2009)

According to the text of FRS 20 Accounting for Government Grants and Disclosure of Government Assistance, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1985. Amendments were made in July 2004. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 20 and the corresponding international standard.

ENIAS 21: The Effects of Changes in Foreign Exchange Rates (effective 2005)

According to the text of FRS 21 Effects of Changes in Foreign Exchange Rates, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1997. The 2003 FRS 21 was superseded by a revised FRS 21 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early adoption encouraged. A second revision was made in 2006. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 21 and the corresponding international standard.

ENIAS 23: Borrowing Costs (revised 2009)

According to the text of FRS 23 Borrowing Costs, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1997. The 2003 FRS 21 was superseded by a revised FRS 21 in July 2007, effective January 1, 2009, and early application is permitted. The 2007 Deloitte publication noted that "FRS 23 Borrowing Costs is revised to eliminate the option of expensing borrowing costs directly attributable to qualifying assets. FRS 108 and the revised FRS 23 are adopted from the equivalent IFRS, which were developed as part of the IASB's efforts to converge with US GAAP in the accounting areas concerned" (p. 2).

ENIAS 24: Related Party Disclosures (effective 2005)

According to the text of FRS 24 Related Party Disclosures, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1987. The 2003 FRS 24 was superseded by a revised FRS 24 in July 2004, effective for periods beginning on or after January 1, 2005. Amendments were made in June 2005. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 24 and the corresponding international standard.

ENIAS 26: Accounting and Reporting by Retirement Benefit Plans (effective 1998)

According to the text of FRS 26 Accounting and Reporting by Retirement Benefit Plans, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1988. Amendments were made in July 2004. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 26 and the corresponding international standard.

NCIAS 27: Consolidated and Separate Financial Statements (effective 2010)

According to the text of FRS 27 Consolidated and Separate Financial Statements, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1990. The 2003 FRS 27 was superseded by a revised FRS 27 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004 and February 2007. The 2007 Deloitte publication observed that "the revised FRS 27 exempts a parent from presenting consolidated financial statements if its holding company produces consolidated financial statements available for public use, whereas under the revised IAS, such an exemption applies only if the holding company produces consolidated financial statements available for public use that comply with IFRS" (p. 17). Amendments were made to FRS 27 in October 2008; however, differences still persist. As explained in the November 2009 Deloitte publication, “the revised FRS 27 exempts a parent from presenting consolidated financial statements if its holding company produces consolidated financial statements available for public use whereas under the revised IAS 27, such an exemption applies only if the holding company produces consolidated financial statements available for public use that comply with IFRS” (p. 69).

NCIAS 28: Investments in Associates (revised 2009)

According to the text of FRS 28 Investments in Associates, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1991. The 2003 FRS 28 was superseded by a revised FRS 28 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 28 had not been aligned with the international equivalent. The subsequent 2007 Deloitte report also observed some differences between FRS 28 and the corresponding international standard. Per the November 2009 Deloitte publication, “the revised FRS 27 exempts a parent from presenting consolidated financial statements if its holding company produces consolidated financial statements available for public use whereas under the revised IAS 27, such an exemption applies only if the holding company produces consolidated financial statements available for public use that comply with IFRS” (p. 69).

NCIAS 29: Financial Reporting in Hyperinflationary Economies (revised 2009)

According to the text of FRS 29 Financial Reporting in Hyperinflationary Economies, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after April 1, 2001. Amendments were made in July 2004. The November 2009 Deloitte publication points out that “the revised FRS 27 exempts a parent from presenting consolidated financial statements if its holding company produces consolidated financial statements available for public use whereas under the revised IAS 27, such an exemption applies only if the holding company produces consolidated financial statements available for public use that comply with IFRS” (p. 69).

NCIAS 31: Interests in Joint Ventures (revised 2009)

According to the text of FRS 31 Financial Reporting of Interests in Joint Ventures, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1995. The 2003 FRS 31 was superseded by a revised FRS 31 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 31 had not been aligned with the international equivalent. The subsequent Deloitte reports report also noted some differences between FRS 31 and the corresponding international standard.

NCIAS 32: Financial Instruments: Disclosure and Presentation (effective 2010)

According to the text of FRS 32 Financial Instruments: Presentation, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 32 was superseded by a revised FRS 32 in July 2004, effective for annual periods beginning on or after January 1, 2005. Amendments were made in September 2004 and January 2006. The 2005 KPMG comparison and the 2007 Deloitte report do not make note of any differences between FRS 32 and the equivalent international standard. FRS 32 was last amended in August 2008 and, according to the text of the amended standard, “FRS 32 was amended by requiring some puttable financial instruments and some financial instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation to be classified as equity” (p. 5). These amendments are effective January 1, 2009 and early application is permitted.

ENIAS 33: Earnings per Share (effective 2005)

According to the text of FRS 33 Earnings per Share, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 1999. The 2003 FRS 33 was superseded by a revised FRS 33 in July 2004, effective for annual periods beginning on or after January 1, 2005, with early application encouraged. Amendments were made in September 2004, January 2006, and February 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 33 and the corresponding international standard.

ENIAS 34: Interim Financial Reporting (effective 1999)

According to the text of FRS 34 Interim Financial Reporting, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2001. Amendments were made in July 2004, September 2004, and February 2007. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 34 and the corresponding international standard.

ENIAS 36: Impairment of Assets (revised 2009)

According to the text of FRS 36 Impairment of Assets, FRS 36 issued by the CCDG in 2003 was superseded by a revised FRS 36 in 2004, effective for annual periods beginning on or after July 1, 2004. Amendments were made in September 2004 and February 2007. The revisions were made to improve the quality of the standard and also seek international convergence on the accounting for business combinations following the issuance of FRS 103. The 2005 KPMG comparison noted discrepancies with regard to the effective date. However, the subsequent Deloitte reports does not make note of any differences between FRS 36 and the corresponding international standard.

ENIAS 37: Provisions, Contingent Liabilities and Contingent Assets (effective 1999)

According to the text of FRS 37 Provisions, Contingent Liabilities and Contingent Assets, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2000. The 2003 FRS 37 was superseded by a revised FRS 37 in July 2004. Amendments were made in July 2004, September 2004, and January 2006. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 37 and the corresponding international standard.

ENIAS 38: Intangible Assets (effective 2010)

According to the text of FRS 38 Intangible Assets, the revised standard superseded FRS 38 issued the previous year and is applicable for annual periods beginning on or after July 1, 2004. Amendments were made in August 2005 and July 2007. At the time of the assessment, the 2005 KPMG report noted that FRS 38 had not been aligned with the equivalent international standard. However, the subsequent Deloitte reports do not make note of any differences in FRS 38 and the corresponding international standard.

ENIAS 39: Financial Instruments: Recognition and Measurement (effective 2010)

According to the text of FRS 39 Financial Instruments: Recognition and Measurement, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after January 1, 2005. A revised FRS 39 superseded the 2003 FRS 39 in September 2004. At the time of the assessment, the 2005 KPMG report noted that FRS 39 had been aligned with the international equivalent. Amendments were made in June 2005, January 2006 and the latest in April 2009 applicable for periods ending on or after June 30, 2009. An ED for FRS 107 and FRS 39 has been issued by the ASC with the invitation to comment period expiring June 17, 2009.

ENIAS 40: Investment Property (effective 2009)

According to the text of FRS 40, this standard is applicable for annual periods beginning on or after January 1, 2007, with early application encouraged. Other than discrepancies in effective date, the 2005 KPMG and the subsequent Deloitte reports do not make note of any differences between FRS 40 and the corresponding international standard.

ENIAS 41: Agriculture (effective 2009)

According to the text of FRS 41 Agriculture, this standard was issued by the CCDG in 2003 and became operative for financial statements covering periods beginning on or after October 1, 2001. Amendments were made in July and September 2004. The 2005 KPMG comparison and the subsequent Deloitte reports do not make note of any differences between FRS 41 and the corresponding international standard.