2025 ASC News

10 December 2025

The ASC has issued Amendments to Illustrative Examples on SFRS(I) 7, SFRS(I) 18, SFRS(I) 1-1, SFRS(I) 1-8, SFRS(I) 1-36 and SFRS(I) 1-37: Disclosures about Uncertainties in the Financial Statements and Amendments to Illustrative Examples on FRS 107, FRS 118, FRS 1, FRS 8, FRS 36 and FRS 37: Disclosures about Uncertainties in the Financial Statements.

4 December 2025

The ASC invites comments on Exposure Draft ED/2025/1 Risk Mitigation Accounting—Proposed amendments to IFRS 9 and IFRS 7 and the Request for Fieldwork by 17 April 2026. Entities managing repricing risk on a net basis are encouraged to participate in the Request for Fieldwork to assess the practical application and effects of the proposed risk mitigation accounting model.

10 November 2025

The ASC has issued Amendments to SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures and Amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures, effective for annual reporting periods beginning on or after 1 January 2027.

31 October 2025

The Accounting and Corporate Regulatory Authority (ACRA), with the approval of the Minister for Finance, has appointed Mr Cheung Pui Yuen as the Chairperson-Designate of the Accounting Standards Committee (ASC) from 1 November 2025 to 31 March 2026 and as Chairperson from 1 April 2026 to 31 March 2027. In addition, Mr Kee Rui Xiong has been appointed as a new ASC member from 1 November 2025 to 31 March 2027. Click here for the announcement.

13 October 2025

The ASC has submitted its comment letter to the IASB on Request for Information: Post-implementation Review of IFRS 16 Leases.

8 September 2025

An article FRS 119 — Extending the benefits of reduced disclosures to more entities is published to provide insights on the amended FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures.

18 August 2025

The ASC has issued the third edition of the SFRS for Small Entities, effective for annual reporting periods beginning on or after 1 January 2027.

18 August 2025

The ASC has issued the amended FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures, effective for annual reporting periods beginning on or after 1 January 2027.

24 June 2025

The ASC has withdrawn Practice Statement 1 Management Commentary from FRS with effect from 24 June 2025. The withdrawal is part of an ongoing review by the ASC to streamline the number of frameworks and guidance that it has issued.

Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity's financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.

The withdrawal would align FRS with SFRS(I), which does not have an equivalent Practice Statement.

19 June 2025

The ASC invites comments on Request for Information: Post-implementation Review of IFRS 16 Leases by 20 August 2025.

1 April 2025
ACRA, with the approval of the Minister for Finance, has appointed the Chairman and members of the ASC. These appointments will take effect from 1 April 2025. Click here for the announcement.

7 March 2025

The ASC has submitted its comment letter to the IASB on ED/2024/8 Provisions—Targeted Improvements.

6 February 2025

With effect from 7 February 2025, Mdm Esther Wee Yu will assume the position as the Accountant-General of the Accountant-General's Department and be appointed as a member of the ASC. The composition of the ASC can be found here.

17 January 2025

The ASC has submitted its comment letter to the IASB on ED/2024/7 Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures (revised 202x).

16 January 2025

2025 Volumes of SFRS(I)s and FRSs
The ASC has published the collections of SFRS(I)s and FRSs that are required to be applied for annual reporting period beginning on 1 January 2025. The collections include official pronouncements that have been issued by the ASC up to 31 December 2024, but do not include new/revised/amendments to SFRS(I)s and FRSs which are effective for annual reporting periods beginning after 1 January 2025.