Jul/Aug 2023 Issue of ACRAConnect

JUL / AUG 2023

Seeking your feedback on mandatory climate-related financial information reporting for companies in Singapore

ACRA and the Singapore Exchange Regulation (or SGX Regco) are seeking public feedback on the recommendations developed by the Sustainability Reporting Advisory Committee to advance climate reporting in Singapore. The public consultation will run from 6 July to 30 September 2023.

The key recommendations are:

1. Mandatory climate reporting from FY2025 for all listed issuer;

2. Mandatory climate reporting from FY2027 for large non-listed companies.

We welcome your feedback. You may access the public consultation documents on the REACH consultation portal, and ACRA and Singapore Exchange websites, and submit your comments through FormSG before 30 September 2023.

Seeking your feedback on the Post-implementation Review of International Financial Reporting Standards

The Accounting Standards Council (ASC) invites comments on the Post-implementation Review of International Financial Reporting Standards (IFRS) 15 Revenue from Contracts with Customers, undertaken by the International Accounting Standards Board (IASB).

IFRS 15 was developed jointly by IASB with the US Financial Accounting Standards Board (FASB) to improve the accounting for revenue arising from contracts with customers.

Members of the public are invited to provide comments to feedback_ASC@acra.gov.sg by 8 September 2023.

Read more here about Request for Information: Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

'The Future of Business Valuation: Embracing Shifts and Innovation'

Sign up for IVAS-IVSC Business Valuation Conference (3 Oct - 4 Oct) to gain expert insights on the latest industry developments and connect with key industry leaders and fellow Business Valuation professionals.

Organised by the Institute of Valuers & Appraisers, Singapore (IVAS) and the International Valuation Standards Council (IVSC), the 2-day hybrid conference, will cover key business valuation trends in areas such as ESG factors, disruptive technology, IA and IP, and more.

Register here. Registration closes on 28 September 2023.

ACRA's trustBar service for customer's convenience

Log onto ACRA's trustBar portal (acratrustbar.gov.sg) for 24/7, free-of-charge, verification service for Business Profiles and Business Certificates (Incorporation/ Registration), anytime and anywhere.

Since its launch in March this year, ACRA's trustBar service has verified over 27,000 Business Profiles (BPs) and Business Certificates (Incorporation/Registration) (BCs). Here are some customers' feedback on trustBar.

"The trustBar verification service is a very useful tool for law firms and businesses as it enables a quick, fuss free verification of the authenticity of documents purportedly issued by ACRA."

Connie Loo
Director, Notary Public
JusJuris Law LLC

"ACRA's free trustBar verification service really makes it convenient and efficient for us to do our work. We can have the assurance and proof that the documents are issued by ACRA."

Irene Tan
Senior Associate, Corporate Secretary
AccTrust Advisory Pte. Ltd.

Read more here about trustBar

A new chapter for ACRA - to better serve the accountancy profession and business community

Our Guest of Honour, Deputy Prime Minister, and Minster for Finance, Mr Lawrence Wong, was at ACRA office on 27 June 2023, to commemorate the merger of the Singapore Accountancy Commission (SAC) and Accounting Standards Council (ASC) with ACRA, which took effect on 1 April 2023.

Speeches:
DPM Mr Lawrence Wong
ACRA Chief Executive, Mr Ong Khiaw Hong

CSPs Conference 2023: CSPs urged to digitalise and offer sustainability reporting services

ACRA Chief Executive, Mr Ong Khiaw Hong, urged CSPs "to develop digital and sustainability reporting capabilities early, and uphold high professional standards", at the annual Corporate Service Providers (CSPs) Conference organised by the Chartered Secretaries Institute of Singapore (CSIS) on 11 July 2023.

At the Conference, our ACRA colleagues presented on sustainability reporting, compliance trends, and the recently implemented Companies, Business Trust and Other Bodies (Miscellaneous Amendments) Act 2023. The event drew more than 400 participants.

Read Mr Ong's speech here

ACRA's e-Newsletter for professional stakeholders

This e-newsletter is intended for general information only and should not be treated as a substitute for specific professional advice for any particular situation. While we endeavour to ensure the contents are correct to the best of our knowledge and belief at the time of writing, we do not warrant their accuracy or completeness nor accept any responsibility for any loss or damage arising from any reliance on them.

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