In addition, ISCA issues Recommended Accounting Practices (RAP) and publishes summaries of FRS, INT FRS and RAP. Business Combinations, and FRS 36 . 3 (incorporating an amendment of Statutory Board Financial Reporting Standards (SB-FRS) SB-FRS effective as at 1 Jan 2020 SB-FRS effective after 1 Jan 2020, issued up to Dec 2020 View Archives . Under IAS 36, which discusses CGUs that include goodwill, a CGU cannot be at a higher level than a segment of the entity that reports segments. Among other requirements, IFRS 16 required that most leases be capitalized and recorded on the balance sheet, changed how they’re reported, and eliminated most operating (non-capitalized) leases. The ASC National Tour is one of the country’s most prolific touring companies. FASB ASC 350 , FASB ASC 360 , IFRS 3 and IAS 36 require that goodwill, intangible assets and other long-lived assets be tested for impairment with FASB ASC 350 requiring testing at least annually and FASB ASC 360 requiring testing upon a triggering event such as the loss of a major customer or contract. 6 Elements of Financial Statements a replacement of FASB Concepts Statement No. Statement of Financial Accounting Concepts No. reporting standards in FRS 38 . IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Overview. Accounting Standards Update 2018-12—Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts 3. AR-15 Gen III Stock Kits. FRS-15 Gen III 5.56/.223 Bundles (AR-15) FRS-15 Gen III .308 Bundles (AR-10) FRS-15 Gen III AK-47 Bundles; FRS-15 GEN III SIG SAUER Bundles IAS 36 defines the term "cash-generating unit," which is essentially equivalent to the ASC definition of an asset group. It typically reaches more than 16,000 audience members each year … The following are accounting standards and accounting guidance/materials. CURRENT. In 2019, the latest IASB lease accounting standard, IFRS 16, began to go into effect for companies worldwide. Interpretations of SB-FRS. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining cost, including specific identification (in some cases), first-in first-out (FIFO) and weighted average cost. Please refer to www.asc.gov.sg for more information on the process of prescribing accounting standards and the standards issued by ASC. Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards as at September 2006 International Financial Overall comparison Reporting Standards ... FRS 36 is applicable prospectively from the beginning of the first annual period beginning on or after 1 … Impairment of Assets. Intangible Assets, FRS 103 . IAS 2 Inventories contains the requirements on how to account for most types of inventory.
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