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Key Features & Comparisons of FRS 1 (Revised 2008) with Previous Version,
April 1 2010
Description
FRS 1 (Revised 2008) Presentation of Financial Statements was issued by the Accounting Standards Council in March 2008. FRS 1 (Revised 2008) replaces the FRS 1 (Revised in 2006) and amended in 2007. FRS 1 (Revised 2008) is identical to International Accounting Standards (IAS) 1 issued by the International Accounting Standards Board (IASB) in September 2007. FRS 1 (Revised 2008) sets overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
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Audits of Group Financial Statements,
July 1 2010
Description
Businesses range from a simple sole proprietor to a highly sophisticated corporation. With the growth of businesses, auditors face the challenge of providing their opinions on the group financial statements that in all material aspects, the financial statements are true and fair. The key questions addressed in clarified SSA 600 are “To what extent can I rely on the work performed by the component auditors and what do I need to do in order to place such reliance?”
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ICPAS Clarity Bulletin,
January 1 2011
Description
The clarified Singapore Standards on Auditing (SSAs) were issued in January 2010 and are effective for audits of financial statements for periods beginning on or after 15 December 2009. Following the introduction of the clarified SSAs, ICPAS launched the ICPAS Clarity Bulletin on 11 January 2011, which will highlight salient changes of selected clarified SSAs, focusing on new and revised SSAs with significant changes, which would impact on the audits of financial statements.
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