No. S 43
Companies Act
(Chapter 50)
Companies (Accounting Standards) (Amendment) Regulations 2003
In exercise of the powers conferred by section 200A (1) of the Companies Act, the Accounting Standards Committee (known as the Council on Corporate Disclosure and Governance), with the approval of the Minister for Finance, hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Companies (Accounting Standards) (Amendment) Regulations 2003 and shall come into operation on 1st February 2003.
Deletion and substitution of regulation 2
2.  Regulation 2 of the Companies (Accounting Standards) Regulations 2002 (G.N. No. S 644/2002) is deleted and the following regulation substituted therefor:
“Accounting Standards applicable to companies
2.  The Accounting Standards applicable to companies shall be known as the Financial Reporting Standards and shall comprise —
(a)the matters set out in the First, Fourth, Fifth and Sixth Schedules;
(b)the International Accounting Standards or International Financial Reporting Standards set out in the second column of the Third Schedule, as modified by the Second Schedule and the third column of the Third Schedule; and
(c)the Interpretations of the Standing Interpretations Committee or Interpretations of the International Financial Reporting Interpretations Committee set out in the second column of the Seventh Schedule, as modified by the third column of the Seventh Schedule.”.
New Sixth and Seventh Schedules
3.  The Companies (Accounting Standards) Regulations 2002 is amended by inserting, immediately after the Fifth Schedule, the following Schedules:
“SIXTH SCHEDULE
Regulation 2 (a)
Preface to the Interpretations of
Financial Reporting Standards
This Preface to the Interpretations of Financial Reporting Standards (“INT FRSs”) was approved by the Council on Corporate Disclosure and Governance (“CCDG”) on 14th January 2003.
1.  The objective of the INT FRSs is to enhance the rigorous application of the Financial Reporting Standards (“FRSs”) and to improve comparability of financial statements that are prepared using the FRSs by interpreting potentially contentious accounting issues.
2.  Interpretations issued by the CCDG are part of the CCDG’s authoritative literature (see FRS 1, Presentation of Financial Statements). Therefore, financial statements should not be described as complying with the Financial Reporting Standards unless they comply with all the requirements of each applicable FRS and each applicable INT FRS issued by the CCDG. When a company has not adopted an INT FRS which has been published by the CCDG but which has not yet become mandatory, the company is encouraged to disclose the nature of the future change in accounting policy and an estimate of the effect on its net profit or loss and financial position, or a statement that such an estimate has not been made.
3.  Like the FRSs, the INT FRSs are intended to be as concise as the nature of a particular topic allows rather than detail rules dealing with every conceivable circumstance. The CCDG concentrates on essentials and it endeavours not to make accounting requirements so complex that they cannot be applied effectively. Above all, the application of the INT FRSs should be guided by the spirit and rationale behind the FRS Framework, the FRSs and the INT FRSs.
4.  The CCDG welcomes the submission of interpretative issues from all interested parties. The CCDG considers the following criteria in taking issues on its agenda:
(a)the issue should involve the interpretation of an existing FRS within the context of the FRS Framework;
(b)the issue should have practical and widespread relevance;
(c)the issue should relate to a specific fact pattern; and
(d)significantly divergent interpretations must either be emerging or already exist in practice.
5.  Contentious cases brought to the CCDG can lead to the issuance of an INT FRS, which is applicable on a general basis. Information on the latest INT FRS developments is available on the Internet: http://www.ccdg.gov.sg.
SEVENTH SCHEDULE
Regulation 2 (c)
Adoption and Modification of
Interpretations of the Standing Interpretations Committee or
Interpretations of the International Financial
Reporting Interpretations Committee
First column
Second column
Third column
Interpretation of Financial Reporting Standard (“INT FRS”)
Interpretation of the Standing Interpretations Committee/
Interpretation of the International Financial Reporting Interpretations Committee
Modification of Interpretations of the Standing Interpretations Committee/Interpretations of the International Financial Reporting Interpretations Committee for the purposes of INT FRS
INT FRS 1
Consistency — Different Cost Formulas for Inventories
SIC — 1
Consistency — Different Cost Formulas for Inventories
(i)Delete “IAS 2.21”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 2.20”, “FRS 27.20” and “FRS 27.21”, respectively.
 
 
(ii)Delete the words “paragraph 39 of the Framework” wherever they appear and substitute in each case the words “paragraph 35 of the FRS Framework”.
 
 
(iii)Delete “IAS 2.23” in paragraph 1.
 
 
(iv)Delete the words “FIFO, weighted average cost or LIFO” in paragraph 1 and substitute the words “FIFO or weighted average cost”.
 
 
(v)Delete the words “using the LIFO method” in paragraph 6 and substitute the words “using the FIFO method”.
 
 
(vi)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(vii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 1 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 2
Consistency — Capitalisation of Borrowing Costs
SIC — 2
Consistency — Capitalisation of Borrowing Costs
(i)Delete “IAS 23.04”, “IAS 23.07”, “IAS 23.11”, “IAS 23.19”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 23.03”, “FRS 23.06”, “FRS 23.10”, “FRS 23.18”, “FRS 27.20” and “FRS 27.21”, respectively.
 
 
(ii)Delete the words “paragraph 39 of the Framework” wherever they appear and substitute in each case the words “paragraph 35 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 
 
 “INT FRS 2 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 23.29. Therefore, a company using the Allowed Alternative Treatment may choose not to capitalise all borrowing costs incurred before the effective date of INT FRS 2.”.
INT FRS 3
Elimination of Unrealised Profits and Losses on Transactions with Associates
SIC — 3
Eliminaton of Unrealised Profits and Losses on Transactions with Associates
(i)Delete “IAS 28.16” and “IAS 28.17” wherever they appear and substitute in each case “FRS 28.14” and “FRS 28.15”, respectively.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 3 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 5
Classification of Financial Instruments — Contingent Settlement Provisions
SIC — 5
Classification of Financial Instruments — Contingent Settlement Provisions
(i)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(ii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 5 comes into effect on 1st February 2003.”.
INT FRS 6
Costs of Modifying Existing Software
SIC — 6
Costs of Modifying Existing Software
(i)Delete the words “paragraphs 89 and 90 of the Framework” wherever they appear and substitute in each case the words “paragraphs 85 and 86 of the FRS Framework”.
 
 
(ii)Delete the words “paragraph 91 of the Framework” wherever they appear and substitute in each case the words “paragraph 87 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 6 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 7
Introduction of the Euro
SIC — 7
Introduction of the Euro
(i)Delete “IAS 8.42”, “IAS 10.28”, “IAS 21.07”, “IAS 21.11 (a)”, “IAS 21.14”, “IAS 21.15”, “IAS 21.17”, “IAS 21.19”, “IAS 21.21”, “IAS 21.30 (c)” and “IAS 21.37” wherever they appear and substitute in each case “FRS 8.36”, “FRS 10.20”, “FRS 21.06”, “FRS 21.10 (a)”, “FRS 21.13”, “FRS 21.14”, “FRS 21.16”, “FRS 21.18”, “FRS 21.20”, “FRS 21.29 (c)” and “FRS 21.36”, respectively.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 7 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 8
First Time Application of FRSs as the Primary Basis of Accounting
SIC — 8
First Time Application of IASs as the Primary Basis of Accounting
(i)Delete “IAS 8.49”, “IAS 8.53” and “IAS 8.54” wherever they appear and substitute in each case “FRS 8.43”, “FRS 8.47” and “FRS 8.48”, respectively.
 
 
(ii)Delete “1st January 1995” in paragraph 12 and substitute “1st October 2000”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 8 comes into effect on 1st February 2003.”.
INT FRS 9
Business Combinations – Classification either as Acquisitions or Unitings of Interests
SIC — 9
Business Combinations — Classification either as Acquisitions or Unitings of Interests
(i)Delete “IAS 27.06” wherever it appears and substitute in each case “FRS 27.05”.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 9 comes into effect on 1st February 2003.”.
INT FRS 10
Government Assistance – No Specific Relation to Operating Activities
SIC — 10
Government Assistance — No Specific Relation to Operating Activities
(i)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(ii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 10 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 11
Foreign Exchange — Capitalisation of Losses Resulting from Severe Currency Devaluations
SIC — 11
Foreign Exchange — Capitalisation of Losses Resulting from Severe Currency Devaluations
(i)Delete “IAS 21.11 (a)” and “IAS 21.21” wherever they appear and substitute in each case “FRS 21.10 (a)” and “FRS 21.20”, respectively.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 11 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 12
Consolidation — Special Purpose Entities
SIC — 12
Consolidation — Special Purpose Entities
(i)Delete “IAS 27.06”, “IAS 27.11”, “IAS 27.12” and “IAS 27.13 (b)” wherever they appear and substitute in each case “FRS 27.05”, “FRS 27.10”, “FRS 27.11” and “FRS 27.12 (b)”, respectively.
 
 
(ii)Delete the words “Paragraph 35 of the Framework” and substitute the words “Paragraph 31 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 12 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 13
Jointly Controlled Entities — Non‑Monetary Contributions by Venturers
SIC — 13
Jointly Controlled Entities — Non‑Monetary Contributions by Venturers
(i)Delete “IAS 18.12”, “IAS 18.14 (b)”, “IAS 18.14 (c)” and “IAS 18.16 (a) to IAS 18.16 (d)” wherever they appear and substitute in each case “FRS 18.11”, “FRS 18.13 (b)”, “FRS 18.13 (c)” and “FRS 18.15 (a) to FRS 18.15 (d)”, respectively.
 
 
(ii)Delete the words “Paragraph 92 of the Framework” and substitute the words “Paragraph 88 of the FRS Framework”.
 
 
(iii)Delete the words “Framework (paragraphs 53 to 64 and paragraphs 89 to 91)” and substitute the words “FRS Framework (paragraphs 49 to 60 and paragraphs 85 to 87)”.
 
 
(iv)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(v)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 13 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 14
Property, Plant and Equipment — Compensation for the Impairment or Loss of Items
SIC — 14
Property, Plant and Equipment — Compensation for the Impairment or Loss of Items
(i)Delete the words “Paragraph 92 of the Framework” and substitute the words “Paragraph 88 of the FRS Framework”.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 14 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 15
Operating Leases — Incentives
SIC — 15
Operating Leases — Incentives
(i)Delete the words “Paragraph 35 of the Framework” and substitute the words “Paragraph 31 of the FRS Framework”.
 
 
(ii)Delete the words “Paragraph 22 of the Framework” and substitute the words “Paragraph 18 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 15 comes into effect on 1st February 2003.”.
INT FRS 16
Share Capital — Reacquired Own Equity Instruments (Treasury Shares)
SIC — 16
Share Capital — Reacquired Own Equity Instruments (Treasury Shares)
(i)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(ii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 16 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 17
Equity — Costs of an Equity Transaction
SIC — 17
Equity — Costs of an Equity Transaction
(i)Delete the words “Paragraph 65 of the Framework” and substitute the words “Paragraph 61 of the FRS Framework”.
 
 
(ii)Delete the words “Paragraphs 94–98 of the Framework” and substitute the words “Paragraphs 90–94 of the FRS Framework”.
 
 
(iii)Delete “IAS 8.07”, “IAS 12.61” and “IAS 12.81 (a)” wherever they appear and substitute in each case “FRS 8.05”, “FRS 12.59” and “FRS 12.79 (a)”, respectively.
 
 
(iv)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(v)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 17 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 18
Consistency — Alternative Methods
SIC — 18
Consistency — Alternative Methods
(i)Delete the words “Paragraph 39 of the Framework” and substitute the words “Paragraph 35 of the FRS Framework”.
 
 
(ii)Delete “IAS 8.42”, “IAS 27.21” and “IAS 27.22” wherever they appear and substitute in each case “FRS 8.36”, “FRS 27.20” and “FRS 27.21”, respectively.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 18 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 19
Reporting Currency — Measurement and Presentation of Financial Statements under FRS 21 and FRS 29
SIC — 19
Reporting Currency — Measurement and Presentation of Financial Statements under IAS 21 and IAS 29
(i)Delete the words “The Framework (see paragraphs 17, 35, 39, and 46)” and substitute the words “The FRS Framework (see paragraphs 13, 31, 35, and 42)”.
 
 
(ii)Delete the words “(See also paragraph 110 of the Framework)” and substitute the words “(See also paragraph 106 of the FRS Framework)”.
 
 
(iii)Delete the words “Paragraph 4 of IAS 21” and substitute the words “Paragraph 3 of FRS 21”.
 
 
(iv)Delete “IAS 21.4”, “IAS 21.5”, “IAS 21.7”, “IAS 21.8–IAS 21.22”, “IAS 21.30”, “IAS 21.36” and “IAS 21.43” wherever they appear and substitute in each case “FRS 21.3”, “FRS 21.4”, “FRS 21.6”, “FRS 21.7–FRS 21.21”, “FRS 21.29”, “FRS 21.35” and “FRS 21.42”, respectively.
 
 
(v)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(vi)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 
 
 “INT FRS 19 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 20
Equity Accounting Method — Recognition of Losses
SIC — 20
Equity Accounting Method — Recognition of Losses
(i)Delete “IAS 28.22” and “IAS 28.23” wherever they appear and substitute in each case “FRS 28.20” and “FRS 28.21”, respectively.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 
 
 “INT FRS 20 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 21
Income Taxes — Recovery of Revalued Non-Depreciable Assets
SIC — 21
Income Taxes — Recovery of Revalued Non-Depreciable Assets
(i)Delete the following paragraph:
“Draft Interpretation SIC-D21, Income Taxes — Omnibus was issued for comment in September 1999. The Draft Interpretation included both the issue addressed in this Interpretation and the issue included in Interpretation SIC-25, Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders.”.
 
 
(ii)Delete “IAS 12.20” and “IAS 12.51” wherever they appear and substitute in each case “FRS 12.19” and “FRS 12.49”, respectively.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 21 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 22
Business Combinations — Subsequent Adjustment of Fair Values and Goodwill Initially Reported
SIC — 22
Business Combinations — Subsequent Adjustment of Fair Values and Goodwill Initially Reported
(i)Delete the words “IAS 12 (revised 1996), paragraphs 66 through 68” and substitute the words “FRS 12, paragraphs 64 through 66”.
 
 
(ii)Delete the words “paragraphs .23 through .30 of IAS 8 (revised 1993)” and substitute the words “paragraphs .17 through .24 of FRS 8”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 22 comes into effect on 1st February 2003.”.
INT FRS 23
Property, Plant and Equipment — Major Inspection or Overhaul Costs
SIC — 23
Property, Plant and Equipment — Major Inspection or Overhaul Costs
(i)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(ii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 23 comes into effect on 1st February 2003. Implementation of the components approach described in this INT FRS is a change in method of depreciation and is treated as a change in accounting estimate, consistent with FRS 16.52. As a result, the depreciation charge for the current and future periods is adjusted.”.
INT FRS 24
Earnings Per Share — Financial Instruments and Other Contracts that may be Settled in Shares
SIC — 24
Earnings Per Share — Financial Instruments and Other Contracts that may be Settled in Shares
(i)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(ii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 24 comes into effect on 1st February 2003. Comparative information presented and disclosed in financial statements under FRS 33.47–33.52 should be restated for the effect of applying this INT FRS.”.
INT FRS 25
Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders
SIC — 25
Income Taxes — Changes in the Tax Status of an Enterprise or its Shareholders
(i)Delete the following paragraph:
“Draft Interpretation SIC-D21, Income Taxes — Omnibus was issued for comment in September 1999. The Draft Interpretation included both the issue addressed in this Interpretation and the issue included in Interpretation SIC-21, Income Taxes —Recovery of Revalued Non-Depreciable Assets.”.
 
 
(ii)Delete “IAS 12.58”, “IAS 12.61”, “IAS 12.62”, “IAS 12.63”, “IAS 12.63 (b)” and “IAS 12.65” wherever they appear and substitute in each case “FRS 12.56”, “FRS 12.59”, “FRS 12.60”, “FRS 12.61”, “FRS 12.61 (b)” and “FRS 12.63”, respectively.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 25 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 27
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
SIC — 27
Evaluating the Substance of Transactions Involving the Legal Form of a Lease
(i)Delete the words “paragraph 35 of the Framework” wherever they appear and substitute in each case the words “paragraph 31 of the FRS Framework”.
 
 
(ii)Delete the words “paragraphs 49–64 of the Framework” wherever they appear and substitute in each case the words “paragraphs 45–60 of the FRS Framework”.
 
 
(iii)Delete the words “Paragraph 75 of the Framework” and substitute the words “Paragraph 71 of the FRS Framework”.
 
 
(iv)Delete the words “Paragraph 9 of IAS 11” and substitute the words “Paragraph 8 of FRS 11”.
 
 
(v)Delete the words “paragraph 20 of IAS 18” wherever they appear and substitute in each case the words “paragraph 19 of FRS 18”.
 
 
(vi)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(vii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 27 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 28
Business Combinations — “Date of Exchange” and Fair Value of Equity Instruments
SIC — 28
Business Combinations — “Date of Exchange” and Fair Value of Equity Instruments
(i)Delete the words “Sub-paragraph 100 (a) of the Framework” and substitute the words “Sub‑paragraph 96 (a) of the FRS Framework”.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 28 comes into effect on 1st February 2003.”.
INT FRS 29
Disclosure — Service Concession Arrangements
SIC — 29
Disclosure — Service Concession Arrangements
(i)Delete the words “Paragraph 15 of the Framework” and substitute the words “Paragraph 11 of the FRS Framework”.
 
 
(ii)Delete the words “Paragraph 21 of the Framework” and substitute the words “Paragraph 17 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 29 comes into effect on 1st February 2003.”.
INT FRS 30
Reporting Currency — Translation from Measurement Currency to Presentation Currency
SIC — 30
Reporting Currency — Translation from Measurement Currency to Presentation Currency
(i)Delete “IAS 21.5”, “IAS 21.30”, “IAS 21.31”, “IAS 21.36” and “IAS 27.4” wherever they appear and substitute in each case “FRS 21.4”, “FRS 21.29”, “FRS 21.30”, “FRS 21.35” and “FRS 27.3”, respectively.
 
 
(ii)Delete the words “Paragraph 12 of the Framework” and substitute the words “Paragraph 8 of the FRS Framework”.
 
 
(iii)Delete the words “paragraph 21 of the Framework” wherever they appear and substitute in each case the words “paragraph 17 of the FRS Framework”.
 
 
(iv)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(v)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 30 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 31
Revenue — Barter Transactions Involving Advertising Services
SIC — 31
Revenue — Barter Transactions Involving Advertising Services
(i)Delete “IAS 18.7”, “IAS 18.9”, “IAS 18.12”, “IAS 18.20 (a)”, “IAS 18.26” and “IAS 18.27” wherever they appear and substitute in each case “FRS 18.6”, “FRS 18.8”, “FRS 18.11”, “FRS 18.19 (a)”, “FRS 18.25” and “FRS 18.26”, respectively.
 
 
(ii)Delete the words “Paragraph 31 of the Framework” and substitute the words “Paragraph 27 of the FRS Framework”.
 
 
(iii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iv)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 31 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
INT FRS 32
Intangible Assets — Web Site Costs
SIC — 32
Intangible Assets — Web Site Costs
(i)Delete “IAS 8.7” wherever it appears and substitute in each case “FRS 8.5”.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 32 comes into effect on 1st February 2003. The effects of adopting this INT FRS should be accounted for using the transitional requirements in FRS 38.118 - 38.121. Therefore, when a web site does not meet the criteria for recognition as an intangible asset, but was previously recognised as an asset, the item should be derecognised at the date when this INT FRS becomes effective. When a web site exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, but such expenditure was not previously recognised as an asset, the intangible asset should not be recognised at the date when this INT FRS becomes effective. When a web site exists and the expenditure to develop it meets the criteria for recognition as an intangible asset, and where such expenditure was previously recognised as an asset and initially measured at cost, the amount of expenditure initially recognised is deemed to have been properly determined according to this INT FRS.”.
INT FRS 33
Consolidation and Equity Method — Potential Voting Rights and Allocation of Ownership Interests
SIC — 33
Consolidation and Equity Method — Potential Voting Rights and Allocation of Ownership Interests
(i)Delete “IAS 27.6”, “IAS 27.12”, “IAS 27.29 (b)”, “IAS 27.30 (b)”, “IAS 28.3” and “IAS 28.4—IAS 28.5” wherever they appear and substitute in each case “FRS 27.5”, “FRS 27.11”, “FRS 27.28 (b)”, “FRS 27.29 (b)”, “FRS 28.2” and “FRS 28.3–FRS 28.4”, respectively.
 
 
(ii)Delete the heading “Date of Consensus” and the date following thereafter.
 
 
(iii)Delete the paragraph under the heading “Effective Date” and substitute the following paragraph:
 “INT FRS 33 comes into effect on 1st February 2003. Changes in accounting policies should be accounted for according to the transitional requirements in FRS 8.40.”.
”.
Made this 24th day of January 2003.
J Y PILLAY
Chairman,
Council on Corporate Disclosure and Governance,
Singapore.
[F14.13.2332 Vol. 3; AG/LEG/SL/50/2002/1 Vol. 4]
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