No. S 561
Companies Act
(Chapter 50)
Companies (Accounting Standards) (Amendment No. 4) Regulations 2004
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 No. 4) Regulations 2004 and shall come into operation on 1st January 2005.
Deletion and substitution of Third Schedule
2.  The Third Schedule to the Companies (Accounting Standards) Regulations (Rg 6, 2004 Ed.) (referred to in these Regulations as the principal Regulations) is deleted and the following Schedule substituted therefor:
“THIRD SCHEDULE
Regulation 2(b)
Adoption and Modification of International Accounting Standards or International Financial Reporting Standards
First column
 
Second column
 
Third column
Financial Reporting Standard (“FRS”)
 
International Accounting Standard/ International Financial Reporting Standard
 
Modification of International Accounting Standard/ International Financial Reporting Standard for the purposes of FRS
FRS 1
Presentation of Financial Statements
 
IAS 1
(revised 2003)
Presentation of Financial Statements
 
(i) Delete any reference to paragraph 25 of the Framework for the Preparation and Presentation of Financial Statements and substitute a reference to paragraph 21 of the FRS Framework.
 
 
 
 
(ii) Delete paragraph 128 of IAS 1 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 1 (issued in 2003)
128.  This Standard supersedes FRS 1 Presentation of Financial Statements issued in 2003.”.
 
 
 
 
(iii) Delete paragraph A2 of the Appendix to IAS 1.
 
 
 
 
(iv) Delete “2003” in paragraph A10 of the Appendix to IAS 1 and substitute “2004”.
FRS 2
Inventories
 
IAS 2
(revised 2003)
Inventories
 
(i) Delete the words “revised in 1993” in paragraph 41 of IAS 2 and substitute the words “issued in 2003”.
 
 
 
 
(ii) Delete “2003” in paragraph A1 of IAS 2 and substitute “2004”.
 
 
 
 
(iii) Delete paragraph A3 of the Appendix to IAS 2.
FRS 7
Cash Flow Statements
 
IAS 7
(revised 1992)
Cash Flow Statements
 
(i) Delete paragraph 2 of IAS 7.
 
 
 
 
(ii) Delete paragraph 53 of IAS 7 and substitute the following paragraph:
 
 
 
 
“53. FRS 7, Cash Flow Statements, is operative for financial statements covering periods beginning on or after 1st January 1995.”.
FRS 8
Accounting Policies,
Changes in Accounting
Estimates and Errors
 
IAS 8
(revised 2003)
Accounting Policies, Changes in Accounting Estimates and Errors
 
(i) Delete any reference to paragraph 25 of the Framework for the Preparation and Presentation of Financial Statements and substitute a reference to paragraph 21 of the FRS Framework.
 
 
 
 
(ii) Delete the words “the IASB has concluded” in paragraph 8 of IAS 8.
 
 
 
 
(iii) Delete the words “revised in 1993” in paragraph 55 of IAS 8 and substitute the words “issued in 2003”.
 
 
 
 
(iv) Delete paragraph A9 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
“A9.  In FRS 35 Discontinuing Operations, paragraphs 41 and 42 are deleted.”.
 
 
 
 
(v) Delete paragraph A10 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
“A10.  In FRS 36 Impairment of Assets, paragraphs 120 and 121 are deleted.”.
 
 
 
 
(vi) Delete paragraph A13 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A13.  In INT FRS 12 Consolidation — Special Purpose Entities, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 12 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(vii) Delete paragraph A14 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A14.  In INT FRS 13 Jointly Controlled Entities —
Non-Monetary Contributions by Venturers, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 13 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(viii) Delete paragraph A15 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A15.  In INT FRS 21 Income Taxes — Recovery of Revalued Non-Depreciable Assets, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 21 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(ix) Delete “2003” in paragraph A16 of the Appendix to IAS 8 and substitute “2004”.
 
 
 
 
(x) Delete paragraph A17 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A17.  In INT FRS 25 Income Taxes —Changes in the Tax Status of an Entity or its Shareholders, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 25 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(xi) Delete paragraph A18 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A18.  In INT FRS 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 27 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(xii) Delete paragraph A19 of the Appendix to IAS 8 and substitute the following paragraph:
 
 
 
 
"A19.  In INT FRS 31 Revenue — Barter Transactions Involving Advertising Services, the effective date paragraph is amended to read as follows:
Effective Date: INT FRS 31 comes into effect on 1st February 2003. Changes in accounting policies shall be accounted for in accordance with FRS 8.".
 
 
 
 
(xiii) Delete the words “and the Basis for Conclusions” in paragraphs A21 and A22 of the Appendix to IAS 8.
 
 
 
 
(xiv) Delete the words “or is accompanied by a Basis for Conclusions” in the accompanying footnote to paragraphs A21 and A22.
 
 
 
 
(xv) Delete the words “but retain the IASC format of the Standard when it was adopted by the IASB” in paragraph A22 of the Appendix to IAS 8.
FRS 10
Events after the Balance Sheet Date
 
IAS 10
(revised 2003)
Events after the Balance Sheet Date
 
(i) Delete paragraph 24 of IAS 10 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 10 (issued in 2003)
24.  This Standard supersedes FRS 10 Events After the Balance Sheet Date (issued in 2003).”.
 
 
 
 
(ii) Delete paragraph A3 of the Appendix to IAS 10 and substitute the following paragraph:
 
 
 
 
"A3.  In FRS 37 Provisions, Contingent Liabilities and Contingent Assets, paragraph 75 is amended to read as follows:
75.  A management or board decision to restructure taken before the balance sheet date does not give rise to a constructive obligation at the balance sheet date unless the entity has, before the balance sheet date:
(a) started to implement the restructuring plan; or
(b) announced the main features of the restructuring plan to those affected by it in a sufficiently specific manner to raise a valid expectation in them that the entity will carry out the restructuring.
If an entity starts to implement a restructuring plan, or announces its main features to those affected, only after the balance sheet date, disclosure is required under FRS 10 Events after the Balance Sheet Date, if the restructuring is material and non-disclosure could influence the economic decisions of users taken on the basis of the financial statements.".
FRS 11
Construction Contracts
 
IAS 11
(revised 1993)
Construction Contracts
 
(i) Delete paragraph 2 of IAS 11.
 
 
 
 
(ii) Delete paragraph 46 of IAS 11 and substitute the following paragraph:
 
 
 
 
“46.  FRS 11, Construction Contracts, is operative for financial statements covering periods beginning on or after 1st January 1997.”.
FRS 12
Income Taxes
 
IAS 12
(revised 2000)
Income Taxes
 
Delete paragraphs 89, 90 and 91 of IAS 12 and substitute the following paragraph:
 
 
 
 
“89.  FRS 12, Income Taxes, is operative for financial statements covering periods beginning on or after 1st April 2001.”.
FRS 14
Segment Reporting
 
IAS 14
(revised 1997)
Segment Reporting
 
Delete paragraph 84 of IAS 14 and substitute the following paragraph:
 
 
 
 
“84.  FRS 14, Segment Reporting, is operative for financial statements covering periods beginning on or after 1st January 2000.”.
FRS 16
Property, Plant and Equipment
 
IAS 16
(revised 2003)
Property, Plant and Equipment
 
(i) Insert, immediately after paragraph 81 of IAS 16, the following paragraph:
 
 
 
 
"For an enterprise which had:
(a) revalued its property, plant and equipment before 1st January 1984 (in accordance with the prevailing accounting standard at that time); or
(b) performed any one-off revaluation on its property, plant and equipment between 1st January 1984 and 31st December 1996 (both dates inclusive), there will be no need for the enterprise to revalue its assets in accordance with paragraph 31 of this Standard.
In this paragraph, “one-off revaluation” means any instance where an item of property, plant and equipment was revalued only once between 1st January 1984 and 31st December 1996 (both dates inclusive). Where an item of property, plant and equipment has been revalued more than once between 1st January 1984 and 31st December 1996 (both dates inclusive), the company should explain why the particular item of property, plant and equipment should be exempted, and the auditor’s concurrence of the explanation is required.".
 
 
 
 
(ii) Delete the words “revised in 1998” in paragraph 82 of IAS 16 and substitute the words “issued in 2003”.
 
 
 
 
(iii) Delete the following words in paragraph A1 of the Appendix to IAS 16:
 
 
 
 
"In the Basis for Conclusions, paragraph BC45 is amended to read as follows:
BC45 Under the revaluation model in IAS 16 Property, Plant and Equipment, if an entity revalues an asset, it must revalue all assets in that class. This restriction prevents selective revaluation of only those assets whose revaluation would lead to a particular result. Some suggested a similar restriction on the use of fair value as deemed cost. However, IAS 36 Impairment of Assets requires an impairment test if there is any indication that an asset is impaired.
Thus, if an entity uses fair value as deemed cost for assets whose fair value is above cost, it cannot ignore indications that the recoverable amount of other assets may have fallen below their carrying amount. Therefore, the IFRS does not restrict the use of fair value as deemed cost to entire classes of asset.".
 
 
 
 
(iv) Delete the following words in paragraph A4 of the Appendix to IAS 16:
 
 
 
 
"In the IASC Basis for Conclusions, in paragraph B14 (b) (ii) a footnote is inserted after “incurred” at the end of the penultimate sentence, as follows:
*IAS 16 Property, Plant and Equipment as revised by the IASB in 2003 requires all subsequent costs to be covered by its general recognition principle and eliminated the requirement to reference the originally assessed standard of performance. IAS 36 was amended as a consequence of the change to IAS 16.".
 
 
 
 
(v) Delete the following words in paragraph A6 of the Appendix to IAS 16:
"Introduction
Paragraph 7 is deleted."; and
"IAS 38/IAS 22 Basis for Conclusions
In paragraphs 31 and 35, a footnote is inserted after “dissimilar asset”, as follows:
*IAS 16 Property, Plant and Equipment as revised by the IASB in 2003 requires an entity to measure an item of property, plant and equipment acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets, at fair value unless the exchange transaction lacks commercial substance.
Previously, an entity measured such an acquired asset at fair value unless the exchanged assets were similar.
The IASB concluded that the same measurement criteria should apply to intangible assets acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets.".
 
 
 
 
(vi) Delete paragraph A11 of the Appendix to IAS 16 and substitute the following paragraph:
 
 
 
 
"A11.  In December 2002 the CCDG published an Exposure Draft of Proposed Amendments to FRS 36 Impairment of Assets and FRS 38 Intangible Assets. The proposed amendments to FRS 36 and FRS 38 reflect changes related to the decisions in the Business Combinations project. Because that project is still under way, those proposed changes are not reflected in the amendments to FRS 36 and FRS 38 included in this appendix.".
 
 
 
 
(vii) Delete paragraph A12 of the Appendix to IAS 16 and substitute the following paragraph:
 
 
 
 
"A12.  In August 2003 the CCDG published ED FRS Disposal of Non-current Assets and Presentation of Discontinued Operations in which it proposed amendments to FRS 38 and to FRS 40 Investment Property. Those proposed changes are not reflected in the amendments to FRS 38 and FRS 40 included in this appendix.".
 
 
 
 
(viii) Delete “2003” in paragraphs A7, A9 and A10 of the Appendix to IAS 16 and substitute in each case “2004”.
FRS 17
Leases
 
IAS 17
(revised 2003)
Leases
 
(i) Delete the words immediately after the first sentence in paragraph 14 of IAS 17.
 
 
 
 
(ii) Delete the words immediately after the first sentence in paragraph 15 of IAS 17.
 
 
 
 
(iii) Delete the words “revised 1997” in paragraph 68 of IAS 17 and substitute the words “issued in 2003”.
 
 
 
 
(iv) Delete paragraph 70 of IAS 17 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 17 (ISUED IN 2003)
70.  This Standard supersedes FRS 17 Leases (issued in 2003).”.
 
 
 
 
(v) Delete references to paragraphs 22 and 35 of the Framework and substitute references to paragraphs 18 and 31 of the FRS Framework, respectively.
 
 
 
 
(vi) Delete “2003” in paragraph A1 of the Appendix to IAS 17 and substitute “2004”.
FRS 18
Revenue
 
IAS 18
(revised 1993)
Revenue
 
(i) Delete paragraph 2 of IAS 18.
 
 
 
 
(ii) Delete paragraph 37 of IAS 18 and substitute the following paragraph:
 
 
 
 
“37.  FRS 18, Revenue, is operative for financial statements covering periods beginning on or after 1st January 1997.”.
FRS 19
Employee Benefits
 
IAS 19
(revised 2002)
Employee Benefits
 
(i) Delete paragraphs 157 and 158 of IAS 19 and substitute the following paragraph:
 
 
 
 
“157.  FRS 19, Employee Benefits, is operative for financial statements covering periods beginning on or after 1st October 2000, except as specified in paragraph 159 of this Standard.”.
 
 
 
 
(ii) Delete paragraphs 159 and 159A of IAS 19 and substitute the following paragraphs:
 
 
 
 
"159.  The following become operative for annual financial statements* covering periods beginning on or after 1st April 2001:
(a) the revised definition of plan assets in paragraph 7 of this Standard and the related definitions of assets held by a long-term employee benefit fund and qualifying insurance policy; and
(b) the recognition and measurement requirements for reimbursements in paragraphs 104A, 128 and 129 of this Standard and related disclosures in paragraph 120(c)(vii), (f) (iv), (g) and (h) (iii) of this Standard.
159A.  The amendment in paragraph 58A of this Standard becomes operative for annual financial statements* covering periods ending on or after 1st October 2002. Earlier adoption is encouraged. If earlier adoption affects the financial statements, an enterprise should disclose that fact.
*Paragraphs 159 and 159A of this Standard refer to “annual financial statements” in line with the more explicit language for writing effective dates adopted in 1998. Paragraph 157 of this Standard refers to “financial statements”.".
FRS 20
Accounting for Government Grants and Disclosure of Government Assistance
 
IAS 20 (1983)
(reformatted 1994)
Accounting for Government Grants and Disclosure of Government Assistance
 
Delete paragraph 41 of IAS 20 and substitute the following paragraph:
 
 
 
 
“41.  FRS 20, Accounting for Government Grants and Disclosure of Government Assistance, is operative for financial statements covering periods beginning on or after 1st January 1985.”.
FRS 21
The Effects of Changes in Foreign Exchange Rates
 
IAS 21
(revised 2003)
The Effects of Changes in Foreign Exchange Rates
 
(i) Delete the words “revised in 1993” in paragraph 61 of IAS 21 and substitute the words “issued in 2003”.
 
 
 
 
(ii) Delete paragraph A5 of the Appendix to IAS 21.
 
 
 
 
(iii) Delete “2003” in paragraphs A3 and A8 of the Appendix to IAS 21 and substitute in each case “2004”.
 
 
 
 
(iv) Delete the words “revised 1999” in paragraph A8 of the Appendix to IAS 21 and substitute the words “issued in 2003”.
 
 
 
 
(v) Delete the words “1 June 1998” in paragraph A8 of the Appendix to IAS 21 and substitute the words “1 February 2003”.
 
 
 
 
(vi) Delete the following words in paragraph A2 of the Appendix to IAS 21:
 
 
 
 
"Paragraph 1 of the Introduction (now numbered paragraph IN2) is amended to read as follows:
IN2. . .
Furthermore, there are some temporary differences which are not timing differences, for example those temporary differences that arise when:
(a) the non-monetary assets and liabilities of an entity are measured in its functional currency but the taxable profit or tax loss (and, hence, the tax base of its non-monetary assets and liabilities) is determined in a different currency);
(b) . . .".
FRS 23
Borrowing Costs
 
IAS 23
(revised 1993)
Borrowing Costs
 
(i) Delete paragraph 2 of IAS 23.
 
 
 
 
(ii) Delete paragraph 31 of IAS 23 and substitute the following paragraph:
 
 
 
 
“31.  FRS 23, Borrowing Costs, is operative for financial statements covering periods beginning on or after 1st January 1997.”.
FRS 24
Related Party Disclosures
 
IAS 24
(revised 2003)
Related Party Disclosures
 
(i) Delete the Appendix to IAS 24.
 
 
 
 
(ii) Delete paragraph 24 of IAS 24 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 24 (issued in 2003)
24.  This Standard supersedes FRS 24 Related Party Disclosures (issued in 2003).”.
FRS 26
Accounting and Reporting by Retirement Benefit Plans
 
IAS 26 (1987) (reformatted 1994)
Accounting and Reporting by Retirement Benefit Plans
 
(There is no modification on IAS 26.)
FRS 27
Consolidated and Separate Financial Statements
 
IAS 27
(revised 2003)
Consolidated and Separate Financial Statements
 
(i) Delete the following words in paragraph 10 (d) of IAS 27:
 
 
 
 
“that comply with International Financial Reporting Standards”.
 
 
 
 
(ii) Delete the words “revised in 2000” in paragraph 44 of IAS 27 and substitute the words “issued in 2003”.
 
 
 
 
(iii) Delete any reference to paragraph 35 of the Framework and substitute a reference to paragraph 31 of the FRS Framework.
 
 
 
 
(iv) Delete the words “revised 1997” in paragraph A3 of the Appendix to IAS 27 and substitute the words “issued in 2003”.
 
 
 
 
(v) Delete “2003” in paragraphs A2 and A3 of the Appendix to IAS 27 and substitute in each case “2004”.
FRS 28
Investments in Associates
 
IAS 28
(revised 2003)
Investments in Associates
 
(i) Delete the following words in paragraph 13(c)(iv) of IAS 28:
 
 
 
 
“that comply with International Financial Reporting Standards”.
 
 
 
 
(ii) Delete the words “revised in 2000” in paragraph 42 of IAS 28 and substitute the words “issued in 2003”.
FRS 29
Financial Reporting in Hyperinflationary Economies
 
IAS 29 (1989) (reformatted 1994)
Financial Reporting in Hyperinflationary Economies
 
Delete paragraph 41 of IAS 29 and substitute the following paragraph:
 
 
 
 
“41.  FRS 29, Financial Reporting in Hyperinflationary Economies, is operative for financial statements covering periods beginning on or after 1st April 2001.”.
FRS 31
Interests in Joint Ventures
 
IAS 31
(revised 2003)
Interests in Joint Ventures
 
(i) Delete the following words in paragraph 2(c)(iv) of IAS 31:
 
 
 
 
“that comply with International Financial Reporting Standards”.
 
 
 
 
(ii) Delete paragraph 59 of IAS 31 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 31 (issued in 2003)
59.  This Standard supersedes FRS 31 Financial Reporting of Interests in Joint Ventures (issued in 2003).”.
 
 
 
 
(iii) Delete “2003” in paragraph A1 of the Appendix to IAS 31 and substitute “2004”.
FRS 32
Financial Instruments: Disclosure and Presentation
 
IAS 32
(March 2004)
Financial Instruments: Disclosure and Presentation
 
(i) Delete paragraph 96 of IAS 32 and substitute the following paragraph:
 
 
 
 
“96.  An entity shall apply this Standard for annual periods beginning on or after 1 January 2005. Earlier application is permitted. An entity shall not apply this Standard for annual periods before 1 January 2005 unless it also applies FRS 39 (issued in 2004), including the amendments issued in September 2004. If an entity applies this Standard for a period beginning before 1 January 2005, it shall disclose that fact.”.
 
 
 
 
(ii) Delete the words “revised in 2000” in paragraph 98 of IAS 32 and substitute the words “issued in 2003”.
 
 
 
 
(iii) Delete paragraph 100 of IAS 32.
FRS 33
Earnings per Share
 
IAS 33
(revised 2003)
Earnings per Share
 
(i) Delete “2003” in paragraph 34 of IAS 33 and substitute “2004”.
 
 
 
 
(ii) Delete “1997” in paragraph 75 of IAS 33 and substitute “2003”.
FRS 34
Interim Financial Reporting
 
IAS 34 (1998)
Interim Financial Reporting
 
Delete paragraph 46 of IAS 34 and substitute the following paragraph:
 
 
 
 
“46.  FRS 34, Interim Financial Reporting, is operative for financial statements covering periods beginning on or after 1st October 2001.”.
FRS 36
Impairment of Assets
 
IAS 36
(March 2004)
Impairment of Assets
 
(i) Delete any reference to “31 March 2004” and substitute “1 July 2004”.
 
 
 
 
(ii) Delete paragraph 139 of IAS 36 and substitute the following paragraph:
 
 
 
 
“139.  Otherwise, an entity shall apply this Standard to goodwill and intangible assets acquired in business combinations and to all other assets prospectively for annual periods beginning on or after 1 July 2004.”.
 
 
 
 
(iii) Delete paragraph 141 of IAS 36 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 36 (issued 2003)
141.  This Standard supersedes FRS 36 Impairment of Assets (issued in 2003).”.
 
 
 
 
(iv) Delete the paragraph immediately after the heading “Amendment to IAS 16” in Appendix B to IAS 36 and substitute the following paragraph:
 
 
 
 
“The amendment in this appendix shall be applied when an entity applies FRS 16 Property, Plant and Equipment (as revised in 2004). It is superseded when FRS 36 Impairment of Assets (as revised in 2004) becomes effective. This appendix replaces the consequential amendments made by FRS 16 (as revised in 2004) to FRS 36 Impairment of Assets (issued in 2003). FRS 36 (as revised in 2004) incorporates the requirements of the paragraphs in this appendix. Consequently, the amendments from FRS 16 (as revised in 2004) are not necessary once an entity is subject to FRS 36 (as revised in 2004). Accordingly, this appendix is applicable only to entities that elect to apply FRS 16 (as revised in 2004) before its effective date.”.
 
 
 
 
(v) Delete reference to “1998” in paragraph B1 of Appendix B to IAS 36 and substitute “2003”.
 
 
 
 
(vi) Delete the following words in paragraph B1 of Appendix B to IAS 36:
 
 
 
 
"In the IASC Basis for Conclusions, in paragraph B14 (b) (ii) a footnote is inserted after “incurred” at the end of the penultimate sentence, as follows:
*IAS 16 Property, Plant and Equipment as revised by the IASB in 2003 requires all subsequent costs to be covered by its general recognition principle and eliminated the requirement to reference the originally assessed standard of performance. IAS 36 was amended as a consequence of the change to IAS 16.".
FRS 37
Provisions, Contingent Liabilities and Contingent Assets
 
IAS 37 (1998)
Provisions, Contingent Liabilities and Contingent Assets
 
Delete paragraphs 95 and 96 of IAS 37 and substitute the following paragraph:
 
 
 
 
“95.  FRS 37, Provisions, Contingent Liabilities and Contingent Assets, is operative for financial statements covering periods beginning on or after 1st October 2000.”.
FRS 38
Intangible Assets
 
IAS 38
(March 2004)
Intangible Assets
 
(i) Delete reference to “1998” in paragraph 128 of IAS 38 and substitute “2003”.
 
 
 
 
(ii) Delete any reference to “31 March 2004” and substitute “1 July 2004”.
 
 
 
 
(iii) Delete the words in paragraph 130 of IAS 38 and substitute the following:
 
 
 
 
"130.  Otherwise, an entity shall apply this Standard to the accounting for intangible assets acquired in business combinations and to all other intangible assets prospectively for annual periods beginning on or after 1 July 2004. Thus, the entity shall not adjust the carrying amount of intangible assets recognised at that date.
However, the entity shall, at that date, apply this Standard to reassess the useful lives of such intangible assets. If, as a result of that reassessment, the entity changes its assessment of the useful life of an asset, that change shall be accounted for as a change in an accounting estimate in accordance with FRS 8.".
 
 
 
 
(iv) Delete paragraph 133 of IAS 38 and substitute the following paragraph:
 
 
 
 
“Withdrawal of FRS 38 (issued 2003)
133.  This Standard supersedes FRS 38 Intangible Assets (issued in 2003).”.
FRS 39
Financial
Instruments: Recognition and Measurement
 
IAS 39
(March 2004)
Financial Instruments: Recognition and Measurement
 
(i) Delete the words “issued December 2003” in paragraph 103 of IAS 39 and substitute the words “issued in 2004”.
 
 
 
 
(ii) Delete paragraph 103 of IAS 39 and substitute the following paragraphs:
 
 
 
 
"103.  An entity shall apply this Standard (including the amendments issued in September 2004) for annual periods beginning on or after 1 January 2005. Earlier application is permitted. An entity shall not apply this Standard (including the amendments issued in September 2004) for annual periods beginning before 1 January 2005 unless it also applies FRS 32 (issued in 2004). If an entity applies this Standard for a period beginning before 1 January 2005, it shall disclose that fact.
Early Adoption
103A. An entity that has adopted FRS 39 (issued 2003) before its effective date of 1 January 2005 shall apply the transitional provisions set out in paragraphs 104 to 108.
First-time Adoption
103B. When this Standard is first applied, an entity shall apply the transitional provisions set out in paragraphs 107 to 109. Early adoption shall be restricted to annual periods beginning on or after 1 January 2003.".
 
 
 
 
(iii) Delete paragraphs 106 to 110 of IAS 39 and substitute the following paragraphs:
 
 
 
 
"106. An entity shall not adjust the carrying amount of non-financial assets and non-financial liabilities to exclude gains and losses related to cash flow hedges that were included in the carrying amount before the beginning of the financial year in which this Standard is first applied. At the beginning of the financial period in which this Standard is first applied, any amount recognised directly in equity for a hedge of a firm commitment that under this Standard is accounted for as a fair value hedge shall be reclassified as an asset or liability, except for a hedge of foreign currency risk that continues to be treated as a cash flow hedge.
107. Except as permitted by paragraph 108, an entity shall apply the derecognition requirements in paragraphs 15-37 and Appendix A paragraphs AG36-AG52 prospectively. Accordingly, if an entity derecognised financial assets under FRS 39 (issued 2003) as a result of a transaction that occurred before 1 January 2004 and those assets would not have been derecognised under this Standard, it shall not recognise those assets.
108. Notwithstanding paragraph 107, an entity may apply the derecognition requirements in paragraphs 15-37 and Appendix A paragraphs AG36-AG52 retrospectively from a date of the entity’s choosing, provided that the information
 
 
 
 
needed to apply FRS 39 to assets and liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
“109.  Retrospective application is not permitted (except as permitted by paragraph 108). The transition to this Standard is as follows:
(a)recognition, derecognition, measurement, and hedge accounting policies followed in financial statements for periods prior to the effective date of this Standard shall not be reversed and, therefore, those financial statements shall not be restated;
(b)for those transactions entered into before the beginning of the financial year in which this Standard is initially applied that the entity did previously designate as hedges, the recognition, derecognition, and measurement provisions of this Standard shall be applied prospectively. Therefore, if the previously designated hedge does not meet the conditions for an effective hedge set out in paragraph 88 and the hedging instrument is still held, hedge accounting shall no longer be appropriate starting with the beginning of the financial year in which this Standard is initially applied. Accounting in prior financial years shall not be retrospectively changed to conform to the requirements of this Standard. Paragraphs 91 and 101 explain how to discontinue hedge accounting; (c) at the beginning of the financial year in which this Standard is initially applied, an entity shall recognise all derivatives in its balance sheet as either assets or liabilities and shall measure them at fair value (except for a derivative that is linked to and that must be settled by delivery of an unquoted equity instrument whose fair value cannot be measured reliably). Because all derivatives, other than those that are designated hedging instruments, are considered held for trading, the difference between previous carrying amount (which may have been zero) and fair value of derivatives shall be recognised as an adjustment of the balance of retained earnings at the beginning of the financial year in which this Standard is initially applied (other than for a derivative that is a designated hedging instrument);
(d)at the beginning of the financial year in which this Standard is initially applied, an entity shall apply the criteria in paragraphs 43-54 to identify those financial assets and liabilities that shall be measured at fair value and those that shall be measured at amortised cost, and it shall remeasure those assets as appropriate. An entity is permitted to designate a previously recognised financial asset or financial liability as a financial asset or financial liability at fair value through profit or loss or available for sale despite the requirement in paragraph 9 to make such designation upon initial recognition. For any such financial asset designated as available for sale, the entity shall recognise all cumulative changes in fair value in a separate component of equity until subsequent derecognition or impairment, when the entity shall transfer that cumulative gain or loss to profit or loss. Any adjustment of the previous carrying amount shall be recognised as an adjustment of the balance of retained earnings at the beginning of the financial year in which this Standard is initially applied;
(e)at the beginning of the financial year in which this Standard is initially applied, any balance sheet positions in fair value hedges of existing assets and liabilities shall be accounted for by adjusting their carrying amounts to reflect the fair value of the hedging instrument;
(f)if an entity’s hedge accounting policies prior to initial application of this Standard had included deferral, as assets and liabilities, of gains or losses on cash flow hedges, at the beginning of the financial year in which this Standard is initially applied, those deferred gains and losses shall be reclassified as a separate component of equity to the extent that the transactions meet the criteria in paragraph 88 and, thereafter, accounted for as set out in paragraphs 97-100; and
(g)transactions entered into before the beginning of the financial year in which this Standard is initially applied shall not be retrospectively designated as hedges.
110.  This Standard supersedes FRS 39 Financial Instruments: Recognition and Measurement issued in 2003.”.
 
 
 
 
(iv) Delete “2004” in paragraph B1 of Appendix B to IAS 39 and substitute “2005”.
 
 
 
 
(v) Delete the heading “Basis for Conclusions” in paragraph B1 of Appendix B to IAS 39 and all paragraphs thereunder.
 
 
 
 
(vi) Delete paragraph B4 and the heading “Amendments to IAS 19” immediately before the paragraph in Appendix B to IAS 39.
 
 
 
 
(vii) Delete the heading “Basis for Conclusions” in paragraph B6 of Appendix B to IAS 39 and all paragraphs thereunder.
 
 
 
 
(viii) Delete the heading “Amendments to IAS 30” before paragraph B5 of Appendix B to IAS 39 and all paragraphs thereunder.
FRS 41
Agriculture
 
IAS 41 (2001)
Agriculture
 
Delete paragraph 58 of IAS 41 and substitute the following paragraph:
 
 
 
 
“58.  FRS 41, Agriculture, is operative for financial statements covering periods beginning on or after 1st October 2001.”.
FRS 101
First-time Adoption of Financial Reporting Standards
 
IFRS 1
First-time Adoption of International Financial Reporting Standards
 
(i) Delete the following words in paragraph 27 of IFRS 1:
 
 
 
 
“In other words, if a first-time adopter derecognised financial assets or financial liabilities under its previous GAAP in a financial year beginning before 1 January 2001, it shall not recognise those assets and liabilities under IFRSs (unless they qualify for recognition as a result of a later transaction or event).”,
and substitute the following words:
“In other words, if a first-time adopter derecognised financial assets or financial liabilities under its previous GAAP in a financial year beginning before 1 January 2005, it shall not recognise those assets and liabilities under FRSs (unless they qualify for recognition as a result of a later transaction or event).”.
 
 
 
 
(ii) Delete “2003” in paragraphs 25A, 30 and B1A of IFRS 1 and substitute in each case “2004”.
FRS 102
Share-based Payment
 
IFRS 2
Share-based Payment
 
(i) Delete references to “2003” in paragraph 6 of IFRS 2 and substitute “2004”.
 
 
 
 
(ii) Delete references to “7 November 2002” in paragraphs 53, 56 and 58 of IFRS 2 and substitute in each case “22 November 2002”.
 
 
 
 
(iii) Delete paragraph 60 of IFRS 2 and substitute the following paragraph:
 
 
 
 
“60.  Companies incorporated or foreign companies registered under the Companies Act, that have been admitted to the official list of a securities exchange in Singapore and have not been removed from that official list shall apply this FRS for annual periods beginning on or after 1 January 2005. All other entities incorporated or registered in Singapore shall apply this FRS for annual periods beginning on or after 1 January 2006. Early application is encouraged. If an entity applies the FRS before its effective date, it shall disclose that fact.”.
 
 
 
 
(iv) Delete the following words in paragraph C2 of Appendix C to IFRS 2:
 
 
 
 
“In paragraph 6 of IAS 16 Property, Plant and Equipment, paragraph 7 of IAS 38 Intangible Assets, and paragraph 5 of IAS 40 Investment Property, as revised in 2003, the definition of cost is amended to read as follows:”,
and substitute the following words:
“In paragraph 6 of FRS 16 Property, Plant and Equipment and paragraph 7 of FRS 38 Intangible Assets, as revised in 2004, the definition of cost is amended to read as follows:”.
 
 
 
 
(v) Delete the headings “Introduction”, and “Basis for Conclusions” in paragraph C3 of Appendix C to IFRS 2 and all paragraphs thereunder.
 
 
 
 
(vi) Delete references to “7 November 2002” in paragraph C8 of Appendix C to IFRS 2 and substitute “22 November 2002”.
 
 
 
 
(vii) Delete all paragraphs after sub-paragraph IG65 in paragraph C8 of Appendix C to IFRS 2.
FRS 103
Business Combinations
 
IFRS 3
(March 2004)
Business Combinations
 
(i) Delete any reference to “31 March 2004” and substitute “1 July 2004”.
 
 
 
 
(ii) Delete paragraph 78 of IFRS 3 and substitute the following paragraph:
 
 
 
 
"78. Except as provided in paragraph 85, this FRS shall apply to the accounting for business combinations for annual periods beginning on or after 1 July 2004. This FRS shall also apply to the accounting for:
(a) goodwill arising from a business combination for annual periods beginning on or after 1 July 2004; or
(b) any excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of a business combination for annual periods beginning on or after 1 July 2004.".
 
 
 
 
(iii) Delete “1998” in paragraph 86 of IFRS 3 and paragraph C18 of Appendix C to IFRS 3 and substitute in each case “2003”.
 
 
 
 
(iv) Delete the first sentence immeditely under the heading “Amendments to other IFRSs” in Appendix C of IFRS 3 and substitute the following sentence:
 
 
 
 
“The amendments in this appendix shall be applied to the accounting for business combinations for annual periods beginning on or after 1 July 2004, and to the accounting for any goodwill and intangible assets acquired in those business combinations.”.
 
 
 
 
(v) Delete the heading “Introduction” in paragraph C4 of Appendix C to IFRS 3 and all paragraphs thereunder.
 
 
 
 
(vi) Delete the following words in paragraph C5 of Appendix C to IFRS 3:
 
 
 
 
"On the title page, the second paragraph after the title of IAS 14 is amended to read as follows:
Paragraphs 129 and 130 of IAS 36 Impairment of Assets set out in disclosure requirements for reporting impairment losses by segment.".
 
 
 
 
(vii) Delete “2003” in paragraphs C6, C11 and C15 of Appendix C to IFRS 3 and substitute in each case “2004”.
 
 
 
 
(viii) Delete the heading “Basis for Conclusions” in paragraph C7 of Appendix C to IFRS 3 and all paragraphs thereunder.
 
 
 
 
(ix) Delete reference to “25 March 2002” in paragraph C18 of Appendix C to IFRS 3 and substitute “1 February 2003”.
FRS 104
Insurance Contracts
 
IFRS 4
Insurance Contracts
 
(i) Delete the first sentence in paragraph 1 of IFRS 4 and substitute the following sentence:
 
 
 
 
“The objective of this FRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts (described in this FRS as an insurer) until the second phase of the project is completed.”.
 
 
 
 
(ii) Delete “2003” in paragraphs C1, C2 and C11 of Appendix C to IFRS 4 and substitute in each case “2004”.
 
 
 
 
(iii) Delete the last sentence of sub-paragraph IN5 of paragraph C5 of Appendix C to IFRS 4 and substitute the following sentence:
 
 
 
 
“An Exposure Draft proposing amendments to the treatment of financial guarantees within the scope of FRS 104 is expected to be issued in the near future.”.
 
 
 
 
(iv) Delete the sentence in paragraph C5 of Appendix C to IFRS 4 which reads:
 
 
 
 
“In paragraph BC20 of the Basis for Conclusions, the phrase “in the same way as financial guarantees (see paragraph BC23)” is replaced by the phrase inserted in paragraph IN6.”,
 
 
 
 
and all paragrahs thereunder.
 
 
 
 
(v) Delete the sentence in paragraph C7 of Appendix C to IFRS 4 which reads:
 
 
 
 
“In the first line of paragraph BC7 of the Basis for Conclusions, “an instrument” is replaced by “a financial instrument”.”.
 
 
 
 
(vi) Delete paragraph C12 of Appendix C to IFRS 4.
FRS 105
Non-current Assets Held for Sale and Discontinued Operations
 
IFRS 5
Non-current Assets Held for Sale and Discontinued Operations
 
(i) Delete “2003” in paragraphs 3 and 24(a) of IFRS 5 and substitute in each case “2004”.
 
 
 
 
(ii) Delete “2003” in paragraphs C1, C4 and C5 of Appendix C to IFRS 5 and substitute in each case “2004”.
 
 
 
 
(iii) Delete the sentence in paragraph C6 of Appendix C to IFRS 5 which reads:
 
 
 
 
“In the Basis for Conclusions, at the end of paragraph BC14 a footnote is added, as follows:”,
and all paragraphs thereunder.
 
 
 
 
(iv) Delete the sentence in paragraph C7 of Appendix C to IFRS 5 which reads:
 
 
 
 
“In the Basis for Conclusions, at the end of paragraph BC14 a footnote is added, as follows:”,
and all paragraphs thereunder
 
 
 
 
(v) Delete the sentence in paragraph C8 of Appendix C to IFRS 5 which reads:
 
 
 
 
“In the Basis for Conclusions, at the end of paragraph BC13 a footnote is added, as follows:”,
and all paragraphs thereunder.
 
 
 
 
(vi) Delete “1998” in paragraphs C9 and C12 of Appendix C to IFRS 5 and substitute in each case “2003”.
 
 
 
 
(vii) Delete the accompanying footnote in paragraph C12 of Appendix C to IFRS 5.
 
 
 
 
(viii) Delete paragraph C14 of Appendix C to IFRS 5.”.
Amendment of Fourth Schedule
3.  The Fourth Schedule to the principal Regulations is amended -
(a)by deleting the paragraph under the heading “ Accounting for Investments” and substituting the following paragraph:
“Financial Reporting Standard 25 Accounting for Investments (FRS 25) is set out in paragraphs 1 to 51. All the paragraphs have equal authority. FRS 25 should be read in the context of the Preface to Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.”;
(b)by deleting paragraph 3 under the heading “ Scope” and substituting the following paragraph:
“3.  This Standard does not deal with —
(a)the bases for recognition of interest, royalties, dividends and rentals earned on investments (see FRS 17 Leases and FRS 18 Revenue);
(b)investments in subsidiaries (see FRS 27 Consolidated and Separate Financial Statements);
(c)investments in associates (see FRS 28 Investments in Associates);
(d)investments in joint ventures (see FRS 31 Interests in Joint Ventures);
(e)goodwill, patents, trademarks and similar assets;
(f)finance leases as defined in FRS 17; and
(g)investments of retirement benefit plans and life insurance enterprises.”;
(c)by deleting the footnote referred to in paragraph 5 under the heading “Forms of Investments” and substituting the following footnote:
“(1)Enterprises for which investment activity is a significant element of operations, such as insurance companies and some banks, are often subject to regulatory control. The Preface to Financial Reporting Standards provides that Financial Reporting Standards do not override local regulations governing the issue of financial statements.”;
(d)by deleting the last sentence in paragraph 33 under the heading “Disposals of Investments” and substituting the following sentence:
“This policy should be applied consistently in accordance with Financial Reporting Standard FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors.”; and
(e)by deleting paragraph 44 under the heading “ Income Statement” and substituting the following paragraph:
“44.  Any reductions in carrying amount for other than a temporary decline in value of long-term investments, and reversals of such reductions, and profits and losses on disposal of long-term investments, are included in income and presented in accordance with FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors.”.
Deletion and substitution of Seventh Schedule
4.  The Seventh Schedule to the principal Regulations is deleted and the following Schedule substituted therefor:
“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 7
Introduction of the Euro
 
SIC – 7
Introduction of the Euro
 
(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 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 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 12
Consolidation – Special Purpose Entities
 
SIC – 12
Consolidation – Special Purpose Entities
 
(i) Delete the words “Paragraph 35 of the Framework” and substitute the words “Paragraph 31 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 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 the words “Paragraph 92 of the Framework” and substitute the words “Paragraph 88 of the FRS Framework”.
 
 
 
 
(ii) 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)”.
 
 
 
 
(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 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 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 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 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 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 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 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 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 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 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 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 31
Revenue – Barter Transactions Involving Advertising Services
 
SIC – 31
Revenue – Barter Transactions Involving Advertising Services
 
(i) Delete the words “Paragraph 31 of the Framework” and substitute the words “Paragraph 27 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 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 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 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 101
Changes in Existing Decommissioning, Restoration and Similar Liabilities
 
IFRIC
Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
 
Delete the following words in paragraph A1 of the Appendix to IFRIC Interpretation 1:
 
 
 
 
“In the Basis for Conclusions, a new heading and paragraph BC63C are inserted, as follows:”,
and the paragraphs thereunder.”.
Revocation
5.  The Companies (Accounting Standards) (Amendment No. 2) Regulations 2004 (G.N. No. S 412/2004) are revoked.
[G.N. Nos.S 401/2004; S412/2004; S 521/2004]

Made this 31st day of August 2004.

J Y PILLAY
Chairman,
Council on Corporate Disclosure
and Governance,
Singapore.
[F200402551T; AG/LEG/SL/50/2002/1 Vol. 8]
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