 | | Singapore | February 2024 |
|
|
|---|
|
Financial Reporting and Accounting News
Singapore |
| |
|---|
|
Welcome to the February 2024 issue of Financial Reporting and Accounting Updates, your regular digest on the latest developments on environmental, social and governance (ESG), and accounting updates.
In this issue, we feature our analysis and insights on the Singapore Budget 2024. Find out more about what our PwC professionals think, and how the Budget affects you and your business.
Our PwC International Financial Reporting Standards (IFRS) podcasts and publications provide you with key insights and guidance into various accounting and ESG topics. Tune in to our podcasts to find out about the results from PwC’s Global Investor Survey 2023, insights about the Organisation for Economic Cooperation and Development (OECD) Pillar Two framework and catch up on the latest updates in the global sustainability reporting world.
Read our publications for latest updates including the 2024 Mini Guide for Audit and Risk Committees (ARCs), which reveals the latest developments and requirements for financial statements disclosures, key considerations in sustainability reporting, and what it means for investors. Here, you will also find the IFRS reminders for reporting requirements as at 31 December 2023, key year end reminders and reminders around IFRS 17. Catch up on the latest updates in the global sustainability reporting world by the International Sustainability Standards Board (ISSB) and the European Union (EU).
We hope you find this useful and feel free to share this with your colleagues who may be interested. |
|
|---|
|
Warmest regards,
PwC Singapore |
|
|---|
|
| Singapore Budget 2024
The Singapore Budget 2024 was announced by Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong on 16 February 2024. The Budget aims to support Singaporeans and businesses in addressing immediate challenges while preparing for long-term sustained growth. It focuses on investments in cost-of-living relief, workforce development and skills training, and promoting artificial intelligence and sustainability for the future.
Find out what this year’s Budget means for you and your business. Read on for our Budget commentary, and our latest Budget related news. Please reach out to your PwC contacts to find out about the accounting implications from this Budget. |
|
|---|
|
| PwC’s Global Investor Survey 2023
Hear about PwC’s Global Investor Survey to find out what investors want to know about how companies are managing crises and staying resilient, while creating and protecting long-term value in today’s fracturing world. |
|
|---|
|
| Getting ready for OECD Pillar Two
The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. Listen to discussions on the judgements involved and what companies can do to prepare for this. |
|
|---|
|
| Sustainability snippets
Tune in to this series of mini videos which aims to provide you with an overview of which is happening in the global sustainability reporting world. |
|
|---|
|
Publications and news: IFRS |
|
|---|
|
| IFRS Updates Seminar – 27 March 2024
Our IFRS updates seminar, which will be held at the Pan Pacific Singapore (Marina Square), is designed to keep accounting and finance professionals up to date with changes in accounting standards, regulators' focus areas, sustainability reporting and reporting trends. In this upcoming seminar we will especially take a closer look into the IFRS 17 standard (from a perspective for non-insurers) and the upcoming Pillar Two Tax regulations.
Participants will receive 7 hours of continuing professional education (CPE) hours. |
|
|---|
|
| 2024 Mini-Guide for Audit and Risk Committees (ARCs)
The 2024 Mini-Guide includes the following hot topics that ARCs and Directors need to know: |
• | SGX RegCo’s Guidance on Key Financial Indicators | •SGX RegCo’s Guidance on Key Financial Indicators | • | What should Audit Committees (ACs) look out for in relation to sustainability? | •What should Audit Committees (ACs) look out for in relation to sustainability? | • | Key areas for consideration in sustainability reporting | •Key areas for consideration in sustainability reporting | • | Areas of Review Focus for FY2023 financial statements | •Areas of Review Focus for FY2023 financial statements | • | Singapore Institute of Directors (SID) Audit & Risk Committee Chapter | •Singapore Institute of Directors (SID) Audit & Risk Committee Chapter |
|
|
|
|---|
|
| December 2023 IFRS year end reminders
This document relates to reporting requirements as at 31 December 2023. It lists the topical issues that entities might want to consider for this year end, as well as the IFRS Accounting Standards and IFRIC Interpretations that are newly applicable for 31 December year ends. |
|
|---|
|
| Key year end reminders - Accounting items you cannot see
This ‘In depth’ is designed to remind preparers and auditors on what not to miss to ensure that key accounting items such as liabilities for financial guarantees, provisions and incorrect offsetting in the financial statements, are properly reflected. |
|
|---|
|
| IFRS 17 affects more than just insurance companies
The existing requirements for insurance contracts (IFRS 4) allow flexibility to follow the measurement principles of other standards. The replacement accounting standard for insurance contracts, IFRS 17, is more prescriptive. It is therefore critical to identify insurance contracts, to determine whether they are within the scope of IFRS 17 and, if so, to determine the accounting implications.
This ‘In depth’ considers examples of common contracts that might be within the scope of IFRS 17 or might be impacted by the introduction of IFRS 17. |
|
|---|
|
| Disclosure reminders for the first annual financial statements applying IFRS 17
Many insurance companies are in the process of finalising their first set of annual financial statements applying IFRS 17 ‘Insurance contracts’ for their 2023 reports. Disclosures will be vital in assisting investors to understand the fundamental changes in accounting introduced by IFRS 17. This ‘In brief’ has some top tips on key areas of importance when it comes to disclosures. |
|
|---|
|
Publications and news: Sustainability |
|
|---|
|
| Exposure drafts on “Listed company self regulatory supervisory guideline sustainability report (Provisional)”
Three stock exchanges in China issued exposure drafts on sustainability report disclosure requirements for approximately 450 listed companies. The new guideline is proposed to be effective 1 January 2025 with reports to be issued by 30 April 2026. This ‘In brief’ provides companies who are listed on these stock exchanges in China a high-level look at these reporting issues. |
|
|---|
|
| SASB Internationalisation and Educational Material on Climate
The International Sustainability Standards Board (ISSB) published amendments to the Sustainability Accounting Standards Board (SASB) Standards to enhance their international applicability, as well as new educational material illustrating the nature and social aspects of climate-related risks and opportunities.
Read our ‘In brief’ publication to find out what is the impact of this on preparers. |
|
|---|
|
| Navigating the ESG landscape: Comparison of the “big three” sustainability frameworks
We've updated our publication “Navigating the ESG landscape” in January 2024 to reflect an adjustment to the scoping thresholds and issuance of draft implementation guidance in the EU as well as updates from the ISSB.
This publication compares and contrasts key provisions among the three sustainability reporting proposals. We offer our perspectives on the proposals, including some of the suggestions we have made to each regulator or standard setter to enhance operability. |
|
|---|
|
| European Union regulations beyond CSRD
The European Green Deal introduced by the European Commission (EC) in December 2019 consists of disclosure requirements that extend to the operations of non-EU companies. Apart from the Corporate Sustainability Reporting Directive (CSRD), several other pressing and broadly applicable EU regulations that would also be applicable for both EU and non-EU companies are covered in this PwC ‘In depth’ publication. |
|
|---|
|
Explore moreClick here to visit our website for more of our latest insights. |
| |
|---|
|
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. |
|
|---|
|
|
|
