Who is responsible for accounting standards?

About the International Accounting Standards Board (IASB)

The IASB is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. Broad geographical diversity is also required. The IFRS Foundation Constitution outlines the full criteria for the composition of the IASB, and the geographical allocation can be seen on the individual profiles.

IASB members are responsible for the development and publication of IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard. The IASB is also responsible for approving Interpretations of IFRS Accounting Standards as developed by the IFRS Interpretations Committee (formerly IFRIC).

Members are appointed by the Trustees of the IFRS Foundation through an open and rigorous process that includes advertising vacancies and consulting relevant organisations.

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• Issued by ASC

Accounting standards are developed in the public interest in support of Singapore’s corporate governance and financial reporting framework. The accounting standard-setting process must be robust and credible to promote public confidence in the standards developed from the process.

The Accounting Standards Council (ASC) is responsible for the formulation and promulgation of accounting standards in Singapore. These accounting standards include the Singapore Financial Reporting Standards (International) (SFRS(I)s), the Financial Reporting Standards (FRS) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities). In addition to prescribing accounting standards for companies, the ASC also prescribes accounting standards for charities, co-operatives societies and societies. Please refer to www.asc.gov.sg for more information on the process of prescribing accounting standards and the standards issued by ASC.

The following are accounting standards and accounting guidance/materials.

Related news

• November 2022 IASB meeting agenda posted

• 11 Nov 2022

• The IASB has posted the agenda for its next meeting, which will be held in its office in London on 22–24 November 2022. There are eight topics on the agenda.

• Call for papers – 2023 IASB Research Forum

• 10 Nov 2022

• The IFRS Foundation has announced that it will host the 2023 IASB Research Forum in early November 2023 and are seeking research papers to help inform the IASB’s standard-setting activities related to intangible assets.

• IASB outlines responses to feedback from users of SME financial statements

• 09 Nov 2022

• The IASB has released a newsletter explaining how the IASB has responded to feedback from users of SMEs’ financial statements and describing the proposals the IASB published in the exposure draft.

• IFRS Foundation announces IRCC

• 01 Nov 2022

• The IFRS Foundation has announced a new advisory group, the Integrated Reporting and Connectivity Council (IRCC).

• IASB finalises amendments to IAS 1 regarding the classification of debt with covenants

• 31 Oct 2022

• The International Accounting Standards Board (IASB) has published 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024.

• October 2022 IASB meeting notes posted

• 28 Oct 2022

• The IASB met in London on 18-20 October 2022. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

• IASB issues podcast on latest Board developments (October 2022)

• 26 Oct 2022

• The IASB has released a podcast featuring IASB Chair Andreas Barckow and Executive Technical Director Nili Shah discussing deliberations at the October 2022 IASB meeting.

• IASB announces optional response document for IFRS for SMEs Accounting Standard consultation

• 25 Oct 2022

• The IASB has announced an optional response document for stakeholders to submit feedback on the proposals to update the IFRS for SMEs Accounting Standards.

• Updated IASB and ISSB work plan — Analysis (October 2022)

• 25 Oct 2022

• Following the IASB's and ISSB's October 2022 meetings, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in September 2022.

• IASB publishes editorial corrections

• 18 Oct 2022

• The IASB has published the third set of editorial corrections for 2022.

• IASB workshop on digital financial reporting

• 17 Oct 2022

• On 18 November 2022, the IASB will offer a workshop that explores issues relating to digital financial reporting and digitalisation of financial reports.

• Pre-meeting summaries for the October 2022 IASB meeting

• 14 Oct 2022

• The IASB meets in London on 18-20 October 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

• IASB concludes webcast series on dynamic risk management

• 14 Oct 2022

• The IASB technical staff has produced a series of eight webcasts on its dynamic risk management (DRM) project. The final webcast was released today.

• IFRS Foundation announces new IASB Board member

• 13 Oct 2022

• The Trustees of the IFRS Foundation have announced the appointment of Florian Esterer as IASB Board member. The appointment is for a five-year term.

• September 2022 IASB-FASB joint meeting notes posted

• 12 Oct 2022

• The IASB and FASB met virtually and in its offices in London on 30 September 2022. We have posted our comprehensive Deloitte observer notes for all the discussion held during the meeting.

• IASB continues webcast series on dynamic risk management

• 12 Oct 2022

• The IASB technical staff has produced a series of eight webcasts on its dynamic risk management (DRM) project, which are being released in batches.

• IASB webcasts on the dynamic risk management

• 10 Oct 2022

• The IASB technical staff has issued the first in a series of eight webcasts on its dynamic risk management (DRM) project. The first webcast provides an overview of the project. The other webcasts being issued will be staggered to allow users time to view the content.

• October 2022 IASB meeting agenda posted

• 10 Oct 2022

• The IASB has posted the agenda for its next meeting, which will be held in its office in London on 18–20 October 2022. There are ten topics on the agenda.

• IASB announces webinars on primary financial statements project

• 04 Oct 2022

• On 14 October 2022, the IASB will hold two virtual webinars on the latest updates to the primary financial statements project. The webinars will be conducted by IASB technical staff members Aida Vatrenjak, Roanne Hasegawa, Juliane-Rebecca Upmeier and Nick Barlow and discuss the main proposals in the IASB’s exposure draft ‘General Presentation and Disclosures’ and key decisions made during redeliberation up to September 2022.

• New members appointed to GPF

• 03 Oct 2022

• The IASB and the Global Preparers Forum (GPF) have appointed three new members. The new members are Lily Hu, Patrick Matos, and Feifei Wang and will serve an initial term of five years starting on 1 November 2022.

• IASB issues podcast on latest Board developments (September 2022)

• 03 Oct 2022

• The IASB has released a podcast featuring IASB Chair Andreas Barckow and Executive Technical Director Nili Shah discussing deliberations at the September 2022 IASB meeting.

• September 2022 IASB meeting notes posted

• 30 Sep 2022

• The IASB met in London on 20-22 September 2022. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

• IFRS Foundation announces new IASB Board members

• 30 Sep 2022

• The Trustees of the IFRS Foundation have announced the appointment of Patrina Buchanan and Hagit Keren as IASB Board members. Both appointments are for a five-year term.

• Pre-meeting summaries for the September 2022 IASB-FASB joint education meeting

• 26 Sep 2022

• The FASB and the IASB will hold a one-day joint education meeting on 30 September 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB and FASB discussions more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and FASB.

• Updated IASB and ISSB work plan — Analysis (September 2022)

• 26 Sep 2022

• Following the IASB's and ISSB's September 2022 meeting, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in July 2022. Changes are numerous, many of them clarifications of expected timing.

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