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1、PREFACETOFRSPREFACETOFINANCIALREPORTINGSTANDARDS1.TheCouncilonCorporateDisclosureandGovernance(“CCDG”)wasestablishedon16August2002toprescribeaccountingstandardsforSingapore-incorporatedcompanies,andtoreviewandrecommendcorporategovernanceanddisclosurepracticesonacontinuingbasi
2、s.TheaccountingstandardsprescribedbytheCCDGareknownasFinancialReportingStandards(“FRSs”),whicharecloselymodelledaftertheInternationalAccountingStandardsandInternationalFinancialReportingStandardsissuedbytheInternationalAccountingStandardsBoard.2.WiththeenactmentoftheAccountin
3、gStandardsActandthedissolutionoftheCCDGon1November2007,theAccountingStandardsCouncil(“ASC”)tookoverthetaskofmakingorformulatingaccountingstandardsfromtheCCDG.Inadditiontomakingorformulatingaccountingstandardsforcompanies,theASCwillalsomakeorformulateaccountingstandardsforchar
4、ities,co-operativesocietiesandsocieties.3.FRSssetoutrecognition,measurement,presentationanddisclosurerequirementsdealingwithtransactionsandeventsthatareimportantingeneralpurposefinancialstatements.Theyalsosetoutsuchrequirementsfortransactionsandeventsthatarisemainlyinspecific
5、industries.FRSsarebasedontheFRSFramework,whichaddressestheconceptsunderlyingtheinformationpresentedingeneralpurposefinancialstatements.TheobjectiveoftheFRSFrameworkistofacilitatetheconsistentandlogicalformulationofFRSs.TheFRSFrameworkalsoprovidesabasisfortheuseofjudgmentinres
6、olvingaccountingissues.4.FRSsapplytoallgeneralpurposefinancialstatements.Suchfinancialstatementsaredirectedtowardsthecommoninformationneedsofawiderangeofusers,forexample,shareholders,creditors,employeesandthepublicatlarge.Theobjectiveoffinancialstatementsistoprovideinformatio
7、naboutthefinancialposition,performanceandcashflowsofanentitythatisusefultothoseusersinmakingeconomicdecisions.5.Acompletesetoffinancialstatementsincludesabalancesheet,anincomestatement,astatementshowingeitherallchangesinequityorchangesinequityotherthanthosearisingfromcapitalt
8、ransactionswithownersanddistributionstoowners,acashflowstatement,and
