BDO in Singapore has published its Illustrative financial statements of ABC Singapore Limited for the financial year ended 31 December 2023. This illustrative includes disclosure relating to the adoption of amendments that became effective on 1 January 2023 and other information about other standards that have been issued but are not yet effective.
Below is the summary of major changes in this illustrative:
- Material accounting policy information, significant estimates and judgements related to a specific FSA have now been presented within the note of that FSA. This presentation illustrated another possible method of disclosure. Client shall select the method that most suitable for their circumstances and apply them consistently.
- Appendix A – Accounting policies; it includes the requirements of accounting standards and might not be material to all entities. Client should carefully assess, taking into consideration entity’s specific circumstances, whether such accounting policy information is material and needs to be included.
The illustrative only serves as guidance or reference and has yet to illustrate all the disclosure requirements in the financial reporting standards and other requirements by local laws and listing rules.
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