{"id":2766,"date":"2025-09-12T15:30:33","date_gmt":"2025-09-12T15:30:33","guid":{"rendered":"https:\/\/usafe-ca.com\/?p=2766"},"modified":"2025-09-12T15:41:50","modified_gmt":"2025-09-12T15:41:50","slug":"amendment-to-frs-119-reduced-disclosures-extended-to-more-entities","status":"publish","type":"post","link":"https:\/\/usafe-ca.com\/zh\/2025\/09\/12\/amendment-to-frs-119-reduced-disclosures-extended-to-more-entities\/","title":{"rendered":"Amendment to FRS 119: Reduced Disclosures Extended to More Entities"},"content":{"rendered":"<h3 data-start=\"152\" data-end=\"222\">Amendment to FRS 119: Reduced Disclosures Extended to More Entities<\/h3>\n<h5 data-start=\"247\" data-end=\"264\">Introduction<\/h5>\n<p data-start=\"266\" data-end=\"704\">ACRA is making financial reporting simpler for many small companies. With the recently amended <strong data-start=\"361\" data-end=\"449\">FRS 119 \u2013 Subsidiaries and Small Entities without Public Accountability: Disclosures<\/strong>, eligible entities will now enjoy reduced disclosure requirements when preparing financial statements. This change kicks in for financial periods starting on or after 1 January 2027 (with early adoption permitted).<\/p>\n<hr data-start=\"706\" data-end=\"709\" \/>\n<h5 data-start=\"711\" data-end=\"730\">What\u2019s Changed<\/h5>\n<ul data-start=\"732\" data-end=\"1193\">\n<li data-start=\"732\" data-end=\"872\">\n<p data-start=\"734\" data-end=\"872\">The name of FRS 119 has been extended to include <strong data-start=\"783\" data-end=\"831\">Small Entities without Public Accountability<\/strong>.<\/p>\n<\/li>\n<li data-start=\"873\" data-end=\"1193\">\n<p data-start=\"875\" data-end=\"1193\">Entities that qualify will be able to use the full Singapore Financial Reporting Standards (FRSs) for recognition, measurement, and presentation, but provide <strong data-start=\"1033\" data-end=\"1054\">fewer disclosures<\/strong> under FRS 119. This reduces the time, effort, and cost involved in preparing financial statements.<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"1195\" data-end=\"1198\" \/>\n<h5 data-start=\"1200\" data-end=\"1220\">Who Can Benefit<\/h5>\n<p data-start=\"1222\" data-end=\"1290\">Entities may apply the amended FRS 119 if they meet the following:<\/p>\n<div class=\"_tableContainer_1rjym_1\">\n<div class=\"group w-fit _tableWrapper_1rjym_13 flex flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"1292\" data-end=\"1863\">\n<thead data-start=\"1292\" data-end=\"1337\">\n<tr data-start=\"1292\" data-end=\"1337\">\n<th data-start=\"1292\" data-end=\"1311\" data-col-size=\"md\">Type of Criteria<\/th>\n<th data-start=\"1311\" data-end=\"1337\" data-col-size=\"xl\">What Must Be Satisfied<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"1348\" data-end=\"1863\">\n<tr data-start=\"1348\" data-end=\"1660\">\n<td data-start=\"1348\" data-end=\"1375\" data-col-size=\"md\"><strong data-start=\"1350\" data-end=\"1374\">Qualitative Criteria<\/strong><\/td>\n<td data-start=\"1375\" data-end=\"1660\" data-col-size=\"xl\">\u2022 The entity does <em data-start=\"1395\" data-end=\"1400\">not<\/em> have public accountability.<br \/>\n\u2022 It is <em data-start=\"1442\" data-end=\"1447\">not<\/em> a public company under the Companies Act.<br \/>\n\u2022 It is <em data-start=\"1503\" data-end=\"1508\">not<\/em> a charity under the Charities Act.<br \/>\n\u2022 It publishes general purpose financial statements for external users.<\/td>\n<\/tr>\n<tr data-start=\"1661\" data-end=\"1863\">\n<td data-start=\"1661\" data-end=\"1717\" data-col-size=\"md\"><strong data-start=\"1663\" data-end=\"1688\">Quantitative Criteria<\/strong> (must satisfy at least two)<\/td>\n<td data-start=\"1717\" data-end=\"1863\" data-col-size=\"xl\">\u2022 Total annual revenue \u2264 S$10 million<br \/>\n\u2022 Total assets \u2264 S$10 million<br \/>\n\u2022 Number of employees \u2264 50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"1865\" data-end=\"2142\">To use FRS 119, an entity must meet <em data-start=\"1901\" data-end=\"1906\">all<\/em> qualitative criteria and at least <em data-start=\"1941\" data-end=\"1946\">two<\/em> of the quantitative criteria for each of the two consecutive reporting periods immediately prior to the reporting period in which it first applies FRS 119.<\/p>\n<hr data-start=\"2144\" data-end=\"2147\" \/>\n<h5 data-start=\"2149\" data-end=\"2181\">Effective Date &amp; Transition<\/h5>\n<ul data-start=\"2183\" data-end=\"2538\">\n<li data-start=\"2183\" data-end=\"2363\">\n<p data-start=\"2185\" data-end=\"2363\">The amended FRS 119 applies to <strong data-start=\"2216\" data-end=\"2281\">annual reporting periods beginning on or after 1 January 2027<\/strong>. Entities may choose to adopt it earlier.<\/p>\n<\/li>\n<li data-start=\"2364\" data-end=\"2538\">\n<p data-start=\"2366\" data-end=\"2538\">Eligible entities should assess whether applying FRS 119 gives net benefits (reduced cost vs any adjustments or lost comparability).<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"2540\" data-end=\"2543\" \/>\n<h5 data-start=\"2545\" data-end=\"2566\">Why This Matters<\/h5>\n<ul data-start=\"2568\" data-end=\"3150\">\n<li data-start=\"2568\" data-end=\"2732\">\n<p data-start=\"2570\" data-end=\"2732\">Eligible entities will <strong data-start=\"2593\" data-end=\"2622\">reduce disclosure burdens<\/strong>, saving on time, effort, and costs in preparing financial statements.<\/p>\n<\/li>\n<li data-start=\"2733\" data-end=\"2935\">\n<p data-start=\"2735\" data-end=\"2935\">Users of financial statements will still get important information about the entity\u2019s financial performance and position, while seeing more streamlined reports.<\/p>\n<\/li>\n<li data-start=\"2936\" data-end=\"3150\">\n<p data-start=\"2938\" data-end=\"3150\">Entities currently using the SFRS for Small Entities may find it more cost-effective to transition to full FRSs and use the reduced disclosures under the amended FRS 119.<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"3152\" data-end=\"3155\" \/>\n<h5 data-start=\"3157\" data-end=\"3190\">What Entities Should Do Next<\/h5>\n<ol data-start=\"3192\" data-end=\"3635\">\n<li data-start=\"3192\" data-end=\"3307\">\n<p data-start=\"3195\" data-end=\"3307\"><strong data-start=\"3195\" data-end=\"3216\">Check eligibility<\/strong> \u2014 Review whether your entity meets the qualitative + at least two quantitative criteria.<\/p>\n<\/li>\n<li data-start=\"3308\" data-end=\"3454\">\n<p data-start=\"3311\" data-end=\"3454\"><strong data-start=\"3311\" data-end=\"3344\">Decide whether to adopt early<\/strong> \u2014 If the benefits (especially cost\/time savings) outweigh any downsides, you may adopt FRS 119 before 2027.<\/p>\n<\/li>\n<li data-start=\"3455\" data-end=\"3635\">\n<p data-start=\"3458\" data-end=\"3635\"><strong data-start=\"3458\" data-end=\"3480\">Prepare for change<\/strong> \u2014 Update your internal reporting and disclosures accordingly, train your team, and consider how this affects comparisons with past financial statements.<\/p>\n<\/li>\n<\/ol>\n<hr data-start=\"3637\" data-end=\"3640\" \/>\n<h5 data-start=\"3642\" data-end=\"3654\">Summary<\/h5>\n<p data-start=\"3656\" data-end=\"4010\">ACRA\u2019s amendment to <strong data-start=\"3676\" data-end=\"3687\">FRS 119<\/strong> offers small entities without public accountability a simplified disclosure option under FRSs. Beginning 1 January 2027, eligible entities can enjoy reduced reporting burdens while still producing full-FRS financial statements. If your entity qualifies, considering early adoption may bring cost and efficiency benefits.<\/p>\n<p>Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Feel free to contact us to consult with our\u00a0<a href=\"https:\/\/usafe-ca.com\/zh\/contact\/\">professional advisors team<\/a>\u00a0for personalized advice and guidance.<\/p>\n<p>Sources: <a href=\"https:\/\/www.acra.gov.sg\/accountancy\/accounting-standards\/accounting-standards-news\/publications\/amendments-to-frs-119\">https:\/\/www.acra.gov.sg\/accountancy\/accounting-standards\/accounting-standards-news\/publications\/amendments-to-frs-119<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Amendment to FRS 119: Reduced Disclosures Extended to More Entities Introduction ACRA is making financial reporting simpler for many small companies. With the recently amended FRS 119 \u2013 Subsidiaries and Small Entities without Public Accountability: Disclosures, eligible entities will now enjoy reduced disclosure requirements when preparing financial statements. This change kicks in for financial periods [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-2766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore","category-useful"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Amendment to FRS 119 Reduces Disclosure Requirements - uSafe Certified Public Accountants<\/title>\n<meta name=\"description\" content=\"Understand the changes brought by the Amendment to FRS 119 and how they help small companies with financial disclosures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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