Version 10 - August 2025 (CUD release)
Content update information
This update confirms that the Singapore template includes Illustrative Model Content with legislative coverage for year end reporting until December 31, 2025.
- Financial period type: 12-Months (annual)
- Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)
Legislative changes for upcoming December 2025 financial year
1. Lack of exchangeability – Amendments to IAS 21
Lack of Exchangeability amends IAS 21 The Effects of Changes in Foreign Exchange Rates to require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determining the exchange rate to use and the disclosures to provide.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.
2. Sale or Contribution of Assets between an investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28
The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalized any amendments that result from its research project on the equity method. Early application of the amendments is still permitted and must be disclosed. The amendments must be applied prospectively.
3. Classification and Measurement of Financial Instruments – Amendments
In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later.
4. IFRS 18 – Presentation and Disclosure in Financial Statements
IFRS 18 introduces guidance on where information should be disclosed in the primary financial statements or the notes, enhanced requirements for grouping of information and using meaningful labels for items presented or disclosed and specific disaggregation requirements for presenting and disclosing operating expenses.
IFRS 18, and the amendments to the other accounting standards, is effective for reporting periods beginning on or after 1 January 2027 and will apply retrospectively and in interim financial statements. Early adoption is permitted and must be disclosed.
5. IFRS 19 - Subsidiaries without Public Accountability: Disclosures
IFRS 19 simplifies financial reporting for eligible subsidiaries, enabling them to apply IFRS Accounting Standards with reduced disclosure requirements. As IFRS Accounting Standards are developed and amended, IFRS 19 will be amended alongside them—always with a view to reducing disclosure requirements for eligible subsidiaries.
IFRS 19 is effective for reporting periods beginning on or after 1 January 2027 and earlier adoption is permitted. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their parent company applies IFRS Accounting Standards in preparing their consolidated financial statements. If an eligible entity chooses to apply the standard earlier, it is required to disclose that fact
6. Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-Dependent Electricity
ASC has issued Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity. The amendments include:
- Clarifying the application of the “own-use” requirements
- Permitting hedge accounting if these contracts are used as hedging instruments
- Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
Accounting law changes for December 2025 financial year
Effective for annual periods beginning on or after 1 January 2025:
1. Amendments to FRS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
In August 2023, the ASC issued amendments to FRS 21 The Effects of Changes in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted, but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information.
Effective for annual periods beginning on or after 1 January 2026
2. Amendments to FRS 109 and FRS 107 – Amendments to the Classification and Measurement of Financial Instruments
FRS 109 and FRS 107 are amended to response to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:
- Clarify the timing of recognition and derecognition of some financial assts and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
- Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
- Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and
- Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
The amendments apply for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
3. Amendments to FRS 109 and FRS 107: Contracts Referencing Nature-Dependent Electricity
ASC has issued Amendments to FRS 109 and FRS 107: Contracts Referencing Nature-dependent Electricity. The amendments include:
- Clarifying the application of the “own-use” requirements
- Permitting hedge accounting if these contracts are used as hedging instruments
- Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted, but will need to be disclosed.
ONESOURCE Statutory Reporting
Singapore Content Update Document
2025 OSR Content Projects As at 17/04/2025 thomsonreuters.com| 4
The clarifications regarding the ‘own use’ requirements must be applied retrospectively, but the guidance permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date of initial application.
4. Annual Improvements to FRSs Volume 11
In October 2024, a collection of minor amendments to FRSs was issued under "Annual improvements to FRS- Volume 11". These improvements are limited to changes that either clarify the wording in a FRS or correct relatively minor unintended consequences, oversights or conflicts between the requirements in FRSs. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
Effective for annual periods beginning on or after 1 January 2027
5. FRS 118 Presentation and Disclosure in Financial Statements
FRS 118 Presentation and Disclosure in Financial Statements introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.
It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes.
In addition, narrow-scope amendments have been made to FRS 7 Statement of Cash Flows, which includes changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.
FRS 118, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. FRS 118 will apply retrospectively.
6. FRS 119 Subsidiaries without Public Accountability: Disclosures
In May 2024, the ASC issued FRS 119, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other FRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in FRS 110, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with FRS accounting standards.
FRS 119 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted.
Effective date to be determined:
7. Amendments to FRS 110 and FRS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendments to FRS 110 Consolidated Financial Statement was issued in November 2014 have amended paragraphs 25–26 and added paragraph B99A. Amendments to FRS 28 Investment in Associates and Joint Ventures was issued in November 2014 and have amended paragraphs 28 and 30 and added paragraphs 31A–31B and 45C.
ONESOURCE Statutory Reporting
Singapore Content Update Document
2025 OSR Content Projects As at 17/04/2025 thomsonreuters.com| 5
Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact. The mandatory effective date of this Amendment had been revised from 1 January 2016 to a date to be determined by the Accounting Standards Council (“ASC”) in December 2015.
Early adoption for accounting standards
Earlier application for these accounting standards are permitted and that fact must be disclosed.
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