Issuance of Revised SB-FRS Guidance Note 1 and Illustrative Examples
21 JUN 2018
Issuance of Revised SB-FRS Guidance Note 1 and Illustrative Examples
21 Jun 2018
Issuance of Revised SB-FRS Guidance Note 1 and Illustrative Examples
A revised SB-FRS Guidance Note 1 [.pdf, 368kb], including a new Illustrative Examples [.pdf, 375kb], effective for annual periods beginning on or after 1 January 2019 have been issued. Earlier application is permitted.
The key amendments made to SB-FRS Guidance Note 1 are:
| Paragraph(s) | Key Amendments |
|---|---|
| 8 and 9 | Clarification on definition of “restrictions” on restricted funds by including non-exhaustive examples of restrictions placed on funds, and examples that are not considered restrictions placed on funds |
| 10 | Presentation and disclosure of restricted funds – whether they can be combined or need to be separately disclosed |
| 17 | Clarification that this paragraph is applicable to capital grants relating to non-depreciable assets that does not require the fulfilment of certain obligations, which is an area that is silent in SB-FRS 20 |
| 19 | Recognition of transferred assets and liabilities, including those of a restricted nature (i.e. restricted funds), from dissolved SBs to a newly formed Statutory Board – such transferred assets and liabilities should be taken to the Capital Account of the newly formed Statutory Board |
| 21 | Clarification on the types of funds or reserves Statutory Boards can present in their Statement of Financial Position |
| 22 | Clarification that Statutory Boards should not create reserves or set aside provisions of liabilities unnecessarily |