Assurance & Advisory October 2007

Changes tothe FinancialReporting Frameworkin Singapore

The information in this booklet was prepared by the Technical Department of Deloitte & Touche in Singapore for the use of clients

and staff and is written in general terms. Accordingly, we recommend that readers seek appropriate professional advice regarding the

application of its contents to their specific situation and circumstances. This booklet should not be relied on as a substitute for such

professional advice. Partners and professional staff of Deloitte & Touche would be pleased to advise you. While all reasonable care

has been taken in the preparation of this booklet, Deloitte & Touche accepts no responsibility for any errors it might contain, whether

caused by negligence or otherwise, or for any loss, howsoever caused, incurred by any person as a result of relying on it.

Acronyms

ACRA Accounting and Corporate Regulatory Authority

CA Singapore Companies Act

CCDG Council on Corporate Disclosure and Governance

ED Exposure Draft

FRS Singapore Financial Reporting Standards

IASB International Accounting Standards Board

ICPAS Institute of Certified Public Accountants of Singapore

IFRIC International Financial Reporting Interpretations, or International Financial Reporting Interpretations Committee,

as appropriate

IFRS International Financial Reporting Standards

IG Implementation Guidance

INT FRS Interpretation of Singapore Financial Reporting Standards

LM SGX Listing Manual

RAP Statements of Recommended Accounting Practice issued by ICPAS

SIC Interpretation of the Standing Interpretations Committee of the IASB

SGX Singapore Exchange Limited

US GAAP United States Generally Accepted Accounting Principles

XBRL eXtensible Business Reporting Language

8th EditionContents of booklet current as of 30 September 2007.

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Table of contents

Page

Introduction 2

SectionI:FinancialReportingStandards 3

New/revisedFRSissuedin2007 3

• FRS108Operating Segments 3

• FRS23Borrowing Costs (Revised) 4

NewINTFRSissuedin2007 5

• INTFRS111FRS 102 Group and Treasury Share Transactions 5

• INTFRS112Service Concession Arrangements 5

Exposuredraftsissuedin2007 7

• EDProposedAmendmentstoFRS101First-time Adoption of Financial Reporting Standards:

Cost of an Investment in a Subsidiary 7

• EDProposedAmendmentstoFRS24Related Party Disclosures

– State-controlled Entities and the Definition of a Related Party 7

• EDFRSforSmall and Medium-sized Entities 8

• EDINTFRSReal Estate Sales 9

• EDINTFRSHedges of a Net Investment in a Foreign Operation 10

ListofFRSandINTFRSissuedasof30September2007 11

SummaryofdifferencesbetweenFRSandIAS/IFRSasof30September2007 17

SectionII:OtherFinancialReportingMatters 19

DeferredtaximplicationsonadoptionofFRS40Investment Property 19

ACRAPracticeDirectionNo.2of2007 19

• FilingofFinancialStatementsinXBRL 19

IntroductionThepurposeofthispublicationistoprovidearegularupdateoftherecentchangesintheSingaporefinancialreportingframeworkwhichwebelieveareimportanttoaccountingandauditprofessionals.

In thisedition,wecontinue toprovidea summaryof thenew/revisedFRSand INTFRS issued sinceour lastedition inNovember2006anduptoendofSeptember2007,andanupdatedcomparisonagainst IFRS.Toassistentities inconsideringanddisclosinganypotentialimpactarisingfromFRSandINTFRSissuedbutnoteffectiveincurrentyear(i.e.arequirementunderFRS8),wehavecompiledalistofFRSandINTFRSwiththeirrespectiveissuedatesandeffectivedates.

AnewstandardFRS108Operating Segmentshasbeen issuedandwill takeeffect in2009.FRS108will replacetheexistingFRS14Segment Reporting,andwillaffectthewaySingapore listedcompaniesdefinetheir reportingsegmentscurrently.Severalnewdisclosure requirements are also introduced in FRS 108. FRS 23 Borrowing Costs is revised to eliminate the option of expensingborrowingcostsdirectlyattributabletoqualifyingassets.FRS108andtherevisedFRS23areadoptedfromtheequivalentIFRS,whichweredevelopedaspartoftheIASB’seffortstoconvergewithUSGAAPintheaccountingareasconcerned.

Twointerpretationshavebeenissuedin2007,namelyINTFRS111FRS 102 Group and Treasury Share TransactionsandINTFRS112Service Concession Arrangements.Theseinterpretationsprovidefurtherguidanceontheaccountingforintra-groupemployeeshare-basedpaymenttransactionsandpublic-to-privateinfrastructureprojectsrespectively,andbothofwhicharebecomingmorecommonforSingaporeentities.

TheissuanceoftwomoreinterpretationsINTFRSCustomer Loyalty ProgrammesandINTFRSFRS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction are also imminent, as the IFRIC equivalents have been issued. It isexpectedthattheinterpretationoncustomerloyaltyprogrammes,whichprovidesguidanceontheaccountingfor“loyaltypoints”willbeofrelevancetoretailersandprovidersofconsumergoodsandservicesinSingapore.

InSeptember2007,theIASBissuedarevisedIAS1Presentation of Financial Statements(SingaporeEDwasissuedin2006)whichrequiresincomeandexpensesrecogniseddirectlyinequityduringtheperiodtobepresentedoutsidethestatementofchangesinequity,inaseparatestatementofcomprehensiveincome.TherevisedStandard,whichwilltakeeffectin2009,alsorequiresdisclosureoftaxeffectsrelatingtocomponentsofothercomprehensiveincome.Whentherearerestatementsorreclassificationsofitemsinthefinancial statements,a statementoffinancialposition (previouslyknownasbalancesheet)asat thebeginningof theearliestcomparativeperiodwillberequired.

Anexposuredraftonrealestatesalesissuedrecentlyhasdrawnmuchattentionamongpropertydevelopers,asitwillsignificantlyaffecttheexistingmannerofrecognisingrevenueandprofitsoftheseentities.OfequalsignificancetopropertyinvestorsistheissueoveraccountingfordeferredtaxonfairvaluegainsofinvestmentpropertiesunderFRS40’sfairvaluemodel.

Thedevelopmentofasimplifiedsetoffinancialreportingstandardsforsmallandmedium-sizedentities(SMEs)isinthepipeline.Whenadopted,SMEscanlookforwardtolessdisclosurerequirementsandmoresimplifiedrecognitionandmeasurementrequirements.

Theoptiontoapplyproportionateconsolidationforjointly-controlledentitiesunderthecurrentFRS31Interests in Joint VenturesmayberemovedasproposedinarecentlyissuedIASBexposuredraft–ED9Joint Arrangements.

Lastly,apartfromthechangesinFRS,SingaporecompaniesneedtotakenotethatwitheffectfromNovember2007,theyarerequiredtofiletheirstatutoryfinancialstatementsintheXBRLformat.AnACRAPracticeDirectionhasbeenissuedontheimplementationofthisrequirement.

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FRS�08Operating Segments

FRS108replacesFRS14Segment Reporting,and isapplicable

for entitieswhose equityordebt securities arepublicly traded

andentities thatare in theprocessof issuingequityanddebt

securitiesinpublicsecuritiesmarkets.Whenbothseparateand

consolidatedfinancialstatementsoftheparentarepresentedin

asinglefinancialreport,segmentinformationisonlyrequiredon

thebasisoftheconsolidatedfinancialstatements.

ThekeychangesfromFRS14are:

• Identifyingsegments

o FRS 108 identifies operating segments on the basis of

internalreportsaboutcomponentsoftheentitythatare

regularlyreviewedbythechiefoperatingdecisionmaker

inordertoallocateresourcesandassessperformance.FRS

14usestherisksandrewardsapproach,withtheentity’s

“systemofinternalfinancialreportingtokeymanagement

personnel”asastartingpoint,toidentifyasetofprimary

and secondary segment information, based on either

businessandgeographicalsegments.Dependingonthe

mannerFRS14wasappliedpreviously, theadoptionof

FRS108mayormaynotchangeanentity’scurrentbasis

ofsegmentreporting.

o FRS108considersthatacomponentofanentitythatsells

primarily or exclusively to other operating segments of

theentitytomeetthedefinitionofanoperatingsegment

if theentity ismanaged in thatmanner.FRS14 limited

reportablesegmentstothosethatearnamajorityoftheir

revenuefromsalestoexternalpartiesanddidnotrequire

thedifferentstagesofavertically-integratedentitytobe

identifiedasseparatesegments.

• Measurementofsegmentinformation

o FRS 14 required segment information to be prepared

basedonaccountingpoliciesadoptedforthepreparation

andpresentationoftheconsolidatedfinancialstatements

and defined segment revenue, expense, result, assets

andliabilities.FRS108givesmorediscretionindefining

segmentinformation,limitedonlybyanentity’sinternal

reportingpractice,withexplanationofbasesrequired.

• DisclosurerequiredbyFRS108

o Informationabouthowtheentityidentifieditsoperating

segments and the types of products and services from

whicheachoperatingsegmentderivesitsrevenues;

o Information about the reported segment profit or loss,

including certain specified revenues and expenses

included in segment profit or loss, segment assets and

segmentliabilitiesandthebasisofmeasurement;

o Reconciliations of the totals of segment revenues,

reportedsegmentprofitorloss,segmentassets,segment

liabilitiesandothermaterialitemstocorrespondingitems

intheentity’sfinancialstatements;

o Someentity-widedisclosuresthatarerequiredevenwhen

an entity has only one reportable segment, including

informationabouteachproductandserviceorgroupsof

productsandservices;

o Analyses of revenues and certainnon-current assets by

geographical area – with an expanded requirement to

discloserevenues/assetsby individual foreigncountry (if

material), irrespective of the identification of operating

segments. If such analyses are not available due to

excessivecosts,thefactmustbedisclosed;

o Information about transactions with major customers,

which amount to more than 10% of the entity’s

revenues;

Section I: Financial Reporting StandardsNew/revisedFRSissuedin2007

New/RevisedFRS

FRS108(new) • Operating Segments(effectiveforannualperiodsbeginningonorafter1January2009)

FRS23(Revised) • Borrowing Costs(effectiveforannualperiodsbeginningonorafter1January2009)

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o Similarsegmentinformationrequiredforinterimreporting

underFRS34;and

Identificationofcashgeneratingunitsforgoodwill impairment

testingunderFRS36maybeaffectedbythenewdefinitionof

operatingsegmentsunderFRS108.

IfFRS108isearlyadopted,thechangestoFRS34andFRS36

willalsobetriggered.IntheyearoftransitiontoFRS108,prior

yearcomparativesegmentinformationmustberestatedunless

informationisunavailableduetoexcessivecosts.

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FRS23Borrowing Costs (Revised)

An entity is required to capitalise borrowing costs directly

attributabletotheacquisition,construction,orproductionofa

qualifyingassetaspartofthecostofthatasset.Theoptionof

immediately recognising thoseborrowingcosts asanexpense,

whichwasinthepreviousversionofFRS23,hasbeenremoved.

The amendments are generally to be applied prospectively

to borrowing costs relating to qualifying assets for which

the commencement date for capitalisation is on or after the

effective date of the revised Standard. Therefore, if an entity

has previously followed an accounting policy of immediately

expensingborrowingcosts,itisnotrequiredtorestateitsprior

year’s financial statements by capitalising those costs incurred

beforetheeffectivedateoftheStandard.Theentityisalsonot

requiredtocapitalisethoseborrowingcostsincurredsubsequent

to theeffectivedateonprojects thathavecommencedbefore

theeffectivedate.

INTFRS���FRS 102Group and Treasury Share

Transactions

This Interpretation provides guidance on applying FRS 102 in

threecircumstances:

1. Whenanentity receivesservicesasconsiderationfor rights

to its own equity instruments, the transaction should be

accountedforasequity-settled,regardlessofwhether:

o The entity chooses or is required to purchase equity

instrumentstosatisfyitsobligation;

o Theentityoritsshareholder(s)grantstherights;or

o The transaction is settled by the entity or by its

shareholder(s).

2. Whenaparentgrantsrightstoitsownequityinstrumentsto

employeesofitssubsidiaryandtheparenthastheobligation

todelivertheequityinstruments:

o Provided the arrangement is accounted for as equity-

settled in the consolidated financial statements, the

subsidiaryshouldrecordtheexpenseintheirbooksonthe

basisofequity-settled transaction,andacorresponding

capitalcontributioninequity.

o If the rights to the parent’s equity instruments are

conditional upon the completion of continuing service

withinthegroup,thechangeofemploymentfromone

groupentitytoanotherdoesnotrepresentanewgrant

ofequityinstrument(norafailuretomeetanon-market

vesting condition)because theequity instrumentswere

granted by the parent and not the individual group

entities.Eachsubsidiarywillrecordtheexpensebasedon

fairvalueoftheoriginalgrantdateandfortheportionof

vestingperiodservedwitheachsubsidiary. If theshare-

based payment does not vest eventually, no amount

is recognised on a cumulative basis in the financial

statementsofanysubsidiary.

3. Whenasubsidiarygrantsrightstoequityinstrumentsofits

parenttoitsemployeesandthesubsidiaryhastheobligation

to deliver the equity instruments of its parents to its

employees,thesubsidiaryshouldaccountforthetransaction

ascash-settledregardlessof:

o How the subsidiary obtains the equity instruments

requiredtosettleitsobligation;or

o Whoprovidestheequityinstrumentsrequired.

The interpretation does not address the accounting for

reimbursement between group companies. Entities will need

toconsider the termsofany reimbursement requiredbetween

groupcompaniesandaccountforthetransactioninaccordance

withtherelevantrequirementsofFRS.

Theinterpretationshouldbeappliedretrospectivelyinaccordance

with the requirements of FRS 8, but subject to the general

transitionalprovisionsofFRS102.

INTFRS��2Service Concession Arrangements

INTFRS112addressestheaccountingbyprivatesectoroperators

involved in the provision of public sector infrastructure assets

andservices,suchasschoolsandroads(i.e.,“public-to-private”

arrangements,whicharealsoknownbyavarietyofothertitles,

including “service concession”, “build-operate-transfer”, or

“rehabilitate-operate-transfer”arrangements.)

Thetypesofserviceconcessionarrangementswithinthescopeof

INTFRS112arethoseinwhich:

• The grantor (public sector) controls the use of the

infrastructure;and

• The grantor (public sector) controls (through ownership,

beneficial entitlementorotherwise) any significant residual

interest in the infrastructureat theendof the termof the

arrangement.

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NewINTFRS

INTFRS111 • FRS 102 Group and Treasury Share Transactions(effectiveforannualperiodsbeginningonor after1March2007)

INTFRS112 • Service Concession Arrangements(effectiveforannualperiodsbeginningonorafter 1January2008)

NewINTFRSissuedin2007

The interpretation does not address the accounting for the

government(grantor)sideofsucharrangements.

The operator in a service concession arrangement within the

scopeofINTFRS112doesnotrecognisetheinfrastructureasset

astheirownproperty,plantandequipment.Instead,theoperator

willrecognise:

• A financial asset in accordance with FRS 39 (where the

operator has an unconditional right to receive a specified

amountofcashorotherfinancialassetoverthe lifeofthe

arrangement);or

• An intangible asset subject to amortisation in accordance

withFRS38(wheretheoperator’sfuturecashflowsarenot

specified–e.g.,wheretheyvaryaccordingtousageofthe

infrastructureasset);or

• Both a financial asset and an intangible asset where the

operator’sreturnisprovidedpartiallybyafinancialassetand

partiallybyanintangibleasset.

Theoperatorofaserviceconcessionarrangementrecognisesand

measuresrevenueinaccordancewithFRS11andFRS18forthe

servicesitperforms.

Borrowing costs may be capitalised in accordance with FRS

23 if the operator recognises an intangible asset under the

Interpretation.

Any obligation to maintain or restore the infrastructure under

thetermsofthearrangementisrecognisedandmeasuredbased

onFRS37.

DisclosurerequirementsarecontainedinINTFRS29Service

Concession Arrangements: Disclosures,including:

• Howtheservicearrangementhasbeenclassified;and

• Theamountof revenueandprofitsor losses recognised in

theperiodonexchangingconstructionservicesforafinancial

assetoranintangibleasset.

INTFRS104Determining Whether an Arrangement Contains a

Leasehasbeenamendedsuchthatifthescopecriteriaofboth

pronouncementsaremet,INTFRS112willprevail.

Adoption of INT FRS 112 shall be applied retrospectively in

accordance with the general principles of FRS 8. However, if

retrospectiveapplicationisimpracticableforanyparticularservice

concessionarrangement,theoperatormust:

• Recognise the financial assets and intangible assets that

existedatthestartoftheearliestfinancialreportingperiod

presented;

• Use the previous carrying amounts of those financial and

intangibleassets(howevertheywerepreviouslyclassified)as

theircarryingamountsasatthatdate;and

• Testtheresultingfinancialandintangibleassetsforimpairment

atthatdate,unlessthatisnotpracticable,inwhichcasethe

assetsshouldbetestedforimpairmentasatthestartofthe

currentperiod.

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Exposuredraftsissuedin2007

EDProposedAmendmentstoFRS�0�First-Time Adoption of Financial Reporting Standards: Cost of an Investment in a Subsidiary

TheEDproposestoallowaparent,atitsdateoftransitiontoFRS,tousea“deemedcost”tomeasureitsinvestmentsinsubsidiaries.Thisdeemedcostwouldbedeterminedaseither:

• Theparent’sinterestinthecarryingamountofthesubsidiary’sassets less liabilities, using the carrying amounts that FRSwouldrequireinthesubsidiary’sbalancesheet;or

• Thefairvalueoftheinvestmentinthesubsidiary

The first-time FRS adopter can choose to account for eachinvestmentinaccordancewithFRS27,oratdeemedcostusingtheallowedbasesdescribedabove.

The cost method in FRS 27 requires distributions from pre-acquisitionprofitsofasubsidiarytoberecognisedasareductioninthecostofinvestment.TheEDproposesthat:

• When a parent measures an investment in a subsidiaryusingadeemedcostinaccordancewiththeED,theparentshall,atthedateoftransitiontoFRS,treatthatsubsidiary’saccumulatedprofitsunderFRSaspre-acquisitionaccumulatedprofits;and

• Aparentshall,forsubsidiariesthathavenotbeenmeasuredatdeemedcost,either:

o Determine the pre-acquisition accumulated profits ofeachsubsidiaryunderFRS;or

o Treat the pre-acquisition accumulated profits of eachsubsidiary under previous GAAP as the pre-acquisitionaccumulatedprofitsunderFRS.

EDProposedAmendmentstoFRS24Related Party

Disclosures – State-controlled Entities and the Definition

of a Related Party

The ED proposes that transactions between entities thatare related only because of their being subject to control orsignificant influence by the same state (national, regional orlocal government) would not be disclosable provided that thetransactionsareunaffectedbytherelationship(i.e.,therearenoindicatorsofinfluence).

Indicatorsofinfluence(notexhaustive)include:

• The related parties transact business at non-market rates(otherwisethanbywayofregulation);or

• Therelatedpartiesshareresources;or

• The related parties engage in economically significanttransactionswitheachother.

Thefollowingmayalsoindicateinfluence:

• Theexistenceofdirectionorcompulsionbyastateforrelatedpartiestoactinaparticularway;or

• The presence of common members on the boards of theentities.

Where there are indicators that transactions between state-controlled or state-influenced entities have been affected bythe relationship, then those transactions are disclosable in thenormalway.

Also, the disclosure exemption extends only to transactionsbetween entities controlled or influenced by a state (i.e.,“horizontal”transactions),andnottotransactionsbetweensuchentitiesandthestateitself(i.e.,“vertical”transactions).

Anentitythatavailsitselftotheproposedexemptionisrequiredtomakeastatementtotheeffectthattherearenoindicatorsofinfluenceasdescribedabove.

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The definition of related party has been rewritten to improveclarityandsomesubstantivechangesareproposedregarding:

• Anassociateofasubsidiary’scontrollinginvestor

o Both the associate and the subsidiary are consideredrelatedpartiestoeachother.

• Twoassociatesofaperson

o Common significant influence through a person anda close family member does not result in related partyrelationshipbetweenthetwoassociates.

• Significant investees of members of key managementpersonnel

o Boththeinvesteesandtheentityinwhichtheinvestorisakeymanagementpersonnelareconsideredtoberelatedpartiestoeachother.

EDFRSforSmallandMedium-sizedEntities(SME)

The ED proposes to allow small entities with no publicaccountability theoption tousea simplified setofaccountingprinciples that are based on the full FRS. The SME Standardswill remove choices for accounting treatment, eliminate topicsthat aregenerally not relevant to SMEs, and simplifymethodsfor recognitionandmeasurement. It isproposed thatwhereatransaction is not addressed in the FRS for SMEs, there is nomandatoryfallbacktofullFRS.

Topics omitted from ED, with cross-references to full FRS ifneeded:

• Lessoraccountingforfinanceleases(looktoFRS17Leases.Finance lessors are likely to be financial institutions whowouldbeineligibletousetheFRSforSMEsinanycase);

• Interim reporting (look to FRS 34 Interim Financial Reporting);

• Recoverableamountofgoodwill(SMEswouldtestgoodwillforimpairmentmuchlessfrequentlythanunderFRS36,butifanSMEisrequiredtoperformsuchatestitwouldlooktothecalculationguidanceinFRS36);

• Equity-settledshare-basedpayment(looktoFRS102Share-based Payment);

• Earnings per share and segment reporting (which are notrequiredforSMEs),andinsurancecontracts(insurerswouldnotbeeligibletousetheFRSforSMEs);

• Extractive industries (look to FRS 106 Exploration for and Evaluation of Mineral Resources);

• Generalprice-leveladjustedreporting inahyperinflationaryenvironment (look to FRS 29 Financial Reporting in Hyperinflationary Economies);and

• Determiningfairvalueofagriculturalassets(looktoFRS41Agriculture,butitwasalsoproposedtoreducetheuseoffairvaluethroughprofitorlossforagriculturalSMEs).

For a number of those occasions where full FRSs provide anaccountingpolicychoice,onlythesimpleroptionis includedintheFRSforSMEs.However,SMEswouldbepermittedtousetheotheroptionbycross-referencetotherelevantFRS.ThesimpleroptionsincludedintheEDare:

• Cost-depreciation-impairmentmodelforinvestmentproperty(fair value through profit or loss would be permitted byreferencetoFRS40Investment Property);

• Cost-depreciation/amortisation-impairment model forproperty,plantandequipmentandintangibles(therevaluationmodelwouldbeallowedby references toFRS16Property, Plant and EquipmentandFRS38Intangible Assets);

• Indirectmethodforreportingoperatingcashflows(thedirectmethodwouldbeallowedbyreferencetoFRS7Cash Flow Statements);and

• Onemethodforallgrants(oranSMEcoulduseanyofthealternativesinFRS20Government Grants and Disclosure of Government Assistance).

The following are some examples of the recognition andmeasurementsimplificationspermittedundertheFRSforSMEs:

• Financialinstruments:

o Twocategoriesoffinancialassets rather than four.Thismeansthat therewouldbenoneedtodealwithallofthe “intent-driven” held-to-maturity rules or related“tainting”,noneedforanavailable-for-saleoption,andmanyothersimplifications.

o A clear and simple principle for de-recognition – if thetransferor has any significant continuing involvement,do not de-recognise. The complex “pass-throughtesting”and“controlretentiontests”ofFRS39Financial Instruments: Recognition and Measurementareavoided.

o Muchsimplifiedhedgeaccounting.

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• Goodwill impairment – an indicator approach rather thanmandatoryannualimpairmentcalculations.

• Expenseall researchanddevelopmentcosts (FRS38wouldrequire capitalisation after commercial viability has beenassessed).

• The cost method for associates and joint ventures (ratherthantheequitymethodorproportionateconsolidation).

• Lessfairvalueforagriculture–onlyif“readilydeterminablewithoutunduecostoreffort”.

• Definedbenefitplans–aprincipleapproachratherthanthedetailed calculation and deferral rules of FRS 19 Employee Benefits.Complex‘corridorapproach’omitted.

• Share-basedpayment–intrinsicvaluemethod.

• Financeleases–simplifiedmeasurementoflessee’srightsandobligations.

EDINTFRSReal Estate Sales

Thisdraftinterpretationseekstostandardiseaccountingpracticeamongrealestatedevelopersforsaleofunits,suchasapartmentsorhouses,“off-plan”,i.e.,beforeconstructioniscomplete.

The draft interpretation proposes that revenue from realestatesalesshouldberecordedasconstructionprogresses (i.e.percentagecompletionmethod)onlyifthedeveloperisprovidingconstruction services rather than sellinggoods (completed realestate units). It also proposes indicators for determining if thesellerisprovidingconstructionservices.

Features that individually or in combination, indicate that thearrangementisaconstructioncontract,include:

• thebuyerbeingabletospecifythemajorstructuralelementsof thedesignof the realestatebeforeconstructionbeginsand/orspecifymajorstructuralchangesonceconstructionisinprogress;

• thesellertransferringcontrolandsignificantrisksandrewardsofownershipoftheworkinprogress initscurrentstateasconstructionprogress,forexample:

o theconstruction takingplaceon land that isownedorleasedbythebuyer;

o thebuyerhavingarighttotakeovertheworkinprogress(albeitwithapenalty)duringconstruction,e.g.,toengageadifferentcontractortocompletetheconstruction;

o in theeventof theagreementbeingterminatedbeforeconstruction is complete, the buyer retaining the workinprogressandthesellerhavingtherighttobepaidforworkperformed(subjecttobuyeracceptance).

• Conversely, features that individually or in combination,indicatethatthearrangementisforsaleofgoods,include:

o negotiationbetweenbuyerandsellerprimarilyconcerningthe amount and timing of payments, with the buyerhavingonlylimitedabilitytospecifythedesignoftherealestate,e.g.,toselectadesignfromarangeofoptionsorspecifyminorvariationstothebasicdesign;

o theagreementgiving thebuyeronly a right to acquirethecompletedrealestateatalaterdate,withthesellerretainingcontrolandthesignificantrisksandrewardsofownershipoftheunderlyingworkinprogressuntilthat

date.

• In some cases, real estate may be sold with a degree ofcontinuinginvolvementbytheseller,e.g.:

o saleandrepurchaseagreementsthatincludeputandcalloptions,

o sellerguaranteesoccupancyofthepropertyforaspecifiedperiod,or

o sellerguaranteesareturnonthebuyer’sinvestmentforaspecifiedperiod.

In such cases, the nature and extent of the seller’s continuinginvolvementdetermineshowthetransactionisaccountedfor.Itmaybeaccountedforasasale,orasafinancing,leasingorsomeotherprofit-sharingarrangement.

• FRS18’sconditionsforrevenuerecognitionmaybefulfilledbeforethesellerhasperformedallitscontractualobligationstothebuyer.Ifso,thesellershouldalsorecogniseitsremainingobligationsasfollows:

o Ifthesellerhastoperformfurtherworkonthedeliveredreal estate, (e.g. to remedy minor defects or completeinternal decoration), it shall recognise an expense, andmeasuretheliabilityarisinginaccordancewithFRS37;or

o Ifthesellerhastodeliverfurthergoodsorservicesthatareseparatelyidentifiablefromthedeliveredrealestate,(e.g.,internalfittingsorcommunalamenities),itshalltreattheremaininggoodsandservicesasaseparatecomponentof sale. Fair value of total consideration received andreceivablefromthebuyerwillbeallocatedbetweentheseparatecomponentsofsale.ThegoodsandservicesnotyetdeliveredshallberecognisedonlywhentherevenuerecognitionconditionsofFRS18havebeenmet.

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Currently, ICPAS has an RAP 11 Pre-Completion Contracts for the Sale of Development PropertytoaddresstheaboveissueinanticipationofthefinalisationofthisinterpretationbyIFRIC.RAP11 recommends that, in the interim, property developers mayadopteitherthepercentageofcompletionmethod(i.e.,applyingFRS11)orthecompletionofconstructionmethod(i.e.,applyingFRS 18), and entities that use the percentage of completionmethodshoulddisclosethefinancialeffecthadthecompletionofconstructionmethodbeenadopted.Thedisclosureshould,attheminimum,includetheeffecton:

• theopeningbalanceofretainedearnings

• revenue

• profitorlossfortheperiod

• thebalanceofworkinprogressasatthebeginningandendoftheperiod

EDINTFRSHedges of a Net Investment in a Foreign Operation

Thisinterpretationseekstoclarifywhatqualifiesasariskinthehedge of a net investment in a foreign operation and wherewithinagrouptheinstrumentthatoffsetsthatriskmaybeheld.

It is proposed that the mere translation of currency forpresentationusedoesnotrepresentahedgeableeconomicrisk,andconsequently,useofhedgeaccountingforsuchriskisnotallowed.

Hedgedriskistheforeigncurrencyexposurearisingbetweenthefunctionalcurrencyoftheforeignoperationandthefunctionalcurrency of any parent entity within the group structure. TheInterpretationproposesthatthehedginginstrumentcanbeheldbyanysubsidiaryorparententitywithinagroupregardlessoftheentity’sfunctionalcurrency.Toassesshoweffectivethehedginginstrument is inoffsetting the risk from the foreignoperation,the entity must calculate the change in value of the hedginginstrumentinthefunctionalcurrencyoftheparenthedgingitsriskandnotthefunctionalcurrencyofthesubsidiaryholdingtheinstrument.

In view of the difficulty in preparing documentation fromthe inception of the hedge relationship, it is proposed thatthe guidance should be applied prospectively for all future

transactions.

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ListofFRSandINTFRSissuedasof30September2007

Preface PrefacetoFinancialReportingStandards 1January2003

Framework FrameworkforthePreparationandPresentationof 1January2003 FinancialStatements

FRS1 PresentationofFinancialStatements(Revised) 1January2005 6September2004

PresentationofFinancialStatements 1January2006 1June2005 (RevisionsrelatingtoFRS19EmployeeBenefitsonactuarial gainsandlosses,groupplansanddisclosures)

PresentationofFinancialStatements 1January2007 6January2006 (Amendmentsrelatingtocapitaldisclosures)

PresentationofFinancialStatements 1January2009 20July2007 (ConsequentialamendmentsarisingfromFRS23)

FRS2 Inventories(Revised) 1January2005 11February2005

Inventories(ConsequentialamendmentsarisingfromFRS108) 1January2009 22February2007

FRS7 CashFlowStatements 1January2005 7July2004

CashFlowStatements 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

CashFlowStatements 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS8 AccountingPolicies,ChangesinAccountingEstimatesand 1January2005 6September2004 Errors(Revised)

AccountingPolicies,ChangesinAccountingEstimatesandErrors 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS10 EventsaftertheBalanceSheetDate(Revised) 1January2005 6September2004

EventsaftertheBalanceSheetDate 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS11 ConstructionContracts 1January2005 7July2004 ConstructionContracts 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS12 IncomeTaxes 1January2005 6September2004

IncomeTaxes 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS14 SegmentReporting 1January2005 6September2004

SegmentReporting 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS Issuedate/Lastupdate

EffectivedateTitle

��

FRS16 Property,PlantandEquipment(Revised) 1January2005 6September2004

Property,PlantandEquipment(RevisionsrelatingtoFRS106 1January2006 18August2005 ExplorationforandEvaluationofMineralResources)

Property,PlantandEquipment 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS17 Leases(Revised) 1January2005 11February2005

Leases(RevisionsrelatingtoFRS107FinancialInstruments:Disclosures) 1January2007 6January2006

FRS18 Revenue 1January2005 16March2005

FRS19 EmployeeBenefits(Revised2005) 1January2005 6September2004

EmployeeBenefits(Amendmentsrelatingtoactuarialgainsand 1January2006 1June2005 losses,groupplansanddisclosures)

EmployeeBenefits 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

EmployeeBenefits(ConsequentialamendmentsarisingfromFRS108) 1January2009 22February2007

FRS20 AccountingforGovernmentGrantsandDisclosure 1January2005 7July2004 ofGovernmentAssistance

FRS21 TheEffectsofChangesinForeignExchangeRates(Revised) 1January2005 11February2005

TheEffectsofChangesinForeignExchangeRates 1January2006 25January2006 (Amendmentsrelatingtonetinvestmentinaforeignoperation)

FRS23 BorrowingCosts 1January2005 7July2004

BorrowingCosts(Revised) 1January2009 20July2007

FRS24 RelatedPartyDisclosures(Revised) 1January2005 7July2004

RelatedPartyDisclosures(RevisionsrelatingtoFRS19Employee 1January2006 1June2005 Benefitsonactuarialgainsandlosses,groupplansanddisclosures)

FRS26 AccountingandReportingbyRetirementBenefitPlans 1January2005 7July2004

FRS27 ConsolidatedandSeparateFinancialStatements(Revised) 1January2005 16March2005

ConsolidatedandSeparateFinancialStatements 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

FRS28 InvestmentsinAssociates(Revised) 1January2005 6September2004

FRS29 FinancialReportinginHyperinflationaryEconomies 1January2005 7July2004

FRS31 InterestsinJointVentures(Revised) 1January2005 6September2004

FRS Issuedate/Lastupdate

EffectivedateTitle

�2

FRS Issuedate/Lastupdate

EffectivedateTitle

FRS32 FinancialInstruments:DisclosureandPresentation(Revised) 1January2005 6September2004

FinancialInstruments:DisclosureandPresentation 1January2006 6January2006 (RevisionsrelatingtoFRS39andFRS104onfinancial guaranteecontractsandfairvalueoption)

FinancialInstruments:Presentation 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS33 EarningsPerShare(Revised) 1January2005 6September2004

EarningsPerShare 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

EarningsPerShare(ConsequentialamendmentsarisingfromFRS108) 1January2009 22February2007

FRS34 InterimFinancialReporting 1January2005 26September2005

InterimFinancialReporting 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

FRS36 ImpairmentofAssets(Revised) 1July2004 6September2004

ImpairmentofAssets 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

FRS37 Provisions,ContingentLiabilitiesandContingentAssets 1January2005 6September2004

Provisions,ContingentLiabilitiesandContingentAssets 1January2006 6January2006 (RevisionsrelatingtoFRS39andFRS104onfinancial guaranteecontracts)

FRS38 IntangibleAssets(Revised) 1July2004 1July2004

IntangibleAssets(RevisionsrelatingtoFRS106 1January2006 18August2005 ExplorationforandEvaluationofMineralResources)

IntangibleAssets 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS39 FinancialInstruments:RecognitionandMeasurement(Revised) 1January2005 16March2005 (Amendmentsrelatingtotransitionandinitialrecognitionof financialassetsandfinancialliabilities)

FinancialInstruments:RecognitionandMeasurement 1January2006 6January2006 (Amendmentsrelatingtocashflowhedgeaccountingofforecast intra-grouptransactions; Amendmentsrelatingtofairvalueoption; Amendmentsrelatingtofinancialguaranteecontracts)

FinancialInstruments:RecognitionandMeasurement 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS40 InvestmentProperty 1January2007 16March2005

FRS41 Agriculture 1January2005 6September2004

�3

FRS Issuedate/Lastupdate

EffectivedateTitle

FRS101 First-timeAdoptionofFinancialReportingStandards 1January2005 16March2005

First-timeAdoptionofFinancialReportingStandards 1January2006 6January2006 (AmendmentsrelatingtocomparativedisclosuresforFRS106 ExplorationforandEvaluationofMineralResources;Revisions relatingFRS39onfairvalueoption;RevisionsrelatingtoFRS107 FinancialInstruments:Disclosures)

First-timeAdoptionofFinancialReportingStandards 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

First-timeAdoptionofFinancialReportingStandards 1January2008 22February2007 (ConsequentialamendmentsarisingfromINTFRS112)

First-timeAdoptionofFinancialReportingStandards 1January2009 20July2007 (ConsequentialamendmentsarisingfromrevisedFRS23)

FRS102 Share-basedPayment 1January2005 6September2004 Share-basedPayment 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS103 BusinessCombinations 1July2004 6September2004

BusinessCombinations 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS104 InsuranceContracts 1January2005 6September2004

InsuranceContracts 1January2006 6January2006 (RevisionsrelatingtoFRS39andFRS104onfinancial guaranteecontracts)

InsuranceContracts 1January2007 6January2006 (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

FRS105 Non-currentAssetsHeldforSaleandDiscontinuedOperations 1January2005 6September2004

Non-currentAssetsHeldforSaleandDiscontinuedOperations 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

FRS106 ExplorationforandEvaluationofMineralResources 1January2006 18August2005

ExplorationforandEvaluationofMineralResources 1January2009 22February2007 (ConsequentialamendmentsarisingfromFRS108)

FRS107 FinancialInstruments:Disclosures 1January2007 6January2006

FRS108 OperatingSegments 1January2009 22February2007

�4

Preface PrefacetoINTFRS 30January2003

INTFRS7 IntroductionoftheEuro 1January2005 7July2004

INTFRS10 GovernmentAssistance-NoSpecificRelationtoOperatingActivities 1January2005 30January2003

INTFRS12 Consolidation-SpecialPurposeEntities 1January2005 16March2005 (AmendmentsrelatingtoscopeofINTFRS12)

INTFRS13 JointlyControlledEntities-Non-monetaryContributionsbyVenturers 1January2005 7July2004

INTFRS15 OperatingLeases-Incentives 1January2005 7July2004

INTFRS21 IncomeTaxes-RecoveryofRevaluedNon-DepreciableAssets 1January2005 29October2004

INTFRS25 IncomeTaxes-ChangesintheTaxStatusofanEnterpriseof 1January2005 29October2004 itsShareholders

INTFRS27 EvaluatingtheSubstanceofTransactionsInvolving 1January2005 29October2004 theLegalFormofaLease

INTFRS29 Disclosure-ServiceConcessionArrangements 1January2005 7July2004

Disclosure-ServiceConcessionArrangements 1January2008 22February2007 (ConsequentialamendmentsarisingfromINTFRS112)

INTFRS31 Revenue-BarterTransactionsInvolvingAdvertisingServices 1January2005 29October2004

INTFRS32 IntangibleAssets-WebSiteCosts 1January2005 7July2004

INTFRS101 ChangesinExistingDecommissioning,Restorationand 1September2004 31August2004 SimilarLiabilities

ChangesinExistingDecommissioning,Restorationand 1January2009 20July2007 SimilarLiabilities (ConsequentialamendmentsarisingfromFRS23)

INTFRS104 DeterminingwhetheranArrangementcontainsaLease 1January2006 1June2005

DeterminingwhetheranArrangementcontainsaLease 1January2008 22February2007 (ConsequentialamendmentsarisingfromINTFRS112)

INTFRS105 RightstoInterestsarisingfromDecommissioning,Restorationand 1January2006 1June2005 EnvironmentalRehabilitationFunds

RightstoInterestsarisingfromDecommissioning,Restorationand 1January2007 6January2006 EnvironmentalRehabilitationFunds (RevisionsrelatingtoFRS107FinancialInstruments:Disclosures)

INTFRS106 LiabilitiesarisingfromParticipatinginaSpecificMarket 1December2005 6January2006 -WasteElectricalandElectronicEquipment

INTFRS107 ApplyingtherestatementApproachunderFRS29 1March2006 25January2006 FinancialReportinginHyperinflationaryEconomies

INTFRS Issuedate/Lastupdate

EffectivedateTitle

��

INTFRS Issuedate/Lastupdate

EffectivedateTitle

INTFRS108 ScopeofFRS102 1May2006 1May2006

INTFRS109 ReassessmentofEmbeddedDerivatives 1June2006 7June2006

INTFRS110 InterimFinancialReportingandImpairment 1November2006 27October2006

INTFRS111 FRS102-GroupandTreasuryShareTransactions 1March2007 22February2007

INTFRS112 ServiceConcessionArrangements 1January2008 22February2007

ServiceConcessionArrangements 1January2009 20July2007 (ConsequentialamendmentsarisingfromFRS23)

Disclosingtheeffectsofadoptionofnewstandardsissuedbutnotyeteffective

ItshouldbenotedthatunderFRS8(revised2004),disclosureisrequiredofknownorreasonablyestimableinformationrelevanttoassessingthepossibleimpactthatapplicationofthenewFRSorINTFRSwillhaveontheentity’sfinancialstatementsintheperiodof initial application. If the impact isnotknownor reasonablyestimable,astatementtothateffectshouldbedisclosed.

Earlyadoptionofstandards

Ifanentityadoptsastandardbeforeitseffectivedate,itshoulddisclosethatfact.

��

SummaryofdifferencesbetweenFRSandIAS/IFRSasof30September2007

TheFRSsandINTFRSsissuedbytheCCDGarelargelyalignedwiththestandardsandinterpretationsunderIAS/IFRS,exceptforcertainmodificationstoeffectivedatesandtransitionalprovisions,anddifferencesintimingofadoption.Differencesineffectivedatesrelatingtoperiodsbefore2006areno longer relevant for2007financial reportingandarenot includedhere.Below,we identify thekeydifferencesbetweenFRSandIAS/IFRSasat30September2007:

EffectivedateFRS Content IAS/IFRS Comments

IAS1(r2007)iseffectiveforannualperiodsbeginningonorafter

1 January2009.This revisedStandardhasnotbeenadopted in

Singaporeyet.

FRS16exemptsregularrevaluationforassetsonwhichanyone-

off revaluation is performed between 1 January 1984 and 31

December1996(bothdatesinclusive)orforassetsthathavebeen

revaluedpriorto1January1984,whereas IAS16doesnotgive

suchanexemption.

FRS17 removes thewords inparagraphs14and15of IAS17,

whichindicatesthatlandnormallyhasanindefiniteeconomiclife

and,iftitleisnotexpectedtopasstothelesseebytheendofthe

leaseterm,thelesseedoesnotreceivesubstantiallyalloftherisks

andrewardsincidenttoownership.

TherevisedFRS27exemptsaparentfrompresentingconsolidated

financialstatementsifitsholdingcompanyproducesconsolidated

financial statements available for public use whereas under the

revised IAS 27, such an exemption applies only if the holding

companyproducesconsolidatedfinancialstatementsavailablefor

publicusethatcomplywithIFRS.

IAS40(r2004)iseffectiveforannualperiodsbeginningonorafter

1 January 2005 whereas FRS 40 is effective for annual periods

beginningonorafter1January2007.

Thecut-offgrantdateforretrospectivetreatmentofequity-settled

share-basedpayment is7November2002under IFRS2and22

November2002underFRS102.

IAS1(r2007)

IAS16

IAS17

IAS27,28

and31

IAS40

IFRS2

Presentationof

FinancialStatements

Property,Plantand

Equipment

Leases

Consolidated

financialstatements

andaccounting

forinvestmentsin

subsidiaries,associates

andjointventures

InvestmentProperty

Share-basedPayment

EDFRS1

(revised)

FRS16

FRS17

FRS27,28

and31

FRS40

FRS102

�7

EffectivedateFRS Content IAS/IFRS Comments

IFRS7andconsequentialchangestoIAS1areeffectiveforannual

periodsbeginningonorafter1January2007.InSingapore,FRS

107iseffectiveforlistedentitiesforannualperiodsbeginningon

orafter1January2007andforallotherentitiesfrom1January

2008.

IFRIC 2 is effective for annual periods beginning on or after

1 January 2005. This interpretation has not been adopted in

Singaporeyet.

IFRIC13iseffectiveforannualperiodsbeginningonorafter1July

2008.ThisinterpretationhasnotbeenadoptedinSingaporeyet.

IFRIC 14 is effective for annual periods beginning on or after

1 January 2008. This interpretation has not been adopted in

Singaporeyet.

IFRS7and

consequential

amendments

toIAS1

IFRIC2

IFRIC13

IFRIC14

FinancialInstruments:

Disclosures

Members’Shares

inCo-operative

EntitiesandSimilar

Instruments

CustomerLoyalty

Programmes

FRS19-TheAsset

Ceiling:Availability

ofEconomicBenefits

andMinimumFunding

Requirements

FRS107and

consequential

amendments

toFRS1

EDINTFRS

EDINTFRS

EDINTFRS

�8

DeferredtaximplicationsonadoptionofFRS40Investment Property

FollowingtheadoptionofFRS40Investment Propertyin2007,Singapore entities are allowed to credit fair value gains oninvestment properties in the income statement under the fairvaluemodel.Correspondingly,anydeferredtaxexpensearisingonthegainswillbechargedtotheincomestatement.

FRS12requiresadeferredtaxliabilitytoberecognisedforthefairvaluegainsonaninvestmentpropertybecausetheincreaseinvalueofthepropertyrepresentsanexpectedincrease inthefuturerentalstreamand/orproceedsfromtheultimatedisposalofthepropertywhichcouldbetaxable.

InSingaporewheregainonsaleofaninvestmentpropertyisnottaxable,deferredtaxliabilitywillnotariseiftherevaluedpropertyis intendedtoberecoveredthroughsalebutaconsiderationisthetimingofthesale.However,ifmanagementintendstoholdthepropertyforrental,thenadeferredtaxliabilityneedstobesetupbasedonthefairvaluegainmultipliedbytheapplicabletaxrate.Inpractice,managementmayholdaninvestmentpropertyforrentalfollowedbyeventualsale.Fortheperiodoftimethattheinvestmentpropertyisheldforrental,adeferredtaxliabilitywillneedtobesetup.

Although INT FRS 21 Income Taxes – Recovery of Revalued Non-Depreciable Assets has an interpretation to deem a non-depreciable asset as recovered through sale for deferred taxaccounting, such treatment is limited only to freehold landbecause it has unlimited life. Any other investment propertiessuch as leasehold land, leasehold or freehold buildings aredepreciableandthereforeINTFRS21doesnotapply.

Section II: Other Financial Reporting Matters

ACRAPracticeDirectionNo.2of2007

FilingofFinancialStatementsinXBRL

Singapore incorporatedcompanieswillberequiredtofiletheirfinancial statements in XBRL (eXtensible Business ReportingLanguage)witheffect from1November2007,unlesstheyareexcludedbytheAccountingandCorporateRegulatoryAuthority(ACRA). Preparers of companies’ accounts can prepare andmanagetheirfinancialstatementsinXBRLusingtheFSManagerviatheBizfilewebsite<http://www.bizfile.gov.sg/>.

Notapplicableto:• Banks, insurancecompaniesandfinancecompanieswhose

activities are regulated by the Monetary Authority ofSingapore;

• Companies that are allowed by law to prepare accountsin accordance with accounting standards other than theSingaporeFinancialReportingStandardsortheInternationalFinancialReportingStandards;

• Companieslimitedbyguarantee;and

• Foreigncompaniesandtheirlocalbranches.

Financialperiodsaffected:• Financialstatementswithperiodsendingonorafter30April

2007;and

• AnnualReturnsarefiledonorafter1November2007.

Filingoptionsavailable:Two filing options are currently available to the companiesaffected:

OptionA-FilingafullsetoffinancialstatementsinXBRLformat;or

OptionB-FilingonlytheBalanceSheetandIncomeStatementin XBRL format (and a scanned copy of financialstatementsastabledatorusedforthepurposesoftheAGM).

OptionBisavailablefortheperiodfrom1November2007to31October2008.ACRAwill reviewitspositionafteroneyearofimplementation.

��

WaiverofpenaltiesforlateAGMorlatefiling:To encourage companies to prepare financial statements infullXBRLformat(OptionAabove),ACRAwillnotbeimposingany penalty on such companies for any delay (not more thanonemonthafter theprescribedperiod) in layingtheirfinancialstatements before the shareholders or in filing their AnnualReturns.Suchwaiverisnotextendedtopubliclistedcompanieshowever,andsimilar to theavailabilityofOptionBabove, thenonimpositionofpenaltiesisapplicablefrom1November2007to31October2008only.ACRAwillreviewitspositionafteroneyearofimplementation.

Directors’responsibilities:Thedirectorscontinuetoberesponsibleforensuringcorrectnessand accuracy of the financial statements filed in XBRL formatwithACRA.Assuggested inACRAPracticeDirectionNo.2of2007,directorsshouldensurethatthepreparersofthefinancialstatements possess the requisite accounting knowledge toprepare the financial statements to be submitted to ACRAthroughtheFSManagerandareadvisedtochecktheinformationtobefiledbeforeauthorisingtheircompanyfilerstosubmitthe

information.

Resources:

IASPlus –www.iasplus.com - providesDeloitte IFRS e-Learningmodules, newsletters, IAS/IFRS model financial statements anddisclosure checklist and a wealth of information on IAS/IFRSprojectsandissues,withasectionforcountryspecificupdates.

DeloitteToucheTohmatsu–www.deloitte.com-thefirm’sglobalwebsiteprovidesaglobale-libraryandlinkstoourwebsitesofourofficesaroundtheworld.

ThisbooklethasbeenpreparedbyDeloitte&ToucheSingaporefortheuseofclients,staffandotherswhorequestacopy.

Clients and their advisers may contact the CorporateCommunicationsDepartmentforadditionalcopies:

Deloitte&ToucheCertifiedPublicAccountants6ShentonWay#32-00DBSBuildingTowerTwoSingapore068809Telephone:+6562248288Facsimile:+6565386166

20

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