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Business trusts must adopt new Singapore financial reporting starting Jan 1, 2018: MAS
REGISTERED business trusts must prepare financial statements identical to the International Financial Reporting Standards (IFRS) for annual periods starting January 1, 2018, the Monetary Authority of Singapore (MAS) said on Thursday.
However, authorised collective investment schemes will continue to prepare financial statements using accounting practices recommended by the Institute of Singapore Chartered Accountants (ISCA).
Under the Business Trusts Act (Cap. 31A), business trusts that are constituted in Singapore and whose units are offered to the public must be registered by MAS.
"This will align the treatment for registered business trusts with that of Singapore listed companies,'' MAS said in a release.
The regulator will also be amending prospectus disclosure requirements to replace references to "FRS" with the New Framework with effect from Jan 1, 2018.
There will also be transitional relief for historical financial statements in prospectuses lodged on or after Jan 1, 2018.
In addition to restating up to three years of historical audited financial statements fully to the New Framework in the prospectus, issuers of shares, debentures and units in business trusts will also have the option of using the transitional relief provided by MAS.