ASC reminds firms to prepare for new accounting standards

Singapore

SINGAPORE'S accounting standards-setting body has sent a reminder to companies (amid this period of feasting and merry-making) to prepare themselves for the new standards that will soon change the way they account for key items in their financial statements.

The Accounting Standards Council (ASC) said in a letter to directors and chief financial officers of companies that they ought to "take the necessary steps to ensure a smooth and timely transition" to new Financial Reporting Standards (FRS) set to kick in.