SGX reminds investors of new consolidation rule
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A NEW financial reporting standard (FRS) affecting the consolidation of financial statements will become effective for annual periods beginning on or after Jan 1, 2014, the Singapore Exchange (SGX) reminded investors yesterday.
The new standard, FRS 110, issued by the Accounting Standards Council, could change the entities that consolidated into the group's consolidated financial statements.
"FRS 110 . . . makes control the basis for determining the entities to be included in consolidated financial statements. More entities will be included in the consolidated financial statements if the issuer is able to establish control over them," SGX said in a mailer, sent via its investor education portal My Gateway, yesterday.
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