Addendum to Illustrative Financial Statements 2019

ISCA’s Illustrative Financial Statements (IFS) 2019 was published on 3 January 2020. At the time of publication, although the first cases of the Coronavirus Disease (COVID-19) had surfaced, it had yet to become a global pandemic with significant impact to business activities and economic conditions. Hence it was not considered in the preparation of IFS 2019.

The ISCA’s Quality Assurance Team has prepared this Addendum to the IFS 2019 to provide guidance to entities with a 31 December 2019 financial reporting date on the subsequent events disclosures that may be required arising from the COVID-19 outbreak.
This Addendum provides some considerations and illustrations of disclosures when an entity determines the COVID-19 events to be material non-adjusting events.

About this publication: 

This publication is an illustrative financial statements (IFS) of a Singapore-incorporated company, ABC Pte. Ltd., prepared in accordance with:

  • Financial Reporting Standards in Singapore (FRSs)
  • Singapore Companies Act, Chapter 50 (CA)

The IFS serve to provide an illustration of the annual financial statements of a company whose principal activities are those of trading. The disclosures contained in these IFS are made based on a hypothetical entity and certain assumptions have been made about the applicability of the disclosures required by FRSs.

The IFS are designed to capture a wide set of circumstances and transactions, and in enhancing the relevance of the IFS, all minimum disclosure requirements of FRSs are complied with, generally without considering materiality. Also, since the IFS are prepared based on a fictitious entity, assessing materiality is not possible in some circumstances. This set of IFS is a helpful enabler for entities preparing financial statements under FRSs, but its illustrative nature must be appreciated.

The names of people and entities included as illustrations are fictitious. Any resemblance to any person or business is purely coincidental. 

Download Here

* mandatory fields

Your personal data is collected by Mazars in Singapore, the data controller, in accordance with applicable laws and regulations. Fields marked with an asterisk are required. If any required field is left blank, it will not be possible to process your request. Your personal data is collected for the purpose of processing your request.

You have a right to access, correct and erase your data, and a right to object to or limit the processing of your data. You also have a right to data portability and the right to provide guidance on what happens to your data after your death. Finally, you have the right to lodge a complaint with a supervisory authority and a right not to be the subject of a decision based exclusively on automated processing, including profiling, that produces legal effects concerning you or significantly affects you in a similar way.