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Singapore's registered business trusts to adopt new financial reporting framework

Xinhua, January 19, 2017 Adjust font size:

Singapore's registered business trusts must apply the new financial reporting framework starting from Jan. 1 2018, said the Monetary Authority of Singapore (MAS) on Thursday.

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.

MAS's decision was in reference to the announcement made by the Accounting Standards Council on May 29, 2014 that Singapore's incorporated companies listed on the Singapore Exchange have to adopt a new Singapore financial reporting framework that is identical to the International Financial Reporting Standards.

Authorized collective investment schemes, however, will not be required to prepare financial statements in accordance with the new framework. Endit