Business trusts to adopt new reporting framework from 2018
Registered business trusts will soon have to adopt a new financial reporting framework that previously applied only to listed companies, the Monetary Authority of Singapore (MAS) said yesterday.
The move comes in the wake of changes announced in 2014, when the Accounting Standards Council (ASC) said Singapore-incorporated companies listed on the Singapore Exchange must apply a new Singapore financial reporting framework for annual periods beginning on or after Jan 1, 2018.
The ASC's decision, however, does not cover financial statements of registered business trusts and authorised collective investment schemes, including real estate investment trusts, which come under the MAS' purview.
Taking into account feedback from the industry, MAS said it has decided that business trusts should prepare financial statements in accordance with the new framework, also from Jan 1, 2018, onwards.
But authorised collective investment schemes will not have to adopt the new framework. - THE STRAITS TIMES