Issuance of Revised SB-FRS 24 and SB-FRS Guidance Note 4

08 Aug 2019

A revised SB-FRS 24 Related Party Disclosures has been issued. Statutory Boards are to adopt the revised SB-FRS 24 with  effect from 2 August 2019.

The key amendments made to SB-FRS 24 are:

 Original Paragraph(s)  Key Amendments 
  • Shifted to paragraph 25A.
  • Clarified that for transactions and outstanding balances that are not exempt from disclosure as a result of this paragraph, a reporting entity may choose to provide reduced disclosures that are permitted by paragraphs 25 to 27. 
  • Renamed as paragraph 28.
  • Clarified that before exercising this exemption, Statutory Boards should inform the Accountant-General of the relevant transaction and outstanding balance to which the exemption relates to.

A revised SB-FRS Guidance Note 4 Related Party Disclosures has been issued. The revised SB-FRS Guidance Note 4 includes a flowchart (Annex A) to explain the disclosure requirement of transactions and outstanding balances with government-related entities. Statutory Boards are to apply the revised SB-FRS Guidance Note with effect from 2 August 2019.