Consultation Paper on Proposed Amendments to Requirements for Preparation of Financial Statements and Reports under the Code on Collective Investment Schemes
This consultation paper seeks views on the proposals to (i) require authorised schemes (including REITs) to prepare their financial statements in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”) instead of the Statement of Recommended Accounting Practice 7: Reporting Framework for Investment Funds (“RAP 7”), and (ii) retain certain disclosures required by RAP 7 but are not required by SFRS(I) by prescribing these disclosures in the Code on Collective Investment Schemes.
Sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.