We are required to apply simplified approach to measure the expected credit loss on lifetime basis. It can be estimated based on historical information. If the company is not able to compile with the Singapore Financial Reporting Standards 109, its financial statement may be qualified by the auditor.
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See AllPer FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...
In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...
When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...
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