Clause 7

by inserting, immediately after the words “INT FRS 104,” in subsection (1)(b), the words “FRS 116, SFRS(I) 1‑17 read with SFRS(I) INT 4, or SFRS(I) 16,”;

by inserting, immediately after the words “INT FRS 112” in subsection (1A)(a)(ii), the words “or SFRS(I) INT 12”;

by inserting, immediately after the words “INT FRS 112” in subsection (1A)(b), the words “or SFRS(I) INT 12 (as the case may be)”; and

by deleting the definitions of “FRS 11”, “FRS 17”, “FRS 115”, “INT FRS 104” and “INT FRS 112” in subsection (2) and substituting the following definitions:“ “FRS 11”, “FRS 17”, “FRS 115”, “FRS 116”, “INT FRS 104”, “INT FRS 112”, “SFRS(I) 1‑17”, “SFRS(I) 16”, “SFRS(I) INT 4” and “SFRS(I) INT 12” mean the financial reporting standards issued by the Accounting Standards Council, under Part III of the Accounting Standards Act (Cap. 2B) and known, respectively, as —

Financial Reporting Standard 11 (Construction Contracts);

Financial Reporting Standard 17 (Leases);

Financial Reporting Standard 115 (Revenue from Contracts with Customers);

Financial Reporting Standard 116 (Leases);

Interpretation of Financial Reporting Standard 104 (Determining whether an Arrangement contains a Lease);

Interpretation of Financial Reporting Standard 112 (Service Concession Arrangements);

Singapore Financial Reporting Standard (International) 1‑17 (Leases);

Singapore Financial Reporting Standard (International) 16 (Leases);

Singapore Financial Reporting Standard (International) Interpretation 4 (Determining whether an Arrangement contains a Lease); and

Singapore Financial Reporting Standard (International) Interpretation 12 (Service Concession Arrangements).”.