Clause 25

by deleting the definitions of “FRS 38” and “FRS 103” in subsection (2) and substituting the following definitions:“ “FRS 38”, “FRS 103”, “SFRS(I) 1‑38” and “SFRS(I) 3” mean the financial reporting standards known respectively as —

Financial Reporting Standard 38 (Intangible Assets);

Financial Reporting Standard 103 (Business Combinations);

Singapore Financial Reporting Standard (International) 1‑38 (Intangible Assets); and

Singapore Financial Reporting Standard (International) 3 (Business Combinations),that are made by the Accounting Standards Council under Part III of the Accounting Standards Act, as amended from time to time;”; and

by inserting, immediately after the words “FRS 38 and FRS 103” in subsection (20), the words “, or with SFRS(I) 1‑38 and SFRS(I) 3,”.