Clause 4

by deleting the words “or FRS 115 construction or upgrade services” in subsections (1B), (1C)(a) and (1D)(a) and substituting in each case the words “FRS 115 construction or upgrade services, or SFRS(I) 15 construction or upgrade services”; and

by deleting the definitions of “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” 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) 15”, “SFRS(I) 16”, “SFRS(I) INT 4” and “SFRS(I) INT 12” mean the financial reporting standards 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) 15 (Revenue from Contracts with Customers);

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),that are made by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B), as amended from time to time;“SFRS(I) 15 construction or upgrade services” means any construction or upgrade services (as the case may be) to which SFRS(I) 15 applies.”.