[Singapore, 27 May 2009]
The Singapore Accounting Standards Council (ASC)
has set, as its strategic direction, the aim of working towards
the full convergence of the Singapore Financial Reporting Standards
(SFRS) with the International Financial Reporting Standards (IFRS)
for Singapore- incorporated companies listed on the Singapore Stock
Exchange by 2012.
2 Minister for Finance, Mr Tharman Shanmugaratnam,
announced this strategic direction of the Singapore ASC in his keynote
address at the KPMG Asia-Pacific IFRS Conference today. The Singapore
ASC will work out the detailed convergence roadmap and will undertake
a review of the strategic direction and of the progress by 2011.
3 Aligning SFRS fully with IFRS will further strengthen
the attractiveness and competitiveness of Singapore as an international
business and financial hub. It will provide the assurance of comparability
of the company’s financial reports for both domestic and foreign
investors in the international capital market, and help lower compliance
burdens of Singapore companies when carrying out multiple jurisdictional
financial reporting. The Singapore ASC took into consideration the
global trend towards international harmonization of accounting standards,
which has accelerated in momentum over the past few years.
4 The Singapore ASC will work towards achieving
this convergence in Standards for Singapore incorporated listed
companies by engaging proactively and working in collaboration with
the IASB and regional standard setters to ensure that the IFRS continues
to reflect the economic and business substance of the transactions
in Singapore and the Asian region.
5 “The announcement of the convergence roadmap
marks a new chapter in Singapore’s engagement and relationship
with the International Accounting Standards Board and the wider
business and investment community in Singapore and the region. As
an international business and financial centre of the world, Singapore
has a key stake and role in the development of the global financial
reporting standards. The Singapore ASC will work towards the convergence
roadmap by ensuring that the financial reporting standards continues
to capture the economic and business substance of activities in
Singapore and the region. The Singapore ASC will do so by stepping
up its engagements with the local business and investor community
as well as its interactions with the IASB and our regional counterparts
on existing and emerging IFRS issues so that the concerns of Singapore
and the region would get reflected at the international standards
setting level,” said Ms Euleen Goh.
For media queries, please contact:
Mr. Dexter Tan
ASC Secretariat
Tel: 6332 7145
Email: dexter_tan@mof.gov.sg
~ END~
Issued by: Singapore Accounting Standards Council
Date: 27 May 2009
BACKGROUND
The Singapore ASC is the body prescribing accounting standards
for companies, societies, charities and cooperatives in Singapore.
Its mandate is to develop, review, amend and approve financial reporting
standards for entities that are under its purview, taking into account:
- The information needs of the stakeholders of the entities;
- Facilitation of comparability, disclosure and transparency;
- Compatibility with relevant international standards; and
- Singapore’s reputation as a trusted international business
and financial hub.
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