The Statement of Intent sets out the reasons behind the intention of the Singapore Accounting Standards Council (ASC) to introduce the International Accounting Standards Board (IASB)’s final standard on International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) as the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities). The SFRS for Small Entities would be a reporting option for entities in Singapore which have no public accountability and satisfy certain criteria.
