The Singapore Accounting Standards Council (ASC) conducted an outreach with Singapore-incorporated companies listed on Singapore Exchange (SGX) in December 2014 to support them in their implementation efforts towards a smooth transition to full convergence with International Financial Reporting Standards (IFRS).
The outreach was attended by Chief Financial Officers of these SGX-listed Singapore-incorporated companies or their designees as well as practitioners from the accounting firms.
The ASC shared with the participants the details of Singapore’s full convergence with IFRS, including the adoption of a new financial reporting framework that is identical to IFRS for annual periods beginning on or after 1 January 2018. The outreach also provided a platform for the participants to seek clarification regarding the IFRS convergence implementation plan and the transition to the new financial reporting framework.
The outreach concluded with the ASC encouraging the participants to commence implementation efforts early and to work closely with their professional advisors on the application of the Singapore-equivalent of IFRS 1 First-time Adoption of International Financial Reporting Standards.