Accounting Standards Council issues new Singapore Financial Reporting Standards (International)

ACCOUNTING STANDARDS COUNCIL ISSUES NEW SINGAPORE FINANCIAL REPORTING STANDARDS (INTERNATIONAL)

29 December 2017

The Accounting Standards Council (ASC) issues the Singapore Financial Reporting Standards (International) (SFRS(I)s), Singapore’s equivalent of the International Financial Reporting Standards (IFRSs). The new Singapore financial reporting framework is available for application for annual periods beginning on or after 1 January 2018.

2. In May 2014, the ASC announced full IFRS convergence for Singapore-listed companies. Singapore-incorporated companies that have issued, or are in the process of issuing, equity or debt instruments for trading in a public market in Singapore shall apply a new framework that will be identical to IFRSs for annual periods beginning on or after 1 January 2018.

3. SFRS(I)s is the applicable framework for Singapore-incorporated companies specified in paragraph 2. It is also available to other Singapore-incorporated companies1 as an alternative framework to the Singapore Financial Reporting Standards (SFRSs) as well as the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities). Further details are set out in the Statement on Applicability accompanying SFRS(I)s.

4. Entities applying SFRS(I)s2 can elect to state simultaneous compliance with IFRSs issued by the International Accounting Standards Board (IASB) in its SFRS(I) financial statements.

5. The first volume of SFRS(I)s comprises standards and interpretations equivalent to IFRSs issued by the IASB that are applicable for annual reporting period beginning on 1 January 2018. The ASC will consider subsequent changes to IFRSs for adoption into SFRS(I)s through its standard-setting due process.

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1Exclude Singapore-incorporated companies that are registered as a charity or approved as an institution of a public character under the Charities Act (Cap. 37).

2Nonetheless, a non-listed entity applying paragraphs in SFRS(I)s indicated with an asterisk (*) shall determine its eligibility for making such an election. The term ‘non-listed entity’ is defined in the Statement on Applicability.

About the Accounting Standards Council

The Accounting Standards Council (ASC) is the independent accounting standard-setting body established under the Accounting Standards Act for companies, charities, co-operative societies and societies in Singapore. In carrying out its mandate, the ASC takes 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.

For more information, please visit www.asc.gov.sg.

Media contact

ASC Secretariat Email: MOF_Feedback_ASC@mof.gov.sg