Singapore

National professional organisation website: Institute of Singapore Chartered Accountants (formerly the Institute of Certified Public Accountants of Singapore)

National standard setter: Singapore Accounting Standards Council (successor to

the Council on Corporate Disclosure and Governance)

Response to IFAC Member Body Survey on Standard Setting and Regulation

Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)

Financial reporting framework in Singapore

Accounting Standards
2002-2007 Council on Corporate Disclosure and Governance (CCDG)
In 2002, the Singapore government created the Council on Corporate Disclosure and Governance (CCDG) to replace the (then) Institute of Certified Public Accountants of Singapore as
the accounting standard setter for all companies incorporated in Singapore.
Since 2007 Accounting Standards Council (ASC)
The CCDG was replaced by the Accounting Standards Council (ASC) as of 1 November
2007. The ASC was established by the Accounting Standards Act, passed in Parliament on
27 August 2007. In addition to prescribing accounting standards for companies, the ASC will
also prescribe accounting standards for charities, co-operative societies, and societies. The
Singapore Government believes that 'creation of the ASC is a positive step towards ensuring
consistency in accounting standards, facilitating comparison of financial statements between
different entities and enhancing the credibility and transparency of financial reporting'.
The ASC is responsible only for the formulation and promulgation of accounting standards.
The monitoring and enforcement of compliance with accounting standards remains the prerogative of the respective regulators, theAccounting and Corporate Regulatory Authority
(ACRA) for companies, Commissioner of Charities for charities, Registrar of Co-operative
societies for co-operative societies, and Registrar of Societies for societies.

SFRS for Small Entities

In December 2010, the ASC issued the Singapore Financial Reporting Standard for Small
Entities (SFRS for Small Entities).
The SFRS for Small Entities is based on the IFRS for SMEs. The main differences are the
references to Singapore Financial Reporting Standards (SFRS) instead of IFRS, as well as
the description of the scope and applicability of theSFRS for Small Entities.
An entity is eligible to the apply the SFRS for Small Entities if it is not publicly accountable,
publishes general purpose financial statements for external users, and meets the definition

of a 'small entity' (for each of the previous two consecutive financial reporting periods, with
amended application to newly incorporated entities). An entity qualifies as a small entity if it
meets at least two of the three following criteria:
o

total annual revenue of not more than S$10 million

total gross assets of not more than S$10 million

total number of employees of not more than 50.

The standard applies (as an option) as an alternative framework to the Singapore Financial
Reporting Standard (SFRS) for the preparation and presentation of general purpose financial
statements of entities for financial reporting periods beginning on or after 1 January 2011.

Comparison of Singapore Financial Reporting Standards and

IFRSs
As of November 2008, ASC has issued a set of accounting standards and interpretations
that are almost identical to the current set of International Financial Reporting Standards
(IFRS), though some differences between Singapore Financial Reporting Standards and
IFRSs remain, including the following:
o

Under the Singapore FRS 16 Property, Plant and Equipment, one-off revaluations
of such assets that took place between 1984 and 1996 are permitted without
requiring ongoing use of the revaluation model

Singapore FRS 17 removes the words in paragraph 14 and 15 of IAS 17, which
indicates that land normally has an indefinite economic life and, if title is not
expected to pass to the lessee by the end of the lease term, the lessee does not
receive substantially all of the risks and rewards incident to ownership

Some differences exist in the requirements to present consolidated financial statements and in accounting for associates and joint ventures as compared to IAS
27, IAS 28, and IAS 31

There are some differences in the effective dates of the Singaporean equivalents
of IFRS 2, IFRS 7

The following have not yet been adopted:

o

IFRS 3 (revised 2008) Business Combinations

IAS 27 (revised 2008) Consolidated and Separate Financial Statements

IAS 27 (revised 2008) Consolidated and Separate Financial Statements (Cost of an investment in the separate financial statements)

IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments

IFRIC 15 Agreements for the Construction of Real Estate

IFRS convergence
Singapore has been following a path of converging Singapore Financial Reporting
Standards (SFRS) with IFRS for Singapore listed companies for many years and
Singapore has adopted substantially all IFRSs issued by the IASB as SFRSs, albeit at
times with different effective dates and transition requirements. However, the timeline
for full convergence was adjusted to await developments in the major projects
on revenue recognition, financial instruments and theimpairment loss model, all of
which are of significance to Singapore entities. Given the mandatory or expected
mandatory effective date of 1 January 2017 and 2018 for the revenue recognition and
financial instruments projects, respectively, the ASC has now decided to introduce a
new financial reporting framework that is identical to IFRS for Singapore listed
companies for annual periods beginning on or after 1 January 2018. This framework
will also be made available for voluntary application by all non-listed Singapore-incorporated companies at the same time.

Related news

Singapore accounting standards to be fully converged with IFRSs

in 2018
30 May 2014
The Singapore Accounting Standards Council (ASC) has announced that Singaporeincorporated companies listed on Singapore Exchange (SGX) will have to apply a financial
reporting framework fully identical with International Financial Reporting Standards (IFRSs)
in 2018.
Hans Hoogervorst discusses the IASB work programme
29 May 2014
IASB Chairman, Hans Hoogervorst gave a speech today at the IFRS Conference in
Singapore titled 'Charting progress towards global accounting standards'. He provided an
overview of the current use of IFRS around the world and discussed the IASB's work
programme, specifically providing insight into the joint leases project.
IFRS conference in Singapore announced
18 Feb 2014
The IFRS Foundation has announced that its upcoming conference will be held in
Singapore on 29-30 May 2014. The conference will include discussions on the future of
financial reporting, as well as the latest IASB updates on the major IFRSs, implementation
issues, conceptual framework and research projects.
Agenda for the November 2013 AOSSG meeting

25 Nov 2013
An agenda has been released for the fifth meeting of the Asian-Oceanian Standards
Setters Group (AOSSG), which is being held in Colombo, Sri Lanka on 27-28 November
2013. Representatives from many of the 26 countries which are currently members of
AOSSG will attend the meeting, as will representatives from the International Accounting
Standards Board (IASB). The meeting will include discussion on a number of IASB projects,
consider the results of a survey conducted by the AOSSG on accounting and Islamic finance
in the Middle East and North Africa, receive feedback on the IFRS implementation efforts
and regional capacity building, and consider ongoing membership and process
requirements.
IFRS Foundation publishes jurisdiction profiles on the application
of IFRSs
05 Jun 2013
The IFRS Foundation has posted to its website a collection of 66 'jurisdiction profiles'
detailing information about the adoption of International Financial Reporting Standards
(IFRSs) and the IFRS for SMEs in all of the G20 jurisdictions and 46 other jurisdictions.
Report from recent IFASS meeting released
17 Jan 2013
A report has been issued summarising the discussions at a meeting of the
International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich
on 22-23 October 2012. The meeting covered a broad range of topics, including the future
relationships between the IASB and regional and national standard setters, topical issues in
financial reporting, reports from regional groups and administrative matters.
Outcomes from the fourth AOSSG meeting
13 Dec 2012

The Asian-Oceanian Standard-Setters Group (AOSSG) has released a communiqu

from its meeting held in Kathmandu, Nepal on 28 and 29 November 2012. Highlights include
plans for an IFRS Centre of Excellence for a Developing Country (IFRS COEDC) in Nepal
that would help Nepal to build its standard-setting capacity, the need for rapid finalisation of
the IASB's project on 'bearer biological assets', and discussion on Islamic finance accounting
issues.

Singapore defers mandatory application date of consolidation and

joint venture standards, cites implementation challenges

03 Sep 2012
The Singapore Accounting Standards Council (ASC) has announced that it will allow
stakeholders more time to implement the Singaporean equivalents to the 'package of five'
standards addressing accounting for consolidation, involvements in joint arrangements and
disclosure of involvements with other entities. The mandatory effective date of the standards

has been deferred for a year and they now apply to annual periods beginning on or after 1
January 2014. Entities can elect to early adopt the standards.

Tentative agenda for AOSSG November 2012 meeting released

24 Aug 2012
The tentative agenda has been released for the fourth annual meeting of the AsianOceanian Standard-Setters Group (AOSSG), which is to be held in Kathmandu, Nepal on
28-29 November 2012.
Report from recent IFASS meeting released
04 Jun 2012
The International Forum of Accounting Standards Setters (IFASS) met in Kuala
Lumpur on 29-30 March 2012. A detailed report of proceedings at the meeting has now been
released, outlining discussions on numerous topics such as the relationship between
standard setters and the IASB, the IASB's work programme and processes, and a report on
the possible adoption of IFRS in the United States noting a possible "step back".
Outcomes from sixth IFRS Regional Policy Forum
02 Apr 2012
A communiqu has been released from the sixth IFRS Regional Policy Forum held in
Kuala Lumpur, Malaysia from 26-27 March 2012.
Full convergence with IFRSs in Singapore will not occur by 2012
02 Mar 2012
The Accounting Standards Council in Singapore has determined that full
convergence of Singapore Financial Reporting Standards with IFRSs will not be
implemented in 2012, as had originally been planned.
IFRS Foundation Trustees meet with representatives from
Singapore
17 Jan 2012
The Trustees of the IFRS Foundation held a meeting with representatives of the
Singapore Accounting Standards Council (ASC) and the local business community.

Notes from the IFRS Foundation Trustees meeting

12 Jan 2012

The IFRS Foundation Trustees held a meeting in Singapore on 12 January 2012.

Agenda for January IFRS Foundation Trustees meeting

18 Dec 2011

A tentative agenda has been released for the IFRS Foundation Trustees meeting to
be held in Singapore on Thursday, 12 January 2012.

Outcomes from November 2011 AOSSG meeting

01 Dec 2011

The third meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) was held
in Melbourne, Australia, on 23 and 24 November 2011.

Sustainable development platform established in Singapore

28 Oct 2011

The World Business Council for Sustainable Development (WBCSD) and Singapore
Business Federation (SBF) have jointly established a CEO-led 'Sustainable Development
Platform' in Singapore.
More than 70 jurisdictions apply ISAs
11 Jul 2011
On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a
speech on global progress in the use of the Clarified International Standards on Auditing
(ISAs) at the 2011 annual conference on Accounting and Accountability for Regional
Economic Growth in Latin America and the Caribbean (referred to as CReCER after its
Spanish/Portuguese acronym).
Singapore releases Accounting Standard for charities
28 Jun 2011

The Singapore Accounting Standards Council (ASC) has issued an Charities

Accounting Standard (CAS), which is tailored to meet the needs of the charity sector and its
stakeholders.

Singapore Exchange releases sustainability reporting guide

27 Jun 2011

The Singapore Exchange (SGX) has introduced a Sustainability Reporting Guide (the
"Guide") for its listed companies.
A Driving Wind for IFRS from Asia-Oceania
08 Jun 2011
The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A
Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 A Driving Wind for
IFRS from Asia-Oceania".
National Standard Setters (NSS) release report from their most
recent meeting
16 May 2011
The National Standard Setters (NSS) have released a report from their March 2011
meeting.

Singapore issues SFRS for Small Entities

02 Dec 2010
The Singapore Accounting Standards Council (ASC) has issued the Singapore
Financial Reporting Standard for Small Entities (SFRS for Small Entities).
Asian-Oceanian Standard-Setters Group launches website, makes
documents public
04 Nov 2010
The Asian-Oceanian Standard-Setters Group (AOSSG) has launched its website and
made a number of papers available, including on Islamic finance.
Update on IASB outreach activities
15 Sep 2010
As part of its outreach activities, the IASB regularly undertakes a number of
discussion group forums in various locations around the globe.

Singapore accounting standards to be fully converged with IFRSs in

2018
o

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o
30 May 2014

The Singapore Accounting Standards Council (ASC) has announced that Singaporeincorporated companies listed on Singapore Exchange (SGX) will have to apply a
financial reporting framework fully identical with International Financial Reporting
Standards (IFRSs) in 2018.
The announcement was made in the ASC Chairman's keynote address at the IFRS Foundation's IFRS Conference currently held in Singapore.
Singapore has been following a path of converging Singapore Financial Reporting Standards
(SFRS) with IFRS for Singapore listed companies for many years and Singapore has
adopted substantially all IFRSs issued by the IASB as SFRSs, albeit at times with different
effective dates and transition requirements. However, the timeline for full convergence was
adjusted to await developments in the major projects on revenue recognition, financial instruments and the impairment loss model, all of which are of significance to Singapore entities.
Given the mandatory or expected mandatory effective date of 1 January 2017 and 2018 for
the revenue recognition and financial instruments projects, respectively, the ASC has now
decided to introduce a new financial reporting framework that is identical to IFRS for
Singapore listed companies for annual periods beginning on or after 1 January 2018. This

framework will also be made available for voluntary application by all non-listed Singaporeincorporated companies at the same time.
The ASC argues that aligning full convergence with IFRSs with the effective date of major
new IASB pronouncements would mean that Singapore companies would not have to close
existing differences in transition requirements between SFRSs and IFRSs while transitioning
to a fundamentally new standard shortly afterwards and would minimise the restatement of
comparatives on transition to the new framework. The implementation lead time of more than
three years would also enable enable stakeholders to appreciate the potential impact of, and
prepare for, the transition to the new framework.The ASC also comments:

[Full convergence with IFRSs] will also place Singapore-listed companies on a level playing
field with their counterparts in the IFRS community and eliminate any perception that they
may be applying standards that are different from IFRS, even though they have been IFRScompliant in a substantive manner for more than a decade.
Please click for the following information on the ASC website:
o

press release

full text of keynote address given by the ASC Chairman at the IFRS Foundation's
IFRS Conference

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