• Register
Return to: Home > News > Standards > Singapore’s GAAP to mirror IFRS by 2018

Singapore’s GAAP to mirror IFRS by 2018

The Singapore Accounting Standards Council (ASC) chairman Michael Lim has pledged to launch a new reporting framework for Singapore listed companies "identical" to the global accounting language of the International Accounting Standards Board (IASB) by 2018.

At a conference in Singapore, Lim said the full convergence with the International Financial Reporting Standards (IFRS) will help the Singapore Exchange (SGX) to be on a level playing field with counterparts worldwide.

Currently, IFRS is not mandatory for Singapore incorporated companies listed on the SGX, although they are allowed to use the international standards if permission is granted by the accounting regulator.

In 2009 the ASC announced a full IFRS convergence plan to be implemented by 2017, which is now been adjusted so that the framework includes the standards on revenue recognition and financial instruments, IFRS 15 and IFRS 9 respectively.

"The adoption of the new financial framework in 2018 not only enables companies to apply the more robust new recognition standard, but it's also aligned with the expected mandatory date of IFRS 9, which promises a simpler accounting for financial instruments," Lim said.

SGX chief executive Magnus Bocker said the embrace of standards fully convergent with IFRS would help transform Singapore's stock into Asia's foremost venue for investing.

The ASC will also consider whether to extend the new framework to other entities listed on the SGX, such as real estate investment trusts and recommended the profession's stakeholders to prepare for the three-year transition period.

"This framework will also be made available for voluntary application by all non-listed Singapore-incorporated companies at the same time," Lim added.


Related story
IASB and FASB issue converged standard on revenue recognition

Related link
The Singapore Accounting Standards Council

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.