• Register
Return to: Home > News > 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

    Audit for SMEs how wide should the net be?

    The European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA) president Bodo Richardt, and director, Paul Thompson share their views on a recent report by the Swedish National Audit Office on the supposed benefits of dropping audit requirements for SMEs. Interview by Vincent Huck

    read more

    Draft EU directive targets tax intermediaries

    Tax intermediaries involved in schemes that could be seen as being ‘of interest’ to the authorities will have to disclose this. The new rule also raises questions over the integrity of the profession. Joe Pickard reports

    read more

    Editor's letter: Arrivederci Accountancy

    Arrivederci Accountancy

    read more

    Comment: Cheesy take on tax

    Vincent Huck finds the arguments on compliance v ethics are full of holes

    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.