The Singapore Accounting Standards Council
(ASC) has issued the Singapore Financial Reporting Standard (SFRS)
for Small Entities.

The standard is modelled on the International
Financial Reporting Standard (IFRS) for Small and Medium Sized
Entities, issued by the International Accounting Standards
Board (IASB).

 “It is a robust standard that can stand
on its own. The ASC is of the view that the standard will better
meet the needs of non-publicly accountable entities with smaller
operations, and benefit them in terms of reduced financial
reporting burden and more cost savings,” said chairman of ASC,
Euleen Goh.

The SFRS for Small Entities will be applicable
for financial reporting periods beginning on or after 1 January