The Singapore Accounting Standards Council
(SASC) is seeking feedback on its proposal to adopt the final
standard of IFRS for SMEs as a Singapore equivalent.
Singapore Financial Reporting Standard for
Small Entities (SFRS for Small Entities) will be a reporting option
for entities that have no public accountability and satisfy two of
the following three criteria:
- Total annual revenue of not more than S$10m
($7.2m); - Total gross assets of not more than S$10m;
and, - Number of employees not more than 50.
In Singapore, there is currently no differential
reporting framework for small entities and the SASC believes SFRS
for Small Entities will relieve the reporting burden for many small
private companies.
If adopted, SFRS for Small Entities will be
available to apply for financial periods that begin in 2011 and
beyond.
Deadline for comment is 18 August 2010.
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