The Singapore Accounting Standards Council (ASC) today said Singapore-incorporated companies listed on Singapore Exchange (SGX) will apply a new financial reporting framework identical to the International Financial Reporting Standards (IFRS) in 2018. SGX will work closely with the ASC to engage Singapore-listed companies on the transition to the new framework.

While our SFRS is almost 100% compliant with IFRS, full adoption of IFRS would involve implementing IFRS 1, which might not be an easy standard to apply for some companies.  It remains to be seen how the new accounting framework would tackle this and whether the non-listed companies would eventually be asked to adopt this new framework.