What are the SFRS?
Since 2003, all Singapore companies must prepare and present financial statements that comply with the Singapore Financial Reporting Standards (SFRS), which is substantially similar to the International Financial Reporting Standards (IFRS). This is a measure taken by the Accounting Standards Council (ASC) to reinforce Singapore’s status as an international financial center. Further, it is intended that SFRS move towards full convergence with the IFRS in due course.
How many SFRS are there?
The full set of Singapore FRS (SFRS) is available at Accounting Standards Council website. There are more than 30 SFRS. Don’t worry we can help you comply with all SFRS.
What basis of accounting is used in SFRS?
All report must comply with accrual basis of accounting – which means the effects of transactions are recognized as and when incurred, instead of as and when paid. This accounting method provides a better estimate of a company’s cash flow, insight into its operational efficacy and an understanding of the market’s impact on the entity’s performance.
What are the Singapore Financial Reporting Standards (International)?
On 29 December 2017, ASC had issued Singapore Financial Reporting Standards (International) (SFRS(I)s), Singapore’s equivalent of the International Financial Reporting Standards (IFRSs).
This applies to all Singapore companies that have issued, or are in the process of issuing, equity or debt instruments for trading in a public market in Singapore. These companies are required to apply SFRS(I)s for annual periods beginning on or after 1 January 2018.