The ASC has issued the first volume of Singapore Financial Reporting Standards (International) (SFRS(I)s on 29 December 2017, the Singapore equivalent to the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).
The new Singapore financial reporting framework is available for application for annual periods beginning on or after 1 January 2018. The ASC will consider subsequent changes to IFRSs for adoption into SFRS(I)s through its standard-setting due process.
SFRS(I)s is the applicable framework for Singapore-incorporated companies and also available to other Singapore-incorporated companies (but exclude charity and IPC registered under the Charities Act). It serve as an alternative framework to the Singapore Financial Reporting Standards (SFRSs) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities).
The full set of SFRS(I)s is available from the Accounting Standards Council (ASC) website. Further details are set out in the Statement on Applicability accompanying SFRS(I)s.
Source: ASC, 7 January 2018