The Accounting and Corporate Regulatory Authority (ACRA) has formally issued the 2025 volume of the Singapore Financial Reporting Standards (International) [SFRS(I)s]. This edition is mandatory for annual reporting periods commencing on or after 1 January 2025.
The SFRS(I)s framework incorporates standards and interpretations that correspond directly to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), ensuring alignment with global accounting practices.
Key Details of the 2025 Volume:
- Effective Date: Applies to annual reporting periods beginning on or after 1 January 2025.
- Content: Includes all official SFRS(I) pronouncements issued up to 31 December 2024.
- Exclusions: Does not incorporate any new, revised, or amended SFRS(I)s intended for application in annual reporting periods beginning after 1 January 2025. Entities should monitor future ACRA announcements for these updates.
This publication provides Singapore-incorporated companies and other entities required to use SFRS(I)s with the definitive reference text for preparing financial statements for periods starting in 2025, based on the standards finalized by the end of 2024.
Source: ACRA. 16 January 2025.