{"id":342,"date":"2017-10-03T23:10:49","date_gmt":"2017-10-03T15:10:49","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=342"},"modified":"2017-10-21T23:13:45","modified_gmt":"2017-10-21T15:13:45","slug":"ifrs-identical-financial-reporting-standards","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2017\/10\/03\/ifrs-identical-financial-reporting-standards\/","title":{"rendered":"IFRS-identical Financial Reporting Standards"},"content":{"rendered":"

The Accounting Standards Council (ASC) has on 29 May 2014 announced that Singapore-incorporated companies listed on Singapore Exchange (SGX) will apply a new financial reporting framework that is identical to the International Financial Reporting Standards (IFRS) on 1 January 2018. The ASC has further affirmed that other Singapore-incorporated companies can continue to apply the existing financial reporting frameworks, including the Singapore Financial Reporting Standards (SFRS).<\/p>\n

The full convergence of the Singapore Financial Reporting Standards (SFRS) with IFRS for Singapore-listed companies was the strategic direction of the ASC set in 2009. Singapore-listed companies must apply the new financial reporting framework, referred to as \u2018IFRS-identical Financial Reporting Standards\u2019, for annual periods beginning on or after 1 January 2018. Non-listed Singapore-incorporated companies may also voluntarily apply the new framework at the same time.<\/p>\n

The IFRS-identical Financial Reporting Standards will comprise Standards and Interpretations that are equivalent to the following pronouncements issued by the International Accounting Standards Board (IASB):<\/p>\n

    \n
  1. International Financial Reporting Standards;<\/li>\n
  2. International Accounting Standards;<\/li>\n
  3. IFRIC Interpretations; and<\/li>\n
  4. SIC Interpretations.<\/li>\n<\/ol>\n

    An entity that complies with IFRS-identical Financial Reporting Standards will simultaneously comply with IFRS.<\/p>\n

    The first volume of the IFRS-identical Financial Reporting Standards will contain all IFRS requirements that are applicable for annual periods beginning on or after 1 January 2018 will be issued by the ASC Singapore in due course.<\/p>\n

    For entities that will be applying the IFRS-identical Financial Reporting Standards, IFRS provides a reference for the requirements that will be included in the IFRS-identical Financial Reporting Standards. The current year’s consolidated IFRS, without the Implementation Guidance and the Basis for Conclusions, can be accessed at the IFRS Foundation\u2019s\u00a0website.<\/p>\n

    Source: ASC Singapore<\/em>, 2 October 2017<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Accounting Standards Council (ASC) has on 29 May 2014 announced that Singapore-incorporated companies listed on Singapore Exchange (SGX) will apply a new financial reporting framework that is identical to the International Financial Reporting Standards (IFRS) on 1 January 2018. The ASC has further affirmed that other Singapore-incorporated companies can continue to apply the existing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-342","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=342"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/342\/revisions"}],"predecessor-version":[{"id":343,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/342\/revisions\/343"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=342"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}