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SINGAPORE, May 29, 2014 - (ACN Newswire) - Singapore Accounting Standards Council and SGX say Singapore-listed companies to embrace full convergence with IFRS in 2018.
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.
Chairman of the ASC, Michael Lim, announced this today in his keynote address at the IFRS Foundation's IFRS Conference in Singapore. The ASC is the strategic partner of the IFRS Foundation for this Conference, which brings together stakeholders in financial reporting to discuss developments in the international standard-setting sphere.
The ASC will continue working with the Monetary Authority of Singapore and SGX on other related issues. These include whether and when to extend the new financial reporting framework to other entities listed on SGX such as real estate investment trusts and business trusts, and the transition arrangements for entities seeking to list on SGX.
"Singapore has long been an advocate of a single global financial reporting language. Taking the final leap towards full convergence with IFRS for our capital market is a decisive step towards cementing Singapore's standing as a trusted international financial and business centre," said Mr Lim.
"It will also place Singapore-listed companies on a level playing field with their counterparts in the IFRS community and eliminate any perception that they may be applying standards that are different from IFRS, even though they have been IFRS-compliant in a substantive manner for more than a decade," he added.
"The embrace of standards fully convergent with IFRS will enhance the standing of companies listed on SGX, the world's most international stock market. Companies and investors will benefit from the comparability offered when global standards are applied. Together with other SGX's initiatives, full convergence with IFRS will help transform the Singapore stock market into Asia's foremost venue for investing and managing risks," said Magnus Bocker, CEO of SGX.
Singapore-listed companies have a lead time of more than three years to embrace the new financial reporting framework.
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. Following this, the ASC engaged proactively and worked with the International Accounting Standards Board (IASB) on a number of issues to enable full convergence with IFRS to be effected. There is also greater clarity now on the effective dates of a number of key projects undertaken by the IASB, which were of significance to Singapore entities.
Singapore-listed companies must apply the new financial reporting framework 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.
Leading up to 2018, the ASC will engage stakeholders on the future direction of SFRS for other entities that are under its standard-setting mandate.
About the Singapore Accounting Standards Council
The Singapore Accounting Standards Council (ASC) is the independent accounting standard-setting body established under the Accounting Standards Act for companies, charities, cooperatives societies and societies in Singapore. In carrying out its mandate, the ASC takes into account:
- The information needs of the stakeholders of the entities;
- Facilitation of comparability, disclosure and transparency;
- Compatibility with relevant international standards; and
- Singapore's reputation as a trusted international business and financial hub.
For more information, please visit www.asc.gov.sg.
Contact:
ASC
Guan Yat Hwa
ASC, Secretariat Office
Email: MOF_Feedback_ASC@mof.gov.sg
SGX
Carolyn Lim
Marketing & Communications
Tel: +65 6236 8139
Email: Carolyn.lim@sgx.com
Topic: Press release summary
Source: Singapore Exchange (SGX)
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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