What are Singapore accounting standards?

Singapore's accounting standards are issued by the Accounting Standards Council (ASC) and are collectively known as the Singapore Financial Reporting Standards (SFRS). These standards are closely aligned with the International Financial Reporting Standards (IFRS) to promote consistency, transparency, and global comparability in financial reporting.

Types of Singapore accounting standards

Singapore's accounting framework consists of three main sets of standards:

Singapore Financial Reporting Standards (SFRS)

SFRS applies to most companies incorporated in Singapore. The standards are largely based on IFRS, with limited modifications to meet Singapore's regulatory and business environment.

Singapore Financial Reporting Standards (International) – SFRS(I)

SFRS(I) is designed primarily for companies listed on the Singapore Exchange (SGX). These standards are fully aligned with IFRS, enabling businesses to prepare financial statements that are readily comparable with those of companies operating in other jurisdictions.

SFRS for Small Entities

Small and medium-sized enterprises (SMEs) that meet the eligibility criteria may adopt SFRS for Small Entities, a simplified financial reporting framework. This standard reduces reporting complexity while maintaining high-quality financial reporting, making compliance more manageable for smaller businesses.

Sustainability reporting

Singapore has also strengthened its focus on sustainability reporting. Listed companies on the SGX are required to prepare sustainability reports that disclose their environmental, social, and governance (ESG) performance. These requirements reflect Singapore's commitment to responsible corporate governance, transparency, and sustainable business practices.

Ongoing updates

The Accounting Standards Council (ASC) regularly updates the SFRS framework to reflect changes introduced by IFRS. These updates help ensure that Singapore's accounting standards remain internationally recognized and continue to meet the evolving needs of businesses, investors, and regulators.

Singapore's accounting standards provide a robust and internationally aligned financial reporting framework. Whether applying SFRS, SFRS(I), or SFRS for Small Entities, businesses benefit from clear, transparent, and globally comparable reporting requirements that support regulatory compliance, investor confidence, and international business operations.

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