IFRS and Singapore ASC Discuss Financial Reporting Matters
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), met with representatives of the Singapore Accounting Standards Council (ASC) and the local business community on 12 January 2012.
The participants discussed the work of the trustees and the IASB to establish International Financial Reporting Standards (IFRSs) as the globally accepted language for financial reporting, as well the practical challenges faced by Singapore companies in implementing IFRSs.
IFRSs are required or permitted for use by companies in more than 100 countries, including most of the G20. Singapore has been a long-term supporter of the development of a single set of global accounting standards. Singapore Financial Reporting Standards (SFRSs) are already substantially aligned with IFRSs and the ASC is working towards full convergence of those standards.
Michael Lim, chairman of the ASC, said: “Singapore is committed to full convergence, and will continue to actively contribute and collaborate with the Foundation and IASB to develop global accounting standards. In completing our review of the status of convergence implementation, the ASC concluded that Singapore remains on track for full convergence of the SFRSs with the IFRSs, taking into consideration the progress of the IASB’s priority projects.”