Full convergence with IFRS slated for 2018

Move augurs well for Singapore as a financial hub

Published Thu, May 29, 2014 · 10:00 PM
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ALL Singapore-incorporated companies listed on the Singapore Exchange (SGX) will apply a new financial reporting framework identical to the International Financial Reporting Standards (IFRS) in 2018.

The announcement, made yesterday by the Accounting Standards Council (ASC) which prescribes accounting standards here, has been lauded by some as timely, as it will make the financial reports of Singapore companies more comparable with those of their counterparts elsewhere.

"Singapore has long been an advocate of a single global financial reporting language," said ASC chairman Michael Lim in his keynote address at the IFRS Conference yesterday. "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."

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