Singapore will adopt IAS for listed companies

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14 Dec 2001

Early in 2002, the Singapore government will propose amendments to its Companies Act to require nearly all listed companies to use IAS starting 1 January 2003. For this purpose, the Government will establish an independent panel (to be known as the Council on Corporate Disclosure and Governance) to adopt the IAS as Financial Reporting Standards (Singapore), or FRS(S).

If a Singapore-incorporated company is also listed on a foreign exchange that requires foreign GAAP financial statements, and the Singapore Stock Exchange (SGX) accepts those foreign-GAAP statements, then that company would not be required also to publish or reconcile to FRS(S) statements. The Singapore Registry of Companies and Businesses may permit unlisted companies to use alternative standards that are allowed by the SGX.

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