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Adoption of IAS proposed in Singapore

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29 May 2001

The Disclosure and Accounting Standards Committee (DASC) is an independent committee formed to propose changes to the financial reporting and disclosure requirements in Singapore. Earlier this month, the DASC published its recommendations on adopting IAS.

The DASC proposed that all companies incorporated in Singapore adopt International Accounting Standards for financial statement periods beginning on or after 1 January 2003, with one exception. The exception would be that companies listed both in Singapore and on a foreign exchange would be allowed to file under the standards required by the foreign exchange, without reconciliation to IAS, if the standards used are acceptable to the Singapore exchange.

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