Comparison of Singapore GAAP and IFRS

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12 Nov 2003

Deloitte & Touche (Singapore) has published an update of the New Financial Reporting Framework in Singapore, which includes a comparison of Singapore GAAP and IFRS.

In 2002, the Singapore government created the Council on Corporate Disclosure and Governance (CCDG) to replace the Institute of Certified Public Accountants of Singapore as the accounting standard setter in Singapore. The CCDG has now issued a set of accounting standards and interpretations that are almost identical to the current set of International Financial Reporting Standards, with the exception of effective dates, the inclusion of Singapore Financial Reporting Standard 25, Accounting for Investments, and the absence of an equivalent to IAS 40, Investment Property:

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