Singapore proposes to adopt IFRS for SMEs
23 Jun 2010
The Singapore Accounting Standards Council (ASC) has published a Statement of Intent setting out the reasons why the ASC intends to introduce the IASB's final standard International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) as the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities).
"The ASC believes that the adoption of the IFRS for SMEs would benefit the smaller entities in Singapore by reducing undue financial reporting burden arising from the considerable number of recognition and measurement bases and detailed disclosures requirements." |
Eligibility to use the IFRS for SMEs in Singapore: An entity is eligible to use the SFRS for Small Entities if: (I) it is not publicly accountable; and (II) it qualifies as a small entity by virtue of it satisfying two out of the three threshold criteria as prescribed by the ASC. (I) An entity is deemed to be publicly accountable if:
(II) An entity qualifies as a small entity if it satisfies two of the following three criteria (determined on a consolidated basis):
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