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Full convergence with IFRSs in Singapore will not occur by 2012

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02 Mar 2012

The Accounting Standards Council in Singapore has determined that full convergence of Singapore Financial Reporting Standards with IFRSs will not be implemented in 2012, as had originally been planned.

After a review of the plan for full convergence of Singapore Financial Reporting Standards (SFRSs) with IFRSs, the Accounting Standards Council (ASC) has determined that full convergence will not occur in 2012, as had originally been planned. Outstanding issues on a few key projects was noted as the reason for the delay in fully converging with IFRSs.

The following is an excerpt from the ASC's press release:

The timeline for full convergence will be adjusted in tandem with international developments, and will depend on the progress of several key projects undertaken by the IASB. These key IASB projects are still in progress and are not expected to take effect before 1 January 2015. The ASC had also noted during its review that major capital markets such as the US are still in the process of working out their IFRS convergence plans. The revised timeline will be announced at an appropriate juncture.

Click for ASC Press Release (link to ASC website).

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