Singaporean IFRS Convergence Implementation Roadmap
03 Oct 2017
All Singapore-incorporated companies listed on the Singapore Exchange are required to apply a new Singapore financial reporting framework that is identical to the IFRS for annual periods beginning on or after 1 January 2018. As surveys show that many listed companies are not prepared for IFRS convergence yet, the Institute of Singapore Chartered Accountants (ISCA) has published the 'IFRS Convergence 2018 Implementation Roadmap'.
To complicate matters, the effective date for the adoption of the new IFRS financial reporting framework (SG-IFRS) also coincides with the effective dates of two major accounting standards, SG-IFRS 15 Revenue from Contracts with Customers and SG-IFRS 9 Financial Instruments. Therefore, the ISCA has developed a roadmap to provide guidance on how to navigate the maze of accounting change that the IFRS convergence requires. It also highlights key considerations for entities converging to SG-IFRS.
Please click to download the roadmap here.