Companies that are residents of Singapore and listed in the Singapore Stock Exchange will have to transit to new financial accounting and reporting bases - a local version of IFRS that is almost identical to the original international standards. The transition should take place on January 1, 2018.
Numerous surveys have shown that many listed companies are not currently ready for the International Financial Reporting Standards adopted worldwide. That is why such a transition will be carried out in several stages. Institute of Singapore Chartered Accountants developed a roadmap for the full implementation of IFRS in the country.
Interestingly, the effective date for the introduction of the new SG-IFRS system, which is essentially a local version of IFRS, coincided with the entry into force of new local standards SG-IFRS 15 “Revenue from contracts with customers” and SG-IFRS 9 “Financial Instruments”.
Staged IFRS implementation in the country will help to understand all the intricacies of convergence with IFRS and those key issues that should not be forgotten when accounting for IFRS.