Since 2007, Singapore’s Accounting Standards Council (ASC) has prescribed accounting standards for listed companies, co-operative societies and charities.
In 2010, the Singapore Stock Exchange had 640 listed companies.
The financial reporting standards issued by the ASC are largely aligned with the IFRS standards.
The ASC is responsible for ensuring the reliability,
comparison of financial statements of different companies to enhance the credibility and transparency of financial reporting in Singapore.
As stated by an interviewee: Officially Singapore has not adopted 100% of IFRS,
but we are unique for having adopted about 95% of the standards.
Also, full adopting of IFRS has not been a major exercise in Singapore.
We did not want it to be a big challenge.