Singapore : Singapore Financial Reporting Standards (FRS) was set up under Singapore Companies Act. FRS issued by Accounting Standard Council (ASC) which was established by the Ministry of Finance. Foreign companies that registered in the Singapore stock exchange market may provide financial statements to comply with international accounting standard which has been generally accepted (such as IFRS). FRS in an accounting standard that has similar pattern to IFRS. However, there are some changes on practice day and it's guidelines during the change, requirements about valuation of land, building and equipments that has a new appraisal before the due date, exceptions on consolidated financial statements, equity method of accounting.