SFRS is aligned with currently effective IFRS except as follows:
• The following effective IFRS is yet to be adopted as SFRS: IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments. This does not affect Singapore-incorporated companies (both listed and non-listed).
• Some changes have been made to the exemptions from presenting consolidated financial statements and applying the equity method to investments in associates and joint ventures as compared to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. This does not affect listed Singapore-incorporated companies.
• Additional guidance has been issued in the form of an Accompanying Note to the SFRS equivalent of IFRIC 15 Agreements for the Construction of Real Estate to guide the accounting for a specific type of agreement in Singapore. This guidance is intended to be consistent with the requirements of IFRIC 15.
• Several modifications have been made to the transition provisions and effective dates of IFRS. The majority of those modifications date back to before 2005.