Singapore started the process of aligning SFRS closely with IFRS in 2002. Full
convergence of SFRS with IFRS for Singapore-incorporated companies listed on
SGX was a strategic direction of the ASC set in 2009. On 29 May 2014, the ASC
announced that Singapore-incorporated companies listed on SGX will apply a
new financial reporting framework identical to IFRS for annual periods
beginning on or after 1 January 2018. Non-listed Singapore-incorporated
companies may also voluntarily apply the new framework at the same time.
Link to announcement: