Singapore Financial Reporting Standards (SFRSs), as well as the Interpretations of Financial Reporting Standards (INT FRSs), are released by Accounting Standards Council. They are influenced by International Financial Reporting Standards (IFRSs) and the predefined Interpretations under IFRSs. However, you may find a few modifications and transitions in the provision after the effective date as well as few details that may differ from the time of adoption.
It is important to mention that the effective date-related differences associated with periods ending prior to January 1st, 2015, are not included here. The article below may provide information about key differences between SFRSs and IFRSs, effective after December 31st, 2015.
Differences between SFRS and IFRS
IFRS provides an alternative framework to SMEs that can be utilized for eligible entities instead of IFRSs. It can be applied to issue with immediate effectiveness. The jurisdictions need to define which entities can use this framework. In the month of December 2010, Singapore Financial Reporting Standard was issued by Accounting Standard Council. It is mainly based on SME’s IFRS and provides a description of the applicability and scope of the SFRS for various small entities.
An entity can apply for SFRS if it doesn’t hold any public accountability, meets the requirement of a small entity, and publishes an external user’s related general purpose financial statement. An entity can be considered as a small entity if it follows at least two of the below mentioned three criteria:
- Total count of employees in the entity is equal to or less than 50.
- Total gross assets of the entity are not higher than S$10 million.
- Total annual revenue of the entity is not higher than S$10 million.
SFRS for the small entities works as an alternative framework for the presentation and preparation of general-purpose financial statements.
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