SINGAPORE May 29 Singapore-listed companies
will adopt a new financial reporting framework similar to the
International Financial Reporting Standards (IFRS) in 2018, an
accounting body and the city state's stock exchange said on
Singapore Exchange will work closely with the
Singapore Accounting Standards Council (ASC) to engage
Singapore-listed companies on the transition to the new
framework, ASC Chairman Michael Lim said in a statement.
"Singapore has long been an advocate of a single global
financial reporting language," Lim said.
"Taking the final leap towards full convergence with IFRS
for our capital market is a decisive step towards cementing
Singapore's standing as a trusted international financial and
Singapore-listed companies must apply the new financial
reporting framework for annual periods beginning on or after
January 1, 2018, the statement said.
Non-listed Singapore-incorporated companies may also apply
the new framework voluntarily at the same time.
(Reporting by Saeed Azhar; Editing by David Goodman)