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Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards



Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards


Here's a breakdown of the similarities and differences between Singapore Financial Reporting Standards (SFRS(I)) and International Financial Reporting Standards (IFRS):


Singapore Financial Reporting Standards (International) (SFRS(I)s) refer to Singapore Financial Reporting Standards (International) and SFRS(I) Interpretations issued by the ASC.


Similarities:


  • High Alignment: SFRS(I) are essentially identical to IFRS. They are issued by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore, but based on the IFRS set by the International Accounting Standards Board (IASB).

  • Same Objective: Both sets of standards aim to promote transparency and consistency in financial reporting, allowing for comparability across companies and jurisdictions.

  • Mostly Identical Content: The accounting treatments, recognition criteria, and disclosure requirements are almost the same in both IFRS and SFRS(I).


Differences:


  • Minor Variations: There might be slight variations in wording or effective dates for non-listed companies in some standards.

  • Applicability:

  • SFRS(I) apply to all Singapore companies, while IFRS are adopted by many countries globally.

  • Singapore also offers a separate standard for Small Entities (SFRS for Small Entities) based on the IFRS for SMEs.


Overall:


Singapore has adopted IFRS with minimal modifications, making financial reporting in Singapore largely consistent with international practices. This simplifies things for companies operating internationally and allows investors to easily compare financial statements of Singaporean companies with those from other countries using IFRS.


Sources



How Bestar can Help

Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards


Information available about Bestar [bestar singapore]. Here's how we can assist you with financial reporting in Singapore:


  • Expertise in SFRS(I):  Our team consists of accounting and financial reporting experts familiar with Singapore Financial Reporting Standards. This ensures your financial statements comply with ACRA's regulations.

  • Streamlined Process:  Bestar can manage the entire statutory financial reporting (SFR) process, saving you time and effort. This includes data gathering, report preparation, and filing with ACRA.

  • Software Integration: We offer cloud-based solutions that integrate with your accounting software. This streamlines data collection and reporting by eliminating manual data entry.

  • Meeting Deadlines: Bestar can help ensure your financial statements are submitted to ACRA on time to avoid penalties for late filing.

  • Additional Services: We provide bookkeeping services which can ensure your financial records are accurate and up-to-date before the reporting process begins. In some cases, we also offer tax filing assistance based on the financial statements they prepare.


Contact Bestar for a more specific understanding of our services and how we can tailor our offerings to your particular needs.









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