Trade ChakraTrade ChakraTrade Chakra
Trade Chkra
Singapore has a strong financial sector and its accounting system is at par with the best in the world. Find out information on financial and accounting system in Singapore.
Home:  Economy:  Singapore:  Financial and Accounting System in Singapore


Financial and Accounting System in Singapore

Singapore's financial sector benefits from an efficient legal system, accounting standards that are in tandem with International best practices and ongoing process to promote good Corporate Governance and to strengthen the framework of disclosure practices. Singapore has successfully implemented significant financial sector reforms since 1998, to position Singapore as a Global Financial Center

Some of the key financial sector reforms are: 
  • Opening the Financial Industry to greater foreign competition.
  • Bringing regulatory and supervisory practices closer in line with International best practices on prudential regulation and supervision and disclosure based regulation.
  • Developing deep and liquid fixed income and equity markets.
  • Promoting the asset management industry.
  • Gradually liberalizing the restrictions on the International use of the Singapore dollar. 

Accountants Act

  •  Accounting Corporation" means a company approved as an accounting corporation under section 17.
  • "Accounting firm" means a firm approved as an accounting firm under section 18.
  • “Accounting limited liability partnership” or “accounting LLP” means a limited liability partnership approved as an accounting limited liability partnership under section 18A.
 
Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards
 
 
Last Revision Of FRS
Singapore Financial Reporting standards
Report
International Financial Reporting Standards (IFRS)
Report
Overall Comparison
January 2006
FRS1 
Presentation Of Financial Statements
IAS1
 
Presentation Of Financial Statements        
 
FRS1 is consistent with IAS 1 in all material aspects     
July 2004
FRS7
Cash Flow Statements
IAS7
Cash Flow Statements
FRS7 is consistent with IAS7 (effective from 1994) in all material aspects.
September 2004
FRS8
Accounting Policies, Changes In Accounting Estimates And Errors
IAS8 
Accounting Policies, Changes In Accounting Estimates And Errors
FRS8 is consistent with IAS8 in all material aspects.
July 2004
FRS7 
Cash Flow Statements
IAS7
Cash Flow Statements
FRS7 is consistent with IAS7 (effective from 1994) in all material aspects.
January 2006
FRS12
Income Taxes
IAS12
Income Taxes
FRS12 is consistent with IAS 12(effective from 1998)in all material aspects, except for accounting for unremitted foreign income. Under Recommended Accounting Practice(RAP)8 issued by the Institute of Certified Public Accountants of Singapore, no deferred tax is accounted for temporary difference arising from foreign income not yet remitted to Singapore if:
 
the entity is able to control the timing of the reversal of the temporary difference and
It is probable that the temporary difference will not reverse in the foreseeable future.
 
Under IAS12, deffered tax is required to be accounted for temporary difference arising from such unremitted foreign income.
January 2006  
FRS21
The Effects Of Changes In Foreign Exchange Rates
IAS21
The Effects Of Changes In Foreign Exchange Rates
FRS21 is consistent with IAS21 in all material aspects.
 
 
September 2004
FRS31  
Interests In Joint Ventures
IAS31
Interests In Joint Ventures
Interests In Joint Ventures    FRS31 is consistent with IAS31 in all material aspects, except in one of the conditions for exemption from proportionate consolidation or equity accounting. The dissimilarity is as identified in FRS27.
January 2006
FRS33
Earnings Per Share
IAS33  
Earnings Per Share
FRS33 is consistent with IAS33 in all material aspects.
September 2004
FRS34
Interim Financial Reporting
IAS34
Interim Financial Reporting
IAS34 is consistent with IAS34 in all material aspects
January 2006
FRS101 
First Time Adoption Of Financial Reporting Standards
IFRS1
First Time Adoption Of Financial Reporting Standards
FRS101 is consistent with IFRS1 in all material aspects.
 


Recent Additions


Disclaimer : The content on Trade shows/Exhibitions/Conferences given on this site is informative in nature and has been gathered from various sources. We do not hold any responsibility of miscommunication or misinformation regarding the venue / date etc of the Trade show / Exhibitions/Conferences mentioned here. Kindly confirm the dates / venue etc of the Trade Fairs / Exhibitions/ Conferences from the relevant authorities for last minute changes.