IFRS Foundation Trustees Meet with Representatives from Singapore
The Trustees of the IFRS Foundation held a meeting with representatives of the Singapore Accounting Standards Council (ASC) and the local business community. During the meeting, views were exchanged on the work of the trustees and the IASB on establishing IFRSs as the globally accepted set of accounting standards. Also during the discussion, the Singapore representatives expressed the challenges that companies in Singapore face with the implementation of IFRS.
Currently, the Singapore Financial Reporting Standards (SFRSs) are extensively align to IFRSs and the ASC is committed to achieving full convergence.