Outcome of Meeting Between IFRS Foundation Trustees, Singapore Accounting Standards Council
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), met with representatives of the Singapore Accounting Standards Council (ASC) and the local business community on 12 January 2012.
The participants exchanged views on the work of the Trustees and the IASB to establish International Financial Reporting Standards (IFRSs) as the globally accepted language for financial reporting, as well the practical challenges faced by Singapore companies in implementing IFRSs.
IFRSs are required or permitted for use by companies in more than 100 countries, including most of the G20. Singapore has been a long-term supporter of the development of a single set of global accounting standards.
Singapore Financial Reporting Standards (SFRSs) are already substantially aligned with IFRSs and the ASC is working towards full convergence of those standards. The Trustees and the leadership of the IASB expressed a commitment to support this work.
The meeting was jointly led by Mr Michael Lim, Chairman of the ASC and Mr Michel Prada, the newly appointed Chairman of the IFRS Foundation Trustees.
Commenting on the meeting, Mr Michael Lim said: “Singapore is committed to full convergence, and will continue to actively contribute and collaborate with the Foundation and IASB to develop global accounting standards.
“In completing our review of the status of convergence implementation, the ASC concluded that Singapore remains on track for full convergence of the SFRSs with the IFRSs, taking into consideration the progress of the IASB’s priority projects.“
Mr Michel Prada said: “On behalf of the Trustees, I would like to thank the Singapore Accounting Standards Council for organising a very productive meeting with senior representatives of the Singapore business community.
“Singapore is a major financial centre and an important stakeholder in our work to establish IFRSs as a global financial reporting language.”
The meeting follows a separate two-day meeting of the Trustees in Singapore on 11 and 12 January 2012.