Singapore FRS

There are more than 40 Financial Reporting Standards (FRS) issued in Singapore.

Each Singapore accounting standards covers a specific topic and hence, not all the standards will be relevant to a particular business. However, by following the standards, financial transactions will be recorded and disclosed based on a consistent set of principles and guidelines. This will allow the information presented in financial statements to be comparable across companies. This will in turn allows users of the financial statements to make more informed decision about the performance, cash flow and financial position of a particular company.

The full set of Singapore FRS (SFRS) is available at Accounting Standards Council website.

The ASC has also issued the SingaporeFinancialReporting Standard forSmallEntities (SFRS for Small Entities) in December 2010 for financial reporting period beginning on or after 1st January 2011. This standard is modeled after the IFRS for SMEs, with modified scope and applicability. It is an alternative to the Singapore FRS for the preparation and presentation of financial statements.

An entity is eligible to apply this standard if it is not publicly accountable and meet at least two of the following criteria:

  • Annual revenue of not more than S$10 million
  • Gross assets of not more than S$10 million
  • Number of employees of not more than 50


Although SFRS for Small Entities are more streamlined and simplified for small and medium enterprises (SME), SMEs should still weigh carefully the cost and benefits of adopting it. There may be retraining costs for the finance staff as well as impact of future growth to be considered.

Brief description of each SFRS:




Presentation of Financial Statements

Guideline and minimum requirement for the presentation of financial statements, which consist of:

  • Balance Sheet
  • Income Statement
  • Statement of Changes in Equity
  • Cash flow Statement
  • A list of Accounting Policies
  • Notes to the Financial Statements



Guideline for accounting for inventories, including how to determine the cost of the inventories (for example, weighted average costing) and requirement for inventories to be measured at the lower of cost or net realizable value.


Cash Flow Statements

Requirements for the preparation of a cash flow statement, classifying the cash flows from operating, investing and financing activities.


Accounting Policies, Changes in Accounting Estimates and Errors

Criteria for selecting and applying accounting policies, as well as the accounting treatment and disclosure of changes in accounting policies, accounting estimates and correction of prior period errors.

FRS 10

Events after the Balance Sheet Date

Accounting and disclosure of events AFTER the balance sheet date, which may impact whether the financial statements should be prepared on a going concern basis.

FRS 11

Construction Contracts

Accounting and allocating the revenue and costs of construction contracts into the appropriate accounting periods in which construction work is being performed

FRS 12

Income Taxes

Accounting treatment for income taxes, including recognition of deferred taxes and disclosure of income taxes in the financial statements.

FRS 16

Property, Plant and Equipment

Accounting treatment for property, plant and equipment, including determining the carrying value, depreciation charges as well as impairment losses, if any.

FRS 17


Accounting treatment for leases, for both lessees and lessors.

FRS 18


Accounting treatment for revenue, including when to recognize the revenue and how much to recognise.

FRS 19

Employee Benefits

Accounting treatment and disclosure for employee benefits, including recognizing and accruing for short-term employee benefits when the employee has rendered services in exchange for those benefits.

FRS 20

Accounting for Government Grants and Disclosure of Government Assistance

Accounting treatment and disclosure for governments grants and other government assistance.

FRS 21

The Effects of Changes in Foreign Exchange Rates

Accounting for foreign currency transactions and foreign operations in the financial statements as well as presentation of financial statements in foreign currency.

FRS 23

Borrowing Costs

Accounting for borrowing costs, including the type of borrowing costs and the type of assets that qualify the related borrowing costs to be capitalized.

FRS 24

Related Party Disclosures

Disclosure of related parties relationships, transactions, outstanding balances and commitments in the financial statements.

FRS 26

Accounting and Reporting by Retirement Benefit Plan

Accounting and reporting by retirement benefit plans, this is regarded as a separate reporting entity from the employers of the participants of the plan.

FRS 27

Separate Financial Statements

Accounting and disclosure for investment in subsidiaries, joint ventures and associates, where separate financial statements are prepared.

FRS 28

Investments in Associates and Joint Ventures

Accounting for investments in associates and requirement for equity accounting in investment in associates and joint ventures.

FRS 29

Financial Reporting in Hyperinflationary Economies

Financial statements requirements when the functional currency is the currency of a hyperinflationary economy.


Interests in JointVentures

Accounting for all interests in the jointventures, which includes joint venture income reporting, expenses, assets and liabilities in the investors’ financial statements.

FRS 32

Financial Instruments: Presentation

Presentation of financial instruments (unless specifically exempted by the standard) as liabilities and equities, and for offsetting financial assets and financial liabilities.

FRS 33

Earnings per Share

Presentation and disclosure of earnings per share (EPS) in the financial statement, focusing on determining the denominator of the EPS calculation.

FRS 34

Interim Financial Reporting

Minimum requirement when preparing interim financial reports.

FRS 36

Impairment of Assets

Accounting for impairment of assets and ensuring assets are carried at no more than their recoverable amount.


Provisions, ContingentLiabilities andContingentAssets

Recognitioncriteria and measurement to be applied to contingent liabilities, contingentassets and provisions.

FRS 38

Intangible Assets

Accounting for intangible assets, including how to measure the carrying amount and the related disclosures.

FRS 39

Financial Instruments: Recognition and Measurement

Principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.

FRS 40

Investment Property

Accounting and disclosure for investment property, using either fair value model or cost model.

FRS 41


Accounting and disclosure for agricultural activity.

FRS 101

First-time Adoption of Financial Reporting Standards

Requirements for entities preparing their first financial statements according to SFRS.

FRS 102

Share-based Payment

Disclosure for share-based payment transactions in the financial statements.

FRS 103

Business Combinations

Accounting for business combinations from the perspective of the acquirer.

FRS 104

Insurance Contracts

Accounting for insurance contracts from the perspective of the insurer.

FRS 105

Non-current Assets Held for Sale and Discontinued Operations

Requirements for the classification, measurement and presentation of non-current assets held for sale.

FRS 106

Exploration for and Evaluation of Mineral Resources

Reporting for the exploration and evaluation of mineral resources, including accounting for the expenditure incurred during the exploration and evaluation processes.

FRS 107

Financial Instruments: Disclosure

Disclosure for all types of financial instruments (unless specifically exempted).

FRS 108

Operating Segments

Reporting requirements for operating segments, including providing guidelines for determining an operating segment

FRS 110

Consolidated Financial Statements

Presentation and preparation of consolidated statements, when consolidated financial statements should be prepared and how they should be prepared.

FRS 111

Joint Arrangements

Reporting principles for entities that have an interest in arrangements that are controlled jointly.

FRS 112

Disclosure of Interests in Other Entities

Disclosure of significant assumptions an entity made in determining the nature of interest in another entity or arrangement, including interest in subsidiaries, joint arrangements, associates and unconsolidated structured entities.

FRS 113

Fair Value Measurements

Definition of fair value, its measurement and disclosures.

Other than FRS 110, 111, 112 and 113 which are for accounting period on or after 1st January 2013, the rest of the accounting standards are already effective. However, there are some standards which have been amended and of which the amendments are only effective on or after 1st January 2013.

The panel of service providers selected by Singapore Accounting is well versed in Singapore FRS. You can rest assured that the accounting records will comply with Singapore FRS requirements. Please refer to Accounting and Bookkeeping Services for further information on the services offered.

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