The Singapore Financial Reporting Standards (International) — SFRS(I) — are the financial reporting standards issued by the Singapore Accounting Standards Council (ASC) to be identical to IFRS Standards. Singapore-incorporated companies listed on the Singapore Exchange (SGX) are required to apply SFRS(I), and many other companies apply them as well. They cover the full span of financial reporting — presentation, revenue, leases, financial instruments, consolidation, fair value, business combinations, and more — read alongside the Singapore Companies Act and the requirements administered by the Accounting and Corporate Regulatory Authority (ACRA).
A quick word on numbering. SFRS(I) follows a simple convention: standards converged from the older IAS series carry a "1-" prefix (so IAS 1 becomes SFRS(I) 1-1, and IAS 16 becomes SFRS(I) 1-16), while standards converged from the IFRS series keep their plain number (so IFRS 15 becomes SFRS(I) 15, and IFRS 16 becomes SFRS(I) 16). Because SFRS(I) is issued to be identical to IFRS, each of these guides also notes how the standard relates to the equivalent IFRS Standard.
Non-listed companies that qualify may instead apply the SFRS for Small Entities, a single, simplified standard covered separately in this library. Below are detailed plain-language guides to the SFRS(I) standards, each covering its objective, principles, recognition and measurement, disclosures, the Singapore-specific context, and worked examples.
- 1-1SFRS(I) 1-1 — Presentation of Financial StatementsThe complete set of financial statements, going concern and accrual bases, fair presentation, and the Singapore filing context (ACRA, Companies Act, SGX).
- 1-2SFRS(I) 1-2 — InventoriesMeasurement at the lower of cost and net realisable value, the permitted cost formulas (FIFO and weighted average), write-downs and reversals, and the LIFO prohibition.
- 1-7SFRS(I) 1-7 — Statement of Cash FlowsOperating, investing and financing activities, the direct and indirect methods, and the treatment of interest, dividends and taxes.
- 1-8SFRS(I) 1-8 — Accounting Policies, Changes in Estimates and ErrorsSelecting policies, retrospective treatment for policy changes and errors, prospective treatment for estimate changes, and the distinctions between them.
- 1-10SFRS(I) 1-10 — Events after the Reporting PeriodAdjusting versus non-adjusting events, the treatment of dividends declared after year-end, and the going concern override.
- 1-12SFRS(I) 1-12 — Income TaxesThe temporary difference (balance sheet) approach, deferred tax assets and liabilities, the Singapore tax context (IRAS, capital allowances), and the contrast with AS 22.
- 1-16SFRS(I) 1-16 — Property, Plant and EquipmentRecognition, the cost and revaluation models, depreciation over useful life, componentisation, and derecognition.
- 1-19SFRS(I) 1-19 — Employee BenefitsShort-term benefits, defined contribution versus defined benefit plans, remeasurements in OCI, the Singapore CPF context, and how it relates to IFRS and Ind AS.
- 1-20SFRS(I) 1-20 — Government GrantsRecognition on reasonable assurance, the income approach, grants related to assets versus income, and Singapore's grant and incentive environment.
- 1-21SFRS(I) 1-21 — The Effects of Changes in Foreign Exchange RatesFunctional versus presentation currency, monetary versus non-monetary items, translation of foreign operations, and Singapore's multi-currency context.
- 1-23SFRS(I) 1-23 — Borrowing CostsCapitalising borrowing costs for qualifying assets, the capitalisation rate, commencement and cessation, and relevance to Singapore construction and property.
- 1-24SFRS(I) 1-24 — Related Party DisclosuresWho is a related party, KMP compensation by category, and the interaction with SGX interested-person-transaction rules.
- 1-33SFRS(I) 1-33 — Earnings per ShareBasic and diluted EPS, weighted average shares, dilutive versus anti-dilutive instruments, and presentation for SGX-listed companies.
- 1-36SFRS(I) 1-36 — Impairment of AssetsRecoverable amount as the higher of value in use and fair value less costs of disposal, cash-generating units, and mandatory annual goodwill testing.
- 1-37SFRS(I) 1-37 — Provisions, Contingent Liabilities and Contingent AssetsThe three recognition conditions, constructive obligations, discounting of long-term provisions, onerous contracts, and the contrast with AS 29.
- 1-38SFRS(I) 1-38 — Intangible AssetsRecognition, finite versus indefinite useful lives (no ten-year presumption), the revaluation model, research versus development, and the contrast with AS 26.
- 1-40SFRS(I) 1-40 — Investment PropertyProperty held for rentals or capital appreciation, the choice between cost and fair value models, and the key divergence from Ind AS 40 (which allows cost only).
- 2SFRS(I) 2 — Share-based PaymentEquity-settled versus cash-settled awards, grant-date fair value, vesting conditions including graded vesting, and ESOP accounting in Singapore.
- 3SFRS(I) 3 — Business CombinationsThe acquisition method, identifiable assets and liabilities at fair value, goodwill (not amortised), and the contrast with AS 14.
- 5SFRS(I) 5 — Non-current Assets Held for Sale and Discontinued OperationsThe held-for-sale classification, measurement at the lower of carrying amount and fair value less costs to sell, and discontinued operations.
- 7SFRS(I) 7 — Financial Instruments: DisclosuresSignificance disclosures and risk disclosures — credit, liquidity and market risk — including expected-credit-loss and fair-value-hierarchy information.
- 8SFRS(I) 8 — Operating SegmentsThe management approach, the chief operating decision maker, reportable-segment thresholds, and entity-wide disclosures.
- 9SFRS(I) 9 — Financial InstrumentsClassification and measurement (amortised cost, FVOCI, FVTPL), the forward-looking expected credit loss model, and hedge accounting.
- 10SFRS(I) 10 — Consolidated Financial StatementsThe three-element control model, consolidation procedures, non-controlling interests within equity, and loss of control.
- 11SFRS(I) 11 — Joint ArrangementsJoint control, the split between joint operations and joint ventures, equity accounting, and the contrast with AS 27 (which allowed proportionate consolidation).
- 12SFRS(I) 12 — Disclosure of Interests in Other EntitiesDisclosures about subsidiaries, joint arrangements, associates and unconsolidated structured entities, and the significant judgements behind them.
- 13SFRS(I) 13 — Fair Value MeasurementThe exit-price definition of fair value, market-participant assumptions, valuation approaches, and the three-level fair value hierarchy and disclosures.
- 15SFRS(I) 15 — Revenue from Contracts with CustomersThe five-step model, distinct performance obligations, over-time versus point-in-time recognition, and the Singapore services and technology context.
- 16SFRS(I) 16 — LeasesThe single lessee model — right-of-use assets and lease liabilities on the balance sheet — the two exemptions, lessor accounting, and the contrast with AS 19.
- SESFRS for Small Entities — Simplified Reporting for Smaller CompaniesThe simplified framework for qualifying smaller Singapore companies — who qualifies, the simplifications from full SFRS(I), and how it mirrors the Ind AS / AS split.