Description

The Institute of Certified Public Accountants of Singapore (ICPAS) has almost completed the process of
aligning the Singapore Statements of Accounting Standards (SAS) with the International Accounting
Standards (IAS). This coincides with the recommendation by the Disclosure and Accounting Standards
Committee (DASC) that Singapore adopt IAS and the Minister of Finance’s decision to accept their
recommendation. Just as the IAS are being renamed the International Financial Reporting Standards or
IFRS, Singapore accounting standards are likely to be known as Financial Reporting Standards (Singapore)
or FRS (S).