Dinner Talk: Impending Changes - Differential Reporting for Singapore

The Accounting Standard Council (ASC) is considering introducing, for the first time in Singapore, a differential reporting framework. Basically differential reporting means that different categories of entities may be allowed to use different sets of financial reporting standards to prepare their financial statements. For example, smaller entities may be allowed to use customized reporting standards that may be simpler than the full Singapore FRS. The most immediate concern is the financial reporting requirements for small and medium-sized entities (SMEs). Neighboring countries, such as Hong Kong, Malaysia and Australia, already have some form of differential reporting. This talk will discuss the following: