07 Sep '11, 4pm

S'pore firms not prepared to meet IFRS requirements: analysts - Channel News Asia

SINGAPORE : Singapore companies are still not prepared to meet new requirements in line with International Financial Reporting Standards (IFRS). This is according to some industry watchers who added that companies need to start preparing now to reach the deadline. Singapore is expected to align its accounting standards with international standards by the end of 2012. In 2009, Singapore announced the move to fully align the Singapore standards with IFRS by 2012 for local companies listed with the Singapore Exchange. But this could come with additional costs. Chiang Joon Arn, partner for financial accounting advisory services at Ernst & Young LLP, said: "It depends on the company. For some of the smaller companies, it may only be a nominal amount, for the larger companies who have large accounting systems in place, re-jigging their accounting systems to get the new systems i...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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