Singapore Financial Reporting Standards and Accounting Compliance: 2025–2026 Latest Guide-FOZL

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Singapore Financial Reporting Standards and Accounting Compliance: 2025–2026 Latest Guide

In today’s increasingly complex global business environment, Singapore’s financial reporting standards and accounting compliance requirements are continually updated to ensure transparency, compliance, and sustainability. This article explores the latest developments in financial reporting and accounting compliance in Singapore for 2025–2026, with a focus on accounting and climate-related reporting.

1. Updates to Financial Reporting Standards (FRS)

Singapore Financial Reporting Standards (FRS) remain closely aligned with International Financial Reporting Standards (IFRS), ensuring local companies’ financial statements are internationally comparable. As of 2025, key updates include:

FRS 118: Presentation and Disclosure of Financial Statements was issued in October 2024 and will take effect on January 1, 2027.

FRS 109 & FRS 107: Amendments on classification and measurement of financial instruments are scheduled to take effect on January 1, 2026.

Additionally, the Third Edition of the Small Entities Financial Reporting Standard (SFRS for Small Entities) was released in August 2025 and will take effect on January 1, 2027, providing simplified accounting treatment and disclosure requirements for small and medium-sized enterprises.

2. Accounting Compliance and ACRA Requirements

The Accounting and Corporate Regulatory Authority (ACRA) is responsible for setting and enforcing accounting compliance requirements. As of 2025, companies must comply with the following key requirements:

Financial Statement Submission: All companies must submit financial statements in XBRL format to enhance data processing efficiency and consistency.

Annual Filing: Companies are required to hold their annual general meeting within one month of the financial year-end and submit annual filings to ACRA within five months.

Registration and Updates: Companies must establish a Register of Registrable Beneficial Owners (RORC) within 30 days of incorporation and update it promptly when changes occur.

Failure to comply with these requirements may result in legal consequences and financial penalties.

3. Climate-Related Financial Disclosures (ISSB Standards)

In response to global sustainability efforts, Singapore plans to implement climate-related financial disclosure standards issued by the International Sustainability Standards Board (ISSB). Key implementation timelines as of 2025 are:

FY 2025: All listed companies must report Scope 1 and Scope 2 greenhouse gas emissions.

FY 2026: Straits Times Index (STI) constituent companies must report Scope 3 emissions; other listed companies may report voluntarily.

FY 2028: Non-STI listed companies with a market capitalization exceeding SGD 1 billion must comply with ISSB standards.

FY 2030: Other non-STI listed companies and large non-listed companies (annual revenue exceeding SGD 1 billion or total assets exceeding SGD 500 million) must comply with ISSB standards.

These requirements aim to enhance corporate transparency and accountability regarding climate change.

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