Press Releases

1. The Accounting Standards Council (ASC) will be conducting a public consultation exercise from 13 May 2008 to 30 June 2008 on a proposed framework for differential reporting for Small and Medium Sized Entities (SMEs).

2. Differential reporting means allowing some entities to depart from particular requirements of accounting standards or entire stipulated accounting standards when preparing their financial statements. The proposed framework for differential reporting recognizes that SMEs are owner-managed, and that their stakeholders would typically have different information needs from those of a listed company. It seeks to make it less onerous for SMEs to prepare their financial statements, and to reduce their costs in doing so.

3. The ASC would like to invite the business community, professionals, academics, as well as all interested persons to comment on its preliminary views regarding having a differential reporting framework for SMEs in Singapore.

4. The ASC, set up by the Ministry of Finance (MOF) in November 2007, is the authority in Singapore with the mandate to develop, review, amend and approve financial reporting standards for entities such as companies, charities, co-operatives and societies that are under its purview.

5. Please refer to MOF's website or ASC's website for further details on the consultation exercise.

MINISTRY OF FINANCE