Singapore Financial Reporting Standard for Small Entities
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The Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities) is published for your personal non-commercial use only, subject to the Terms and Conditions of Use of this Web Site. The SFRS for Small Entities is based on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board. As the copyright to the IFRS for SMEs is owned by the IFRS Foundation, permission to use the SFRS for Small Entities for any other purpose is required from ACRA and the IFRS Foundation with regard to the SFRS for Small Entities and the IFRS for SMEs, respectively.

Pursuant to the Accountancy Functions (Consolidation) Act 2022, any accounting standards made or formulated or deemed to have been made or formulated, and any practice directions issued or deemed to have been issued, by the Council before 1 April 2023, and which have not been revoked before that date, shall continue in force after that date as if made or formulated or issued by the ASC after that date. Accordingly, the SFRS for Small Entities and all other documents included below shall be deemed to have been made or formulated.

Effective for annual periods beginning on or after 1 Jan 2017, but before 1 Jan 2024

This SFRS for Small Entities incorporates the 2015 Amendments to the SFRS for Small Entities and is required to be applied for annual periods beginning on or after 1 January 2017. 

No. Title
1 Statement of Applicability (PDF, 241 KB)
2 Singapore Financial Reporting Standard for Small Entities (PDF, 1755 KB)
3 Illustrative Financial Statements, Table of Presentation and Disclosure Requirements (PDF, 940 KB)
4 Non-mandatory Q&As for SFRS for Small Entities*
Q&A Section 12, Issue 1: Accounting for financial guarantee contracts in individual or separate financial statements of issuer (PDF, 269 KB) (Issued in March 2018)
Q&A Section 35, Issue 1: Application of the undue cost or effort exemption when measuring fair value on transition to the Singapore Financial Reporting Standard for Small Entities (PDF, 432 KB) (Issued in October 2020)
*All Q&As issued prior to the 2015 Amendments to the SFRS for Small Entities (including those Q&As that have been incorporated into this SFRS for Small Entities) have been withdrawn.

Changes effective for annual periods beginning on or after 1 Jan 2023

The following amendment to SFRS for Small Entities issued in September 2023 includes changes to the requirements in SFRS for Small Entities that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023. Entities are required to apply those changes when applying the requirements in SFRS for Small Entities.

Title Effective Date Issuance Date
Amendments to SFRS for Small Entities: International Tax Reform—Pillar Two Model Rules (PDF, 133KB)  Refer to document 29 September 2023

Implementation support

The IFRS Foundation provides non-mandatory training material for the IFRS for SMEs. The training material can be accessed free of charge at the IFRS Foundation's website.

The requirements of the SFRS for Small Entities shall prevail in the event of any inconsistencies between the IFRS Foundation's training material and the SFRS for Small Entities.

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