Targeted Consultation on Proposed Financial Reporting Framework for Societies

The Registry of Societies (ROS) and the Accounting Standards Committee (ASC), under the Accounting and Corporate Regulatory Authority (ACRA), jointly seek feedback from societies in Singapore on a proposal to prescribe the Singapore Financial Reporting Standards (SFRS) as the single financial reporting framework (FRF) for all societies in the preparation of their financial statements.

The proposal also includes a transitional relief to allow societies, which are currently applying the Singapore Financial Reporting Standards for Small Entities (SFRS for SEs), to continue to apply SFRS for SEs until the ASC advises otherwise. Societies with charity status are not affected by the proposal and may continue to apply the Charities Accounting Standard (CAS).

The consultation paper is available on ACRA's website [https://www.acra.gov.sg/public-consultations/consultation-on-proposed-financial-reporting-framework-for-societies/ (opens in new tab)], and feedback may be submitted via the FormSG link provided in the consultation paper during the 60-day consultation period (i.e. 2 Nov to 31 Dec 2026).