Singapore Financial Reporting Standard for Small Entities
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 IFRS for SMEs Accounting Standard^ issued by the International Accounting Standards Board. As the copyright to the IFRS for SMEs Accounting Standard 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 Accounting Standard, respectively.
^ Unless otherwise indicated, any reference to IFRS for SMEs in the SFRS for Small Entities is intended to refer to IFRS for SMEs Accounting Standard and any reference to IFRS Standards, IFRS or IFRSs therein is intended to refer to IFRS Accounting Standards, where appropriate. Refer to .
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any practice directions issued or deemed to have been issued, by the Council before 1 April 2023, and which have not been revoked before that date, shall continue in force after that date as if made or formulated or issued by the ASC after that date.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 January 2024, but before 1 January 2027
This SFRS for Small Entities incorporates the 2015 Amendments and the 2023 Amendments to the SFRS for Small Entities, and is required to be applied for annual reporting periods beginning on or after 1 January 2024, but before 1 January 2027.
| No. | Title |
|---|---|
| 1 | Statement on Applicability (PDF, 207 KB) |
| 2 | Singapore Financial Reporting Standard for Small Entities (PDF, 1653 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) |
Changes effective for annual periods beginning on or after 1 January 2027
The following are amendments to the SFRS for Small Entities issued by the ASC that are effective for annual reporting periods beginning on or after 1 January 2027.
| No. | Title | Effective Date | Issuance Date |
|---|---|---|---|
| 1 | Amendments to Statement on Applicability (PDF, 170KB) | 1 Jan 2027 | 18 Aug 2025 |
| 2 | Amendments to the Singapore Financial Reporting Standard for Small Entities (Third Edition) (PDF, 2081KB) | 1 Jan 2027 | 18 Aug 2025 |
| 3 | Amendments to the Illustrative Financial Statements (PDF, 506KB) | 1 Jan 2027 | 18 Aug 2025 |
Implementation support
The IFRS Foundation provides non-mandatory educational materials, including the , for the IFRS for SMEs Accounting Standard. The educational materials can be accessed free of charge at the IFRS Foundation's .
The requirements of the SFRS for Small Entities shall prevail in the event of any inconsistencies between the IFRS Foundation's educational materials and the SFRS for Small Entities.