Singapore Financial Reporting Standards (International)
Changes effective for annual periods beginning after 1 January 2021

Singapore Financial Reporting Standards (International) (SFRS(I)s) refer to Singapore Financial Reporting Standards (International) and SFRS(I) Interpretations issued by the ASC.

SFRS(I)s issued by the ASC are published for your own personal non-commercial use only, subject to the Terms & Conditions of Use of this Web Site. As SFRS(I)s are based on IFRS Standards and the copyright to IFRS Standards is owned by the IFRS Foundation, permission to use SFRS(I)s for any other purpose is required from the ASC and the IFRS Foundation with regard to SFRS(I)s and IFRS Standards, respectively.

The following are the new/revised/amendments to SFRS(I)s issued by the ASC up to 31 December 2021 which are effective for annual reporting periods beginning after 1 January 2021.

Singapore Financial Reporting Standards (International)

Reference Title Effective Date Issuance Date
Issued in 2017
SFRS(I) 10, SFRS(I) 1-28 Amendments to SFRS(I) 10 and SFRS(I) 1-28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (PDF, 138KB) To be determined 29 Dec 2017
Issued in 2018
SFRS(I) 17 Insurance Contracts (PDF, 779KB)
Illustrative Examples (PDF, 1012KB) 		1 Jan 20231 29 Mar 2018
Issued in 2020
SFRS(I) 1-1 Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current (PDF, 146KB)
 1 Jan 20232 29 May 2020
SFRS(I) 1-1 Amendment to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current—Deferral of Effective Date (PDF, 91KB)
 - 23 Jul 2020
SFRS(I) 3 Amendments to SFRS(I) 3: Reference to the Conceptual Framework (PDF, 101KB)
 1 Jan 2022 30 Jul 2020
SFRS(I) 1-16 Amendments to SFRS(I) 1-16: Property, Plant and Equipment—Proceeds before Intended Use (PDF, 136KB)
 1 Jan 2022 30 Jul 2020
SFRS(I) 1-37 Amendments to SFRS(I) 1-37: Onerous Contracts—Cost of Fulfilling a Contract (PDF, 126KB)
 1 Jan 2022 30 Jul 2020
Various Annual Improvements to SFRS(I)s 2018-2020 (PDF, 163KB)
 1 Jan 2022 30 Jul 2020
Various Amendments to SFRS(I) 17 (PDF, 879KB)
 1 Jan 2023 27 Nov 2020
Issued in 2021
SFRS(I) 16 Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions beyond 30 June 2021 (PDF, 90KB)
 1 Apr 2021 31 Mar 2021
Various Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies (PDF, 250KB)
 1 Jan 2023 7 Jun 2021
SFRS(I) 1-8 Amendments to SFRS(I) 1-8: Definition of Accounting Estimates (PDF, 163KB)
 1 Jan 2023 7 Jun 2021
SFRS(I) 1-12, SFRS(I) 1 Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (PDF, 166KB)
 1 Jan 2023 15 Sep 2021
1The mandatory effective date of this Standard had been revised from 1 Jan 2021 to 1 Jan 2023 by the ASC in Nov 2020 via Amendments to SFRS(I) 17.
2The mandatory effective date of this Amendment had been revised from 1 Jan 2022 to 1 Jan 2023 by the ASC in Jul 2020 via Amendment to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current—Deferral of Effective Date.

Other accompanying documents

The SFRS(I)s should be read in the context of the Basis for Conclusions on IFRS Standards issued by the IASB. The Basis for Conclusions summarises the IASB's considerations in developing IFRS Standards. The use of the Basis for Conclusions is subject to the IFRS Foundation's Terms and Conditions (PDF, 341KB) as if they are materials on the IFRS Foundation's website.

Basis for Conclusions on IFRS Standards

Reference Title
IFRS 10, IAS 28 Basis for Conclusions: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (PDF, 299KB)

Basis for Conclusions: Effective Date of Amendments to IFRS 10 and IAS 28 (PDF, 408KB)
IFRS 17 Basis for Conclusions: Insurance Contracts (PDF, 939KB)
IAS 1 Basis for Conclusions: Classification of Liabilities as Current or Non-current (PDF, 160KB)
IAS 1 Basis for Conclusions: Classification of Liabilities as Current or Non-current—Deferral of Effective Date (PDF, 138KB)
IFRS 3 Basis for Conclusions: Reference to the Conceptual Framework (PDF, 218KB)
IAS 16 Basis for Conclusions: Property, Plant and Equipment—Proceeds before Intended Use (PDF, 192KB)
IAS 37 Basis for Conclusions: Onerous Contracts—Cost of Fulfilling a Contract (PDF, 191KB)
Various Basis for Conclusions: Annual Improvements to IFRS Standards 2018-2020 (PDF, 297KB)
IFRS 17 Basis for Conclusions: Amendments to IFRS 17 (PDF, 805KB)
IFRS 16 Basis for Conclusions: Covid-19-Related Rent Concessions beyond 30 June 2021 (PDF, 155KB)
Various Basis for Conclusions: Disclosure of Accounting Policies (PDF, 252KB)
IAS 8 Basis for Conclusions: Definition of Accounting Estimates (PDF, 167KB)
IAS 12 Basis for Conclusions: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (PDF, 136KB)
International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), SIC Interpretations (SIC)
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