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Accounting and Corporate Regulatory Authority

ACRA Launches Consultation on Proposed Financial Reporting Framework for Co-Operative Societies

2 November 2026

Audience

Accountants

Accounting entities

Businesses

Public

News Topic

Accounting standards and sector regulation

Category

Announcement

Joint consultation by the Registry of Co-operative Societies (RCS) and the Accounting Standards Committee (ASC) on the proposed financial reporting framework for co-operative societies.

The RCS, and the ASC under the Accounting and Corporate Regulatory Authority (ACRA), seek feedback from co-operative societies (co-ops) in Singapore on the financial reporting framework (FRF) that all co-ops should adopt in the preparation of their financial statements.

2         The ASC has issued four FRFs for use by different types of entities in Singapore:

3         The Co-operative Societies Act requires co-ops to use the applicable FRFs issued by the ASC, but the ASC has not specified a FRF for co-ops. We understand that most co-ops are using SFRS to prepare their financial statements, and only a very small number are using SFRS for SEs. 

Key proposals

Proposal 1: Prescribe SFRS as the single FRF

4         The RCS and the ASC propose to prescribe SFRS as the single FRF for all co-ops. The effective date for this change will be determined after the consultation, but co-ops will be given at least two years’ notice before the change takes effect. The proposal aims to promote consistency and comparability in financial reporting across co-ops, while reducing their reporting burden, without compromising reporting quality.

5         Co-ops that are currently applying SFRS for SEs and wish to continue doing so will be allowed to do so until the ASC advises otherwise. 

Proposal 2: Incorporate IFRIC 2 into SFRS

6         The RCS and the ASC also propose to incorporate IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments1 into SFRS, to align with the ASC's broader intention to align its issued FRFs with IFRS Accounting Standards. This may result in certain co-ops reclassifying their members' shares from equity to financial liabilities. Please refer to the consultation paper for further details.

Consultation details

7          View the consultation paper (opens in new tab).

8         Share your feedback through FormSG (opens in new tab) by 31 December 2026.


1 IFRIC 2 is included in Singapore's reporting framework as SFRS(I) INT 2 Members' Shares in Co-operative Entities and Similar Instruments (opens in new tab), which is available on the ACRA website.