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Accounting and Corporate Regulatory Authority
Public Consultation

Consultation on Proposed Financial Reporting Framework for Co-Operative Societies

2 November 2026

Status

Open

Topic

Accounting standards (ASC)

Financial Reporting & XBRL

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.

Introduction

1.       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.

Background

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 for co-ops

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 to prepare 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 below 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.