Public Consultation
Public Consultation on Singapore's Sustainability Disclosure Standards
Status
Open
Topic
Climate & Sustainability Reporting
27 July 2026
The Accounting and Corporate Regulatory Authority (ACRA)'s Interim Sustainability Standards Committee invites the public to provide feedback on the draft Singapore Sustainability Disclosure Standards.
Introduction
1. The Accounting and Corporate Regulatory Authority (ACRA)'s Interim Sustainability Standards Committee (Interim SSC) has launched a public consultation on the draft Singapore Sustainability Disclosure Standards. The public is invited to provide feedback on the draft disclosure standards.
Background
2. In 2022, ACRA and the Singapore Exchange Regulation (SGX RegCo) established a Sustainability Reporting Advisory Committee to develop a roadmap for mandatory climate reporting and assurance, with requirements to be implemented in phases. The implementation timelines were adjusted in August 2025 to give companies more time to build capabilities for climate reporting.
3. In May 2025, ACRA established an Interim SSC to develop Singapore's sustainability disclosure and assurance standards in line with international standards. The Interim SSC has developed the draft disclosure standards and is now seeking public feedback.
Key Proposals
4. The draft disclosure standards are based on the International Sustainability Standards Board (ISSB) Standards1, with adjustments for Singapore's context. The Interim SSC proposes that the Singapore Sustainability Disclosure Standards comprise two standards, with only Singapore Financial Reporting Standards (SFRS) S2 being mandatory given Singapore’s climate-first approach:
a. SFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, which is based on International Financial Reporting Standards (IFRS) S1 General Requirements for Disclosure of Sustainability-related Financial Information; and
b. SFRS S2 Climate-related Disclosures, which is based on IFRS S2 Climate-related Disclosures.
5. The key proposed adjustments to the ISSB Standards are summarised below:
Area | Proposed adjustments |
Structure of the draft disclosure standards | Climate-relevant portions of SFRS S1 will be incorporated as an appendix in SFRS S2, enabling SFRS S2 to operate as a standalone standard covering all climate-related disclosure requirements. Given Singapore’s climate-first approach, companies subject to mandatory climate reporting will only need to refer to SFRS S2. SFRS S1, which covers broader sustainability disclosures beyond climate, will be voluntary. |
Transition reliefs | Transition reliefs in the ISSB Standards will be adjusted to align with Singapore’s implementation roadmap: i. As recommended by the Sustainability Reporting Advisory Committee, companies will be required to report their climate-related disclosures at the same time as their financial statements, to facilitate connectivity between the reports and timely communication of all material information to users. Therefore, the Singapore Sustainability Disclosure Standards will not introduce the “timing of reporting relief” in the ISSB Standards (IFRS S1), which allows companies to publish their sustainability disclosures later than their financial statements in the first year of reporting; ii. The ISSB Standards (IFRS S1) include a “climate-first relief” which allows companies to focus solely on climate-related disclosures (and not the broader disclosures beyond climate) in the first year of reporting. This transition relief is not necessary in Singapore’s context, since only SFRS S2 pertaining to climate-related disclosures will be mandatory given our climate-first approach; and iii. The ISSB Standards (IFRS S2) include a “Scope 3 relief” which allows companies to exclude Scope 3 greenhouse gas emissions disclosures in the first year of reporting. Given Singapore’s phased implementation approach2, the “Scope 3 relief” will be extended to an ongoing relief in the Singapore Sustainability Disclosure Standards, so that companies not subject to mandatory Scope 3 reporting can continue to benefit from the relief. |
Statement of compliance | Companies will be required to make an explicit and unreserved statement of compliance with SFRS S2 as required under the roadmap, to uphold accountability. |
References to the Sustainability Accounting Standards Board (SASB) materials3 | The ISSB Standards require companies to consider the SASB materials (“shall refer to and consider the applicability of”). To provide companies with more flexibility to apply the SASB materials whilst they continue to evolve, references to SASB materials in the Singapore Sustainability Disclosure Standards will be voluntary (“may refer to and consider the applicability of”). |
Public Consultation Details
6. The public consultation exercise will run from 27 July to 25 October 2026. Interested parties can submit their feedback through FormSG.
7. The public can access the consultation paper on the REACH consultation portal and here.
Summary of Response
8. ACRA will publish a summary of the main comments received. The summary will not disclose the identity of the respondents and will not separately address or acknowledge every comment received.
The use of the draft Singapore Sustainability Disclosure Standards is subject to the terms of use of this website and to the copyright notice and disclaimer in the consultation paper.
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1 The ISSB Standards refer to IFRS Sustainability Disclosure Standards, which comprise IFRS S1 and IFRS S2.
2 Scope 3 greenhouse gas emissions reporting is mandatory only for STI constituents from FY2026 onwards, and voluntary for other listed and large non-listed companies. The reporting requirements will be set out in legislation and/or the SGX Listing Rules, instead of the Singapore Sustainability Disclosure Standards.
3 Refers to the SASB Standards and the ‘Industry-based Guidance on Implementing IFRS S2’ (which is based on the SASB Standards).