Singapore-incorporated companies listed on the Singapore Exchange Limited (the "SGX") will apply a new financial reporting framework identical to the International Financial Reporting Standards (the "IFRS") in 2018.

The Singapore Accounting Standards Council (the "ASC") and the SGX announced this development in a joint press release on 29 May 2014.

Singapore-listed companies are required to apply the new financial reporting framework for annual periods beginning on or after 1 January 2018. Non-listed Singapore- incorporated companies that wish to voluntarily apply the new financial reporting framework may do so at the same time.

The SGX press release is available from the SGX website by clicking here.