Full convergence with IFRSs in Singapore by 2012

The Singapore Accounting Standards Council has decided to fully converge Singapore Financial Reporting Standards with IFRSs by 2012. The fully-converged standards would apply to all Singapore-incorporated companies listed on the Singapore Stock Exchange. This was announced in an address by Mr Tharman Shanmugaratnam, Singapore Minister for Finance, at an IFRS conference in Singapore on 27 May 2009.