SINGAPORE, May 29 (Reuters) - Singapore-listed companies will adopt a new financial reporting framework similar to the International Financial Reporting Standards (IFRS) in 2018, an accounting body and the city state's stock exchange said on Thursday.
Singapore Exchange will work closely with the Singapore Accounting Standards Council (ASC) to engage Singapore-listed companies on the transition to the new framework, ASC Chairman Michael Lim said in a statement.
"Singapore has long been an advocate of a single global financial reporting language," Lim said.
"Taking the final leap towards full convergence with IFRS for our capital market is a decisive step towards cementing Singapore's standing as a trusted international financial and business centre."
Singapore-listed companies must apply the new financial reporting framework for annual periods beginning on or after January 1, 2018, the statement said.
Non-listed Singapore-incorporated companies may also apply the new framework voluntarily at the same time.
(Reporting by Saeed Azhar; Editing by David Goodman)