SINGAPORE Illustrative Financial Statements 2020

SINGAPORE Illustrative Financial Statements 2020

This publication illustrates best practices for financial statement disclosures.


This publication illustrates best practices for financial statement disclosures that comply with the Singapore Companies Act, Singapore Financial Reporting Standards (International) [SFRS(I)] and the Singapore Exchange Limited Listing Manual for companies with a financial year ending 31 December 2020.


Major changes since SIFS 2019 include disclosure examples for:

  • the initial adoption of amendments to accounting standards relating to the definition of a business, and interest rate benchmark reforms; 
  • the application of Definition of a Business for real estate entities; and
  • accounting issues arising from the COVID-19 coronavirus pandemic.

The pandemic has focused the attention of investors, regulators and other stakeholders on whether and how companies will emerge from the crisis. In such unprecedented times, communicating effectively has never been more important for companies – telling their own story in their financial reports, explaining the judgements made and the estimates used. Appendix I-H COVID-19 Supplement of SIFS 2020 focuses on some of the additional disclosures that companies may need to provide on accounting issues arising from the pandemic.

In addition, our COVID-19 financial reporting resource centre includes articles, blogs and podcasts to help you better understand the accounting and disclosure implications of the COVID-19 pandemic for your company.

Download Singapore Illustrative Financial Statements 2020

While care has been taken in the preparation of this publication, reference to accounting standards and other authoritative material should be made, and specific advice sought, in respect of any particular transaction or specific circumstances. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by KPMG LLP in Singapore or any member of KPMG International.

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