Singapore Illustrative Financial Statements 2023

This publication illustrates best practices for financial statement disclosures that comply with the Singapore Companies Act, Singapore Financial Reporting Standards (International) [SFRS(I)] and Singapore Exchange Limited Listing Manual for companies with financial years ending 31 December 2023.

Major changes since SIFS 2022 include disclosure examples for:

• the adoption of the amendments to SFRS(I) 1-12 for Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
• illustrative disclosures in the main body and appendices for the impact on adoption of the amendments to SFRS(I) 1-12 for the International Tax Reform - Pillar Two Model Rules; and
• the adoption of the amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2 for Disclosure of Accounting Policies.

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.