IFRS Harmonization in Singapore

This assignment analyzes the process of harmonizing International Financial Reporting Standards (IFRS) with local standards in Singapore. The student reflects on their learning journey, highlighting the development of interpersonal and analytical skills through research and communication with mentors. They discuss challenges encountered during the research process, particularly language barriers due to the use of Malay and Standard Mandarin in some sources. The report ultimately provides insights into the similarities and differences between IFRS and Singapore Financial Reporting Standards (SFRS), as well as the benefits and limitations of harmonization.

Running head: SKILLS AND LEARNING STATEMENT
Skills and Learning Statement
Name of the Student
Name of the University
Author’s Note

1SKILLS AND LEARNING STATEMENT
Reflection on the choice of the topic
The topic of harmonisation has given the opportunity to explore the varied nature of the
reporting standards followed in Singapore. The study has provided me with the opportunity to
learn about the less explored options on the topic. This has given me the relevant opportunity for
the insight of the financial reporting aspect of reporting and other uniformity of the accounting
standard. This is particularly seen to be important with the reporting aspect. The different
depictions made in the project has provided me that the relevant information on IFRS and SFRS.
The report has been able to state on the similarity among the two standards. The important
consideration of the report has been further able to depict the benefits and limitation of the
harmonization process in accounting. The main learning aspect of the topic is seen with the
practical organization in Singapore.
Interpersonal and the analytical Skills gathered from the research
The main form of the reporting aspect has been helpful in developing a two-way
approach for interpersonal communication. I was able to correspond with the mentor via face to
face interaction, telephone and email. In the entire research process face to face communication
is seen as a primary part for interaction. The research work has provided me with the relevant
opportunity for discussing on the length of the project. In addition to this, I was able to acquire a
regular feedback from my mentors. The research process has assisted me to efficiently conduct
the content of the project.
The analytical skills have been further based on the reporting aspects which are in
accordance with the IFRS harmonisation. I have been able to acquire the analytical skills by
depicting the present flaws in the reporting standards. Based on the given experiences I was able
to learn about both FRS and Local SRS. This has been able to develop my analytical skills in a
major way.
Challenges faces in communication both orally and verbally
During this conduction of the research work in several instances I had to go through
articles written in Malay and Standard Mandarin. Language barrier has been particularly seen as
the main form of the barrier during the conduction of the research work. Henceforth, I had to
take the help of Google translator to understand several such articles. The other form of the
language barrier has been seen to be mainly evident with the consideration complexity of the
written report. Moreover, I have been able to know about the significant information on the

2SKILLS AND LEARNING STATEMENT
harmonization factors taken from YouTube and the verbal challenges which are taken into
account with the videos which are spoken in Standard Mandarin. During the course of the
research work, I had to come across with older adoption of the IAS accounting standards. The
main form of the reporting aspects is only ensured with the consideration of the IFRS standard.
In several instances the people I had met were particularly knowing only Malay so it was
difficult to collect any information from them.