Comprehensive Analysis of IFRS Implementation in Singapore

This report provides an analysis of the implementation of International Financial Reporting Standards (IFRS) in Singapore, examining the benefits and challenges faced by Singaporean companies. The report begins with an introduction to IFRS and its role in enhancing transparency and fairness in financial reporting. It then delves into a discussion supported by various research articles, exploring the impact of IFRS on fair value assessments, corporate value, earnings management, and financial statement comparability. The rationale for the study is to identify the advantages that Singaporean companies gain from adopting IFRS guidelines. The report addresses key research questions, such as the challenges of IFRS implementation, the assessment of fair value, and the needs for implementing IFRS guidelines. The conclusion summarizes the positive impacts of IFRS on accounting policies in Singapore, highlighting improved transparency and reduced earnings management practices. The report includes an executive summary, table of contents, and a comprehensive list of references.

Running head: ANALYSIS OF THE IMPLEMENTATION OF IFRS
Analysis of the Implementation of IFRS
Name of the Student
Name of the University
Author note

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Analysis of the Implementation of IFRS
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Rationale of the topic.................................................................................................................5
Research questions.....................................................................................................................5
Conclusion..................................................................................................................................5
Reference....................................................................................................................................6

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Analysis of the Implementation of IFRS
Executive summary
The aim of the report is to analyse the implementation of the IFRS on the companies of
Singapore and what benefits the companies can avail from the implementation of the
international financial reporting system. The report ends with the analysis of the rationale for
the implementation of the IFRS.

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Analysis of the Implementation of IFRS
Introduction
The implementation of IFRS helps to bring more transparency and fairness in the
accounting system of the companies of Singapore. the rules and guidelines of the IFRS
ensures that the companies maintain a standard for recording the financial transactions. The
following articles provide justification for the implication of the IFRS in the Singaporean
companies.
Discussion
This article provides evidence on the fair value grading on balance sheet financial
assets and financial liabilities are fused in the market’s assessment of companies’ equities in
Singapore. The consequences of the research reproduce substantial suggestion between level
1 and level 2 fair value actions of the assets and market value. The study discloses that the
investors mainly overlook OCI in their valuing of shares (Tan 2015)
The study discloses the corporate worth though economic value added does not have
an influence on IFRS application in companies in Singapore. The research process uses
numerous regressions, with purposive specimen technique on as many as 45 companies in
Singapore (Ahalik et al 2019).
This study underwrites to the research on breach of inadequate investigation study on
the IFRS acceptance at organization perception from recognized theory viewpoint as
preceding institutional research absorbed on isomorphism effect on the IFRS adaptation at the
general level perspective (Phang & Mahzan 2017).
The study delivers that before the application of the IFRS the SFAS was used. the
execution of the IFRS helps in conveying more transparency in recording the financial
transactions of the Singaporean companies (Filip et al 2017).

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Analysis of the Implementation of IFRS
The study has highlighted how penetratingly accounting literature has engrossed on
the possible assistances of XBRL for refining the competence and efficiency of the IFRS in
the Singaporean companies (Fradeani et al 2017).
The acceptance of the international financial reporting standards has considerably
advanced among the nations around the world, precisely in the Asian region and it has gained
popularity in the Singaporean countries (Wong 2018).
The study makes an investigation of the pre and post effect of the IFRS. The study
reflects that before the application of the IFRS several accounting frauds are detected and
after the implementation of the IFRS system it has been observed that the earnings
management practices have reduced and the consequence on the price of debt becomes lesser
(Situmeang et al 2018).
The study examines if social changes in the trust toward others, materialism and risk
repugnance reduces financial statement comparability between nations, that need
international financial reporting standards (Chung 2017).
The research finds that a greater amount of Singaporean listed companies provides a
better level of FI connected evidence after the IFRS was implemented (Tahat et al 2016).
This article helps in the analysis of the influence of the IFRS in the risk management
of the companies of the Singapore and how they manage the accounting principles stated by
the IFRS (Anggraita et al 2018).

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Analysis of the Implementation of IFRS
Rationale of the topic
The rationale behind undertaking the literature review of the topic is to find out the
benefits that the Singaporean companies get by adopting the principles and guidelines of the
IFRS.
Research questions
What are the challenges for the Singaporean companies to implement the rules of
IFRS (Nasution Wardayani & Muda 2018)?
Is it is challenging for the Singaporean companies to assess the fair value of assets
and liabilities as per the regulations given by the IFRS (Goh et al 2015)?
What are the needs for the implementation of the IFRS guidelines in the Singaporean
companies (Chen & Martin 2017)?
Conclusion
In conclusion it can be said that the report has analysed the implementation of the
IFRS and from the study it is possible to know that the implementation of the international
financial reporting standard has bring more transparency in the accounting policies of the
Singaporean companies.

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Analysis of the Implementation of IFRS
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