Singapore's own sustainability reporting standards: SFRS S1 and SFRS S2 (public consultation, open until 25 October 2026)

What is being proposed

Singapore has so far pointed companies at the international standards (IFRS S1 and IFRS S2) through SGX Practice Note 7.6. The next step is to have a domestic set of standards with Singapore's own legal status behind them.

The drafts are designated SFRS S1 and SFRS S2, following the naming of Singapore Financial Reporting Standards. They are built directly on IFRS S1 and IFRS S2 as issued by the International Sustainability Standards Board (ISSB), so a company already preparing for the international standards is preparing for these too.

The headline design choice is climate first:

• SFRS S2 (climate-related disclosures): proposed to be mandatory.
• SFRS S1 (general sustainability-related financial information): proposed to remain voluntary.

ACRA's stated rationale is "only Singapore Financial Reporting Standards (SFRS) S2 being mandatory given Singapore's climate-first approach". Several other jurisdictions adopting the ISSB standards have made the same choice, because climate is where data, methods and investor demand are most mature.

Who is behind it

ACRA established the Interim Sustainability Standards Committee (Interim SSC) in May 2025 to develop these standards, together with related standards on sustainability assurance, ethics and independence. The July 2026 consultation was issued by the Interim SSC in collaboration with SGX RegCo - it is not an ACRA-only exercise.

The committee is "interim" because the permanent body does not yet exist in law. Once the enabling legislation is passed, a statutorily constituted Sustainability Standards Committee will issue the final standards.

The timetable

This consultation is still open as at 19 September 2026. If your company will be caught by mandatory climate reporting, this is the moment to comment on the drafting.

Why an intelligent non-specialist should care

Three reasons.

It settles the legal basis. At the moment, the obligation on listed companies sits in exchange listing rules. Standards issued under statute are a different and firmer footing, and they are what makes it possible to extend obligations to companies that are not listed.

It tells you how much is coming. If SFRS S1 stayed voluntary permanently, companies would report climate only. If it later became mandatory, the scope would widen to social and governance topics, water, biodiversity and so on. The consultation is where that direction is being set.

It is the last easy chance to object. Once standards are issued, the questions become implementation questions.

Relationship to what is already in force

Nothing in this consultation changes the current obligations. SGX Rules 711A and 711B and Practice Note 7.6 continue to apply, and the ACRA / SGX RegCo phase-in timetable continues to run. Treat SFRS S1 and S2 as the future domestic wrapper around requirements you are already meeting.

Where to comment

The consultation page on ACRA's website carries the exposure drafts, the consultation paper and the response channel.