1.1 On 26 March 2018, the Exchange replaced the reference to Singapore Financial Reporting Standards ("SFRS") with Singapore Financial Reporting Standards (International) ("SFRS(I)s") in Rule 415.

1.2 Rule 108(2) states that the Exchange may, from time to time, publish transitional arrangements in relation to any amended or new rule.

1.3 This Practice Note is published to clarify the transitional arrangements that will have effect under Rule 108(2).

1.4 Rule 415 has been replaced by Rule 406A with effect from 12 February 2021.

2.1 Rule 415 requires that the financial statements submitted with the listing application by listing applicants must be prepared in accordance with SFRS(I)s, or International Financial Reporting Standard, or US Generally Accepted Accounting Principles.

2.2 For the purpose of paragraph 2.1, if a listing applicant submits the financial statements for financial years that begin before 1 January 2018, Rule 415 in respect of the financial statements submitted with the listing application will be deemed satisfied if the listing applicant satisfies the relevant requirements under Part 9 of the Fifth Schedule of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

3.1 For existing issuers, periodic financial reports for financial years that begin before 1 January 2018 may be prepared in accordance with SFRS, or International Financial Reporting Standard, or US Generally Accepted Accounting Principles.