Singapore Sustainability Disclosure Standards Consultation

The Accounting and Corporate Regulatory Authority's (ACRA) Interim Sustainability Standards Committee is consulting on draft Singapore Sustainability Disclosure Standards. The consultation runs from 27 July to 25 October 2026 and is open to public feedback (REACH, 27 July 2026). The draft is a proposed reporting standard, not by itself a new law or a universal sustainability-reporting obligation for every Singapore company.

Proposed two-standard structure

The draft standards are based on the International Sustainability Standards Board (ISSB) Standards, with adjustments for Singapore's context. The proposed pair is SFRS S1, covering general sustainability-related financial information, and SFRS S2, covering climate-related disclosures (REACH, 27 July 2026). ACRA's committee proposes that only SFRS S2 be mandatory under Singapore's climate-first approach, while SFRS S1's broader sustainability disclosures would be voluntary.

This distinction matters: “SFRS S1 exists in the draft” does not mean all broader environmental, social and governance disclosures would immediately be mandatory. The proposal concerns the reporting standards; the companies covered, timing and other obligations remain tied to Singapore's phased roadmap and applicable legislation or SGX Listing Rules.

Proposed Singapore adjustments

The draft would incorporate the climate-relevant portions of SFRS S1 as an appendix in SFRS S2, allowing SFRS S2 to operate as a standalone climate-reporting standard. The proposal would not introduce the ISSB timing-of-reporting relief that permits first-year sustainability disclosures to be published later than financial statements; climate-related disclosures would be reported at the same time as financial statements under the roadmap (REACH, 27 July 2026).

The committee also proposes an ongoing Scope 3 relief for companies not subject to mandatory Scope 3 reporting, rather than relying only on the ISSB's first-year relief. References to Sustainability Accounting Standards Board (SASB) materials would be voluntary, giving companies flexibility while those materials continue to evolve. Companies subject to mandatory climate reporting would also be required to make an explicit and unreserved statement that they comply with SFRS S2.

Relationship to current reporting requirements

ACRA's reporting roadmap is phased and climate-first. ACRA states that listed companies and large non-listed companies have different compliance start points, with the detailed obligations governed by the applicable roadmap, legislation and SGX rules (ACRA, requirements timeline, accessed Aug 2026). The consultation therefore should not be read as replacing current SGX sustainability-reporting rules immediately or as making SFRS S1 mandatory for all companies.

The consultation also distinguishes the standards from the Scope 3 implementation timetable: the REACH notice says Scope 3 reporting is mandatory only for STI constituents from FY2026 onwards, and voluntary for other listed and large non-listed companies, with those reporting requirements set out in legislation and/or SGX Listing Rules rather than in the Singapore Sustainability Disclosure Standards themselves (REACH, 27 July 2026).

Consultation status

Feedback is open until 25 October 2026. ACRA says it will publish a summary of the main comments received without identifying respondents or separately addressing every comment (REACH, 27 July 2026). Until the consultation is concluded and the applicable standards and rules are adopted, treat SFRS S1/S2 details above as proposed Singapore adaptations, not as a completed replacement for every existing reporting requirement.