The Accounting and Corporate Regulatory Authority (ACRA) has proposed a set of sustainability disclosure standards tailored to Singapore’s context, and is seeking public feedback.
Known as the Singapore Sustainability Disclosure Standards, these are based on disclosure standards issued by the International Sustainability Standards Board (ISSB).
Singapore’s version follows the ISSB framework with two sets of standards.
The first standard, S1, sets out disclosure requirements for sustainability-related information, while the second, S2, focuses specifically on climate-related disclosures, ACRA said on Monday (27 Jul).
The draft was developed by an interim sustainability standards committee set up by ACRA in May last year (2025).
Under the proposed draft, only the climate-focused S2 will be mandatory for companies given Singapore’s climate-first approach.
The S1 standard, which includes other sustainability disclosures beyond climate, will be voluntary.
Some requirements proposed in the Singapore standards have been adjusted from ISSB.
While ISSB provides a transition relief for Scope 3 emissions reporting in the first year of reporting, companies in Singapore that are not required to make disclosures on indirect emissions arising from their value chain will have an extended and ongoing relief beyond the first year of reporting.
As Singapore requires companies to publish sustainability disclosures alongside financial statements, the proposed standards will not include the ISSB’s relief, allowing companies to release sustainability disclosures after financial statements.
Companies will also be required to make an explicit and unreserved statement of compliance with S2 to uphold accountability.
The public consultation on the draft standards will take place from 27 Jul to 25 Oct 2026.
All listed companies in Singapore are already required to make sustainability disclosures aligned with ISSB standards, though this has been pushed back for those not constituents of the Straits Times Index (STI).
While STI constituents are required to comply with ISSB-aligned reporting from FY2025, non-constituents with a market capitalisation exceeding S$1 billion are required to do so from FY2028, and those smaller than that will only have to report from FY2030.
The reporting of Scope 3 emissions was also made voluntary, except for STI constituents.
Nonetheless, all listed companies must still report data on emissions arising from business operations – called Scope 1 emissions – and their purchase of electricity, which falls under Scope 2.
Chia-Tern Huey Min, chief executive of ACRA, said that the launch of the draft disclosure standards reflects Singapore’s climate-first approach.
“This gives clarity and certainty on the reporting requirements so that the industry can move ahead with confidence,” she added.
ACRA will also be launching a guidebook on sustainability assurance to support the development of these capabilities.
The guide outlines the key competencies required for sustainability assurance, and supports training providers to develop quality programmes aligned with key global standards.
ACRA will work with the Skills and Workforce Development Agency and training providers to develop programmes aligned with the guidebook.
