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Under the Code on Collective Investment Schemes (CIS Code), the manager of an authorised collective investment scheme (Authorised Scheme) is currently required to prepare the scheme’s financial statements in accordance with the Statement of Recommended Accounting Practice: Reporting Framework for Investment Funds (RAP 7) issued by ISCA.
On 28 November 2025, the Monetary Authority of Singapore (MAS) amended the CIS Code to require the financial statements of Authorised Schemes to be prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)) instead of RAP 7. The CIS Code was also amended to incorporate certain additional disclosures previously required under RAP 7. These amendments take effect for financial years ending on or after 31 December 2028.
In line with these regulatory changes, ISCA will withdraw RAP 7 for financial periods beginning on or after 1 January 2028.
To support a smooth transition to SFRS(I), ISCA, working closely with MAS, and through its RAP 7 - SFRS(I) Transition Working Group (a joint working group of the Financial Reporting Committee and Banking & Finance Committee), has developed an Exposure Draft of Financial Reporting Guidance 6 (ED FRG 6). ED FRG 6 aims to provide practical guidance for impacted entities to navigate the transition from RAP 7 to SFRS(I), including the application of SFRS(I) 1.
ISCA welcomes feedback/views on ED FRG 6. Comments should be sent, in writing to professionalstandards@isca.org.sg, no later than 30 April 2026.
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