SFRS S2 in Singapore: Who Reports, When and How to Prepare
Singapore now has its own climate disclosure standard. SFRS S2 sets out exactly which listed and large non-listed companies must report on climate, and the reporting dates are already fixed. For many companies, the first full disclosure is only one or two reporting cycles away.
This guide is for CFOs, sustainability leads, risk teams and SME owners who need a clear view of what SFRS S2 asks for. It covers what the standard is, how it differs from the international version, who reports when, and the steps that make the biggest difference to a first report.
What is SFRS S2?
SFRS S2 Climate-related Disclosures is Singapore's climate reporting standard. It is based on IFRS S2 from the International Sustainability Standards Board (ISSB), with adjustments for Singapore. A companion standard, SFRS S1, covers sustainability topics beyond climate.
Only SFRS S2 is proposed as mandatory, in line with Singapore's climate-first approach. SFRS S1 stays voluntary.
SFRS S2 asks companies to explain how climate change affects their business across four areas:
Governance: how the board and management oversee climate-related risks and opportunities
Strategy: how climate affects the business model, strategy and financial planning, and how resilient the business is under different climate scenarios
Risk management: how climate risks are identified, assessed, prioritised and monitored
Metrics and targets: greenhouse gas emissions and the targets used to track progress
The draft standard also includes the amendments to IFRS S2 that the ISSB issued in December 2025, so it starts from the latest international version.
Where the standard stands today
ACRA's Interim Sustainability Standards Committee published the draft standards for consultation on 27 July 2026. The consultation closed on 25 October 2026, and ACRA is now reviewing feedback before finalising the standards.
The reporting timeline does not depend on that process. The dates in the table below were set in 2024 and revised in August 2025, and they apply whether or not the standard changes in its final form.
How SFRS S2 differs from IFRS S2
Singapore has kept the ISSB structure but made targeted changes:
One standard to work from. The climate-relevant parts of SFRS S1 sit in an appendix to SFRS S2, so companies with mandatory climate reporting only need SFRS S2.
No delay in year one. IFRS S1 lets companies publish sustainability disclosures after their financial statements in the first year. Singapore drops that relief: climate disclosures must be published with the financial statements from the start.
Scope 3 relief that lasts. The ISSB gives one year of relief from Scope 3 reporting. Singapore extends it for as long as Scope 3 stays voluntary for your tier.
An explicit statement of compliance. Companies must state, without reservation, that they comply with SFRS S2.
SASB materials are optional. Companies may refer to the SASB industry materials, rather than being required to consider them.
The first change matters most in practice. Your climate data now runs on the same calendar as your annual audit, and your finance and sustainability teams need to plan accordingly.
Who reports, and when
Company type | Scope 1 & 2 emissions | Full climate disclosures | Scope 3 emissions | Limited assurance (Scope 1 & 2) |
STI constituents | FY2025 | FY2025 | FY2026 | FY2029 |
Other listed, market cap $1bn and above | FY2025 | FY2028 | Voluntary | FY2029 |
Other listed, market cap below $1bn | FY2025 | FY2030 | Voluntary | FY2029 |
Large non-listed companies | FY2030 | FY2030 | Voluntary | FY2032 |
All years refer to financial years starting on or after 1 January.
A few details are easy to miss:
Your market cap is fixed at a point in time. For non-STI listed companies, the $1 billion test is applied at close of market on 30 June 2025. If you were above it then, the FY2028 date applies even if your market cap falls later.
Large non-listed means both thresholds. Annual revenue of $1 billion and above and total assets of $500 million and above.
A parent's report can exempt you. A large non-listed company is exempt if a local or foreign parent reports using ISSB-based or equivalent standards and includes the company's activities in a publicly available report.
What about assurance?
Scope 1 and 2 emissions need external limited assurance from FY2029 for listed companies and FY2032 for large non-listed companies. The provider must be an audit firm registered with ACRA, or a testing, inspection and certification firm accredited by the Singapore Accreditation Council.
Assurance is where weak data shows. Assurance providers look for clear boundaries, documented methods, consistent emission factors and an evidence trail back to source records. Building those into your first inventory costs far less than rebuilding it a year before assurance starts.
Does SFRS S2 affect SMEs?
Not directly, but most SMEs will feel it. STI companies must report Scope 3 emissions from FY2026, which means collecting data from their suppliers. Banks are also building climate data into lending decisions.
An SME that can answer those requests with credible Scope 1 and 2 figures, and a short explanation of how it manages climate risk, is easier to buy from and lend to.
How to prepare, step by step
Confirm your tier and first reporting year. Check your listing status, your market cap at 30 June 2025, or your revenue and asset levels, and whether a parent exemption applies.
Run a gap analysis. Compare your current reporting against each SFRS S2 requirement, and note what exists, what needs work and what is missing.
Build an assurance-ready GHG inventory. Set your organisational boundary, document your methods and keep source evidence for every figure.
Set up governance. Give the board clear oversight of climate matters and name who owns the data, the risk assessment and the disclosure.
Assess climate risks and opportunities. Identify physical and transition risks over short, medium and long term, and test your strategy against climate scenarios.
Link climate to your financials. Work with finance so that the assumptions in your climate disclosure match those in your financial statements.
Draft early and dry-run. Prepare a draft disclosure one cycle before it becomes mandatory, and test it against what an assurance provider would ask for.
Common mistakes in first SFRS S2 reports
Treating it as a sustainability-team project. SFRS S2 is financial reporting. Without finance, risk and the board involved from the start, the report is rarely fit for purpose.
Leaving Scope 1 and 2 data as it is. Figures that were fine for a voluntary report often lack the documentation assurance needs.
Underestimating the timeline. With no first-year delay, your climate disclosure has to be ready when the annual report is.
Assuming an exemption applies. The parent exemption only works if the parent's report actually covers your activities and is publicly available.
Skipping scenario analysis. It is one of the hardest parts of the standard to do well, and it can't be produced in the final month.
How Adelie helps
Adelie works with Singapore companies from the first scoping question to the final disclosure:
Assess: confirm your tier and dates, check exemptions, and run a full SFRS S2 gap analysis
Strengthen: build your GHG inventory, climate risk assessment, scenario analysis and governance
Submit: draft your disclosure, align it with your financial statements, and prepare you for assurance
We work with companies 1:1, and through our SFRS S2 readiness programme for Singapore companies building their reporting capability.
Book a call to talk through your starting point, or download our SFRS S2 readiness guide for the full checklist.
Frequently asked questions
Is SFRS S2 mandatory in Singapore? Yes, for companies in scope. SFRS S2 is proposed as mandatory, while SFRS S1 on broader sustainability topics is voluntary.
When do large non-listed companies start reporting? From FY2030, covering full climate disclosures including Scope 1 and 2 emissions, unless exempted through a parent's report. Limited assurance follows from FY2032.
Do we have to report Scope 3 emissions? Only STI constituents, from FY2026. For other companies it remains voluntary until further notice.
Can we publish our climate report after our annual report? No. SFRS S2 disclosures must be published at the same time as your financial statements, from the first year.
Is funding available? The Sustainability Reporting Grant supports the cost of a first ISSB-aligned report, if you do it early.
Sources: ACRA, Sustainability reporting and assurance requirements and ACRA, Public consultation on Singapore's Sustainability Disclosure Standards
