This was announced by Finance Minister Tharman Shanmugaratnam on Wednesday during his keynote address at the KPMG Asia-Pacific IFRS Conference at Grand Copthorne Waterfront Hotel.

The alignment of rules will 'further reinforce Singapore's role as an international business and financial hub', he said.

Mr Tharman noted that having global standards will eliminate any remaining financial reporting costs for Singapore-listed companies operating in more than one jurisdiction, and facilitate the participation of these companies in international capital markets.

He added: 'It will also provide international investors with the assurance of global comparability and transparency when they invest in Singapore.'

Accounting Standards Council chairman Euleen Goh said: 'Many of the reasons for deviation have fallen away... we're an international financial centre, it makes a lot of sense for us to follow that convergence path as well.'

There are two main differences in the rules currently. One pertains to the way property developers recognise revenue for the sales of condominium units.

Under IFRS, developers generally recognise revenue only when the project is completed and the keys are given to the buyer. Now, developers here have the choice to recognise revenue as the project progresses.

The second key difference relates to the method at how equity for cooperatives is being recognised.

'It's a refinement, not a major overhaul,' said Mr Tham Sai Choy, head of audit at KPMG, on the transition to full alignment.