MAS revises requirements relating to preparation of financial statements and reports in Code on Collective Investment Schemes

18 December 2025

On 28 November 2025, the Monetary Authority of Singapore (“MAS”) published a revised version of the Code on Collective Investment Schemes (“CIS Code”). The CIS Code has been amended to: 

  • require financial statements relating to an authorised collective investment scheme to be prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”) instead of the Statement of Recommended Accounting Practice 7: Reporting Framework for Investment Funds (“RAP 7”); and 
  • prescribe additional disclosures required by RAP 7, but not required by SFRS(I), to be included the financial reports of authorised collective investment schemes.

SFRS(I), which is aligned with International Financial Reporting Standards issued by the International Accounting Standards Board, enhances the comparability of financial statements between authorised collective investment schemes and recognised collective investment schemes, as well as with listed companies, which largely use SFRS(I). As SFRS(I) is a standard prescribed by the Accounting Standards Committee, investors will also have an additional reassurance that the standards are set by a well-recognised standard setting body. Additionally, the use of internationally-aligned standards will support the overseas expansion of the industry. 

Authorised collective investment schemes (including real estate investment trusts) will be required to comply with the amendments to the CIS Code with effect from the respective financial years ending on or after 31 December 2028. 

Background 

On 15 August 2024, MAS published a consultation paper seeking feedback on proposed amendments to the requirements for the preparation of financial statements and reports under the CIS Code. On 28 November 2025, MAS published its response to the feedback, stating that it had considered the feedback received and incorporated respondents’ suggestions where appropriate. 

Reference materials 

The following materials are available on the MAS website www.mas.gov.sg: