The most significant improvements apply to those that hedge non-financial risk, and so these improvements are expected to be of particular interest to non-financial institutions. As a result of these changes, users of the financial statements will be provided with better information about risk management and about the effect of hedge accounting on the financial statements. However, due to the principles-based approach, the new standard will require more disclosures, which will hinder efforts to reduce the length of IFRS financial statements.
A high-level summary of the amendments can be downloaded here.
The Singapore Financial Reporting Standards (SFRS) which is adopted from the International Financial Reporting Standards (IFRS) is expected to adopt the changes.