The publication is designed to give Chief Financial Officers a high-level awareness of recent changes that will affect companies’ future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones, giving brief descriptions of each.
The Accounting Standards Council Singapore issued Financial Reporting Standards FRS 115, Revenue from Contracts with Customers and aligns the adoption of revenue recognition standards in Singapore to the global adoption of new revenue recognition standards under IFRS and US GAAP.
The implementation of FRS 115 is likely to impact business in varying degrees and the impact for affected companies is expected to pervasive (with changes to systems and processes) and not limited to accounting function alone! Read our report to know more.