Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will affect companies’ future financial reporting. Our publication, Navigating the Changes to International Reporting Standards, is designed to give Chief Financial Officers a high-level awareness of these recent changes to IFRS.
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 new leasing standard becomes effective for fiscal years beginning on or after 1 January 2019 and requires all leases to be accounted for 'on balance sheet', a major departure from the requirements of FRS 17 in respect of operating leases.