Get ready for FRS 115: Recognising revenue in the real estate and construction industries
In 2014 the Accounting Standards Council Singapore issued Financial Reporting Standards FRS 115, Revenue from Contracts with Customers International Accounting Standards Board. This new Standard is effective from 1 January 2018 and explains how to recognise revenue and provides additional guidance in areas not covered by existing IFRSs.
Our Industry Insights series summarises FRS 115 and explores what it means for various industries. This issue looks at the real estate and construction industries and talks you through the implications of the new revenue standard.