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IFRS 16 provides an additional policy election for lessees, on a lease-by-lease basis, to exclude leases of low-value assets from the initial recognition requirements. IFRS 16 does not define the term “low value,” but the Basis for Conclusions explains that the Board had in mind assets of a value of USD 5,000 or less when new.
Coming 1 January 2019, the new standard FRS 116 (equivalent standards are IFRS 16 under IFRS and SFRS(I) 16 under SFRS(I)) will become effective in Singapore. The revision of the leases standard means a big deal to lessees, while the impact on lessors is relatively little.
FRS 116 / SFRS(I) 16 (referred to as “FRS 116 / SFRS(I) 16 tax treatment ”). This is subject to the condition that the application of the FRS 116 / SFRS(I) 16 tax treatment is made consistently every year and across all OLs. The election, once made, is irrevocable. Lessors who were already under the FRS
Jan 1, 2022 · *Include Implementation Guidance (IG), Illustrative Examples (IE), and Information Notes (IN). # Amendments to SFRS(I) 1-12: International Tax Reform—Pillar Two Model Rules (the Amendment) issued in May 2023 includes changes to the requirements in SFRS(I)s that are effective immediately with retrospective application.
Mar 31, 2021 · IFRS 16 had a significant impact on the financial statements of lessees with ‘big-ticket’ leases, from retailers to banks to media companies. Although lessors found much that was familiar in IFRS 16, they faced new guidance on a number of aspects, from separating lease and non-lease components, to more radical accounting changes for more ...
Standards. In the sub-section on Singapore Financial Reporting Standards, you will be able to obtain information on the accounting standards used in Singapore and also find relevant links to the Accounting Standards Committee (AS Committee) website for the Financial Reporting Standards (FRSs), Singapore Financial Reporting Standards (International) (SFRS(I)s), Charities Accounting Standard and ...
Nov 22, 2018 · IFRS 16 represents the first major overhaul of lease accounting in over 30 years. The new Standard will affect most companies that report under IFRS and are involved in leasing, and will have a substantial impact on the financial statements of lessees of property and high value equipment.
