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Learn how the new leasing standard under SFRS(I) 16/FRS 116 affects lessees and lessors in Singapore. Find out the key changes, implications and transition options for financial reporting, valuation and business models.
16 The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
11 April 2024 - IASB issues IFRS 18 Presentation and Disclosure in Financial Statements, which has an effective date of 1 January 2027 and will replace IAS 1 Presentation of Financial Statements.
Jan 1, 2023 · The following amendment to SFRS(I)s issued in May 2023 includes changes to the requirements in SFRS(I)s that are effective either immediately with retrospective application or for annual reporting periods beginning on 1 January 2023.
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, ie the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019.
16 Unless the practical expedient in paragraph 15 is applied, a lessee shall account for non-lease components applying other applicable Standards. Lessor 17 For a contract that contains a lease component and one or more additional lease or non-lease components, a lessor shall allocate the consideration in the contract applying paragraphs 73–
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.
