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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.
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases. In May 2020 the Board issued Covid-19-Related Rent Concessions, which amended IFRS 16.
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.
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.
1 IFRS 16 at a glance 1.1 Key facts This publication provides an overview of IFRS 16 and how it affects the financial statements of the lessee and the lessor. It includes examples and insights. The publication begins with an overview of the lessee and lessor accounting models, summarising the impact of IFRS 16 on their respective financial
IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.
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.
