From 1 January 2019 companies in Singapore will need to implement FRS 116 (equivalent to IFRS 16) for Lease Accounting – which sets out new principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract.
Key changes introduced by FRS 116 are
Our approach for implementation is as follows:
Adapting and implementing new accounting standards is complex, time-consuming and expensive. With OutsourcingWise, you be assured for compliant implementation of the new standard.
If you are a business an accounting firm which wants assistance with implementation of FRS 116, please contact us on firstname.lastname@example.org.
Get accounting & disclosure solutions for your leases under FRS 116 Leases for upto 10 lease contracts at S$ 1,000 only.