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.
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