Jul 05 2019

Get a Leg Up on FRS 116 and its Tax Treatment (SMF supported event)

05 Jul 2019 02:00PM to 05 Jul 2019 05:00PM
To be advised

Registration Date

:

13 Jun 2019 12:00AM to 28 Jun 2019 12:00AM

SMF Member Fee

:

$0.00

GS1 Member Fee

:

$0.00

Non-Member Fee

:

$0.00

Register Now

Event Details

Event Type

:

SMF Supported Events

Industry Group

:

All

Contact Person

:

Synopsis

Programme Synopsis
The current lease accounting requirements in IAS 17 Leases, have been criticised for failing to meet the needs of users of the financial statements, particularly because IAS 17 does not require lessees to recognise assets and liabilities arising from operating leases. IFRS 16, which is effective for annual periods beginning on or after 1 January 2019, addresses those criticisms by requiring lessees to recognise most leases on their balance sheets and providing enhanced disclosures.
 
How does the lessee accounting model under FRS 116 work and how will the application of the single lessee accounting model under FRS 116 affect lessees in accounting and tax reporting? Are lessors spared from the changes to tax treatments arising from this new accounting standard? 
 
Join Accredited Tax Advisor (Income Tax) Mr Chai Wai Fook, Tax Services Partner and Mr Ronald Wong, Financial Accounting Advisory Services Partner from Ernst and Young as they dissect the FRS 116 accounting and tax treatments and explore the various tax reporting implications, especially from a lessee’s perspective.
 

Objective

Programme Outline



• Explore the key features and various exemptions for
FRS 116 accounting and tax treatment



• Get a better understanding of the transitional
accounting and tax considerations moving from FRS 17 to FRS 116



• Know the differences in tax treatment between
lessors and lessees



• Gain practical insights on application through case
studies and scenarios and how it may impact you in your application of the
FRS116 tax treatment

Administrative Details

Register online at goo.gl/mUnFJZ

For enquiries, please visit www.siatp.org.sg/events, contact Nabila at 6597 5714 / Elaine at 6597 5718 or email to enquiry@siatp.org.sg.

Fees: 
$118 (SMF Member)
$168 (Non-Member)

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