BKR Asia Pacific member firm RT Asean are to host a briefing on IFRS 16 Leases.
In January 2016, the International Accounting Standards Board (IASB) issued a major standard that had been in the works for years. IFRS 16 Leases, which is set to replace its predecessor IAS 17 Leases, will radically, alter how leases are accounted for in the financial statements for lessees, whereas lessors may breathe a sigh of relief from escaping largely unscathed.
The issuance of FRS 116, Leases effective on annual period beginning on or after 1 January 2019, introduced a new model for lease accounting by lessees which will impact the balance sheet, income statement and cash flows of all Singapore companies bringing leases onto the balance sheets, regardless of the industry that the entity operates in.
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