Tax Implications Arising from Changes to the Financial Reporting Standards (FRS)

The International Accounting Standards Board (IASB) has issued a number of International FRS and Exposure Drafts in recent years that propose overhauling some current accounting treatment which would have significant impact on reporting entities and tax implications. In view of this, IRAS has formed a FRS Joint Working Group, with representatives from the industry and the tax practice, to study the relevant accounting and tax implications.

The focus of the FRS Joint Working Group study will be in the following areas:

  • Accounting for Financial Instruments
  • Accounting for Leases
  • Accounting for Revenue from Contracts with Customers
  • Accounting for Insurance Contracts

If you have any feedback or views on how the above developments in FRS will have an impact on current tax principles or rules, please email us at ctmail@iras.gov.sg.