Quick read - New Leasing Standard under SFRS(I) 16/FRS 116

A new era of lease accounting

SFRS(I) 16 / FRS 116 does not make any distinction between operating or finance leases for lessees and virtually all leases (except for exempted short-term leases or low value asset leases) will be recorded on the balance sheet. This is followed by not only increased disclosure requirements in the financial statements but could also affect the analyses of key performance ratios, business valuations and impairment assessments.

This publication highlights some key changes from applying the new leasing standard and includes references to various publications for in-depth understanding.

Key topics covered include:

  • Accounting implications
  • Implications beyond accounting
  • Transition approaches
  • Financial statement disclosures
  • Frequently asked questions

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Marcus Lam

Assurance Leader, PwC Singapore

Tel: +65 6236 3678

Chen Voon Hoe

Partner, Financial Reporting and Accounting Advisory Leader, PwC Singapore

Tel: +65 9817 0978

Kok Moi Lre

Partner, Accounting Technical Leader, PwC Singapore

Tel: +65 8182 3178

Senthilnathan Sampath

Managing Director, Accounting and Financial Reporting Advisory, PwC Singapore

Tel: +65 9620 3724

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