Tax Implications of Three New Financial Reporting Standards Title

This article examines the Singaporean corporate income tax implications arising from the recent adoption of three new financial reporting standards; namely, FRS 109 (SFRS(I) 9) Financial Instruments, FRS 115 (SFRS(I) 15) Revenue from Contracts with Customers and FRS 116 (SFRS(I) 16) Leases. Tax planning opportunities and pitfalls are highlighted, and the impact on tax compliance burdens discussed.