Tax Issues and Implications Arising from the Recent Accounting changes in FRSs 109, 115 & 116

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Avoiding the Common Pitfalls in your Tax Reporting
11 November 2019, Monday

09.00AM - 05.00PM
Hotel Venue to be Advised

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Programme Synopsis

The new accounting standards introduced in the past 2 years will have significant tax implications on how certain items are accounted for and potentially taxed.  The main changes are: (i) FRS 109 (Financial Instruments); (ii) FRS 115 (Revenue from Contracts with Customers); and (iii) FRS 116 (Leases).

These accounting changes will have a significant impact on how companies and financial institutions account for certain assets and liabilities.  Given the potential mismatch between tax and accounting, these changes could increase compliance and operational costs and create additional administrative burdens for tax reporting and filing.  

Companies will need to also ensure that any transitional adjustments are carefully accounted for in order to avoid a double counting of taxes and/or deductions arising from the nature and reclassification of income and expense items.

In this timely and practical workshop, the Trainer will share with you the appropriate tax treatment and challenges. You will also learn to avoid the common pitfalls when you are doing your tax reporting.

Programme Outline

FRS 109 – Financial Instruments
  • Accounting Aspects and Background of FRS 109
  • Current Tax Treatment
  • FRS 109 Tax Treatment
  • Transition to FRS 109 Tax Treatment
  • Pitfalls to avoid / Common Mistakes made
  • Case Studies and Examples 

FRS 115 – Revenue from Contracts with Customers
  • Accounting Aspects and Background of FRS 115
  • Tax issues for Revenue Recognised under FRS 115
  • Transitional Adjustments upon Adoption of FRS 115
  • Pitfalls to avoid / Common Mistakes made
  • Case Studies and Examples 

FRS 116 – Leases
  • Accounting Aspects and Background of FRS 116
  • Current Tax Treatment
  • FRS 116 Tax Treatment
  • Tax Treatment of Subleases
  • Withholding Tax Obligations
  • Transitional Tax Adjustments upon Adoption of FRS 116
  • Potential Pitfalls 
  • Examples 

About the Presenter(s)/ Trainer(s)

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Mr Wong Kok Siong
Tax Partner
Steven Tan Russell Bedford PAC

Kok Siong is a Tax Partner with Steven Tan Russell Bedford PAC. He has over 20 years of experience in tax compliance and tax planning, including 12 years with one of the Big Four Accounting Firms.

Kok Siong is well versed in Singapore income tax law and practice and he advises clients on a broad array of projects, including mergers and acquisitions, portfolio transfers, corporate restructuring, tax due diligence, cross-border transactions and investments.  Having worked with clients in multiple industries, Kok Siong has extensive experience and expertise in serving local, multinational and listed companies in Singapore as well as multinational companies based in Asia Pacific, United States and Europe. 

Kok Siong is an Accredited Tax Advisor (ATA) with the Singapore Institute of Accredited Tax Professionals, and a member of the Institute of Singapore Chartered Accountants.


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