AM Corp Blog

Blogs about corporation startup tips, accounting and taxation basics.

FRS 115: 5 Steps For Successful Transition Through The New Standards

Posted by AM Corporate Services Pte. Ltd. 11. 1. 2018

Effective from 1 Jan 2018, all companies in Singapore are to adopt and implement Financial Reporting Standard 115 (FRS 115) Revenue from Contracts with Customers. Based on the International Financial Reporting Standard 15 (IFRS 15), FRS 115 will bring more clarity in revenue recognition and align to a cohesive standard across more than a hundred countries. Whether you are running/managing a large multinational corporation or a small medium enterprise, FRS 115 will affect the day-to-day operations. It is necessary to equip yourself to ensure a smoother transition in your business.

The core principle of FRS 115 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to for the stated goods or services.

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Topics: Accounting, "FRS 115"

FRS 115: Introductory Guide to New Revenue Recognition Standards

Posted by AM Corporate Services Pte. Ltd. 10. 15. 2018

In light of the new FRS 115 revenue recognition standard that takes effect from this year onwards, practically every company, big or small, are affected in their operations and revenue reporting. Still, not everyone may not be familiar with the new standards. in 2017, less than 10% of companies are ready for the FRS 115, while 60% are undecided on approaching these changes. To prepare ourselves for the incoming changes from the new revenue recognition standard, we offer a series of articles to inform you in navigating through these huge changes. This is...the introductory guide to the new revenue recognition standards. 

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Topics: "FRS 115", Accounting, Taxation