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The new accounting standards introduced recently 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 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.
FRS 109 – Financial Instruments
FRS 115 – Revenue from Contracts with Customers
FRS 116 – Leases
Wong Kok Siong
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.