IRAS seeks feedback on income tax implications arising from the adoption of FRS 115 – Revenue from contracts with customers

On By taxsgIn Latest Tax News

16 October 2015

The Inland Revenue Authority of Singapore (IRAS) is seeking public consultation on income tax implications arising from the adoption of FRS 115 – Revenue from contracts with customers.

The feedback relate to:

  • Sufficiency of IRAS’s proposed positions on the income tax implications arising from the adoption of FRS 115 (paras 6 to 8)
  • Transitional tax rules relating to the adoption of FRS 115 (para 8)
  • IRAS’s assessment on the cash flow issues arising from the upfront recognition of revenue as required under FRS 115 which is likely to be in the year of transition and would even out in the steady state.

Comments and suggestions should be directed by post or via email to public_consultation@iras.gov.sg.

The consultation exercise will be run from 12 October till 11 November 2015.

For full details, please refer to the IRAS website.

Source: IRAS