Transcription of Leases - assb.gov.sg
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Leases - assb.gov.sg
Leases This standard applies for annual periods beginning on or after 1 January 2019. Earlier application is permitted. SB-FRS 116 STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 116 2 CONTENTS Paragraphs INTRODUCTION OBJECTIVE 1 SCOPE 3 RECOGNITION EXEMPTIONS 5 IDENTIFYING A lease 9 Separating components of a contract 12 Lessee 13 Lessor 17 lease TERM 18 LESSEE 22 Recognition 22 Measurement 22 Initial measurement 23 Subsequent measurement 29 Presentation 47 Disclosure 51 LESSOR 61 Classification of Leases 61 Finance Leases 67 Recognition and measurement 67 Operating Leases 81 Recognition and measurement 81 Presentation 88 Disclosure 89 Finance Leases 93 Operating Leases 95 SALE AND LEASEBACK TRANSACTIONS 98 SB-FRS 116 3 Assessing whether the transfer of the asset is a sale 99 Transfer of the asset is a sale 100 Transfer of the asset is not a sale 103 APPENDICES A Defined terms B Application
SB-FRS 116 6 Main features Lessee accounting IN10 SB-FRS 116 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying
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