Singapore Tax Agency Updates e-Tax Guide on Tax Treatment Arising From Adoption of FRS 115

The Singaporean Inland Revenue Authority Aug. 27 updated the e-tax guide on the tax treatment arising from the adoption of Financial Reporting Standard (FRS) 115, or Singapore Financial Reporting Standards (International) (SFRS(I)15). The update explains that: 1) a taxpayer’s taxable income generally corresponds to the income accrued to the taxpayer in a year, except in specified instances where the accounting treatment deviates significantly from tax principles; and 2) the “entitlement to income” principle provides that income received up front for a contract is recognized in the tax year when the income has accrued, when no further performance is required, or ...