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To address the potential impact of BEPS 2.0, the RIC scheme was introduced in 2024 to encourage companies to make significant new or expanded investments in substantive economic activities in Singapore in key economic sectors and new growth areas.
To aid entities in accounting for the RIC, FRG 5 was developed and issued after a one-month public consultation. FRG 5 outlines the background of the RIC scheme and key accounting considerations under SFRS(I)s for entities. Illustrative examples are included to aid in the understanding of the principles being applied.
FRG 5 can be found here.