by admin | Nov 20, 2018 | Accounting, Income Tax, Tech News
On 16 November 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Second Edition of the e-Tax guide on Tax Treatment Arising from Adoption of FRS 115 or SFRS(I) 15 – Revenue from Contracts with Customers that replaces the First edition...
by admin | Oct 23, 2018 | Accounting, Tech News
On 22 October 2018, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business.The amendments assist entities to determine whether a transaction should be accounted for...
by admin | Oct 9, 2018 | Accounting, Income Tax, Tech News
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) has published the Summary of Responses on income tax implications arising from the adoption of FRS 116 – Leases. The 3 key comments accepted by IRAS are: 1. To provide guidance on the...
by admin | Oct 9, 2018 | Accounting, Income Tax, Tech News
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax guide that provides guidance on tax treatments for entities adopting Financial Reporting Standard 116 (FRS 116) Leases or Singapore Financial Reporting Standard (International) 16...
by admin | Sep 13, 2018 | Accounting, Tech News
FRS 115 includes application guidance for an entity to determine whether it is a principal or an agent i.e. based on whether it controls the specified goods or services before the transaction (principal) or not (agent). Key Learning Point When a third party is...
by admin | Sep 13, 2018 | Accounting, Tech News
The accounting for construction contracts were guided by FRS 11 Construction Contracts. After 1 January 2018, the FRS 11 became superseded by FRS 115. Under FRS 115, construction contract is treated exactly the same as any other contract with customers. The FRS 115...
