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 After 1 January 2018, the FRS 11 became superseded by FRS 115.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...
by admin | Aug 31, 2018 | Accounting, Auditing, Company Law, Tech News
On 28 August 2018, the Accounting and Corporate Regulatory Authority (ACRA) has issued its First Audit Practice Bulletin (APB) for 2018 that highlights the legislative requirements and provides guidance for auditors on the audit procedures and report on the revised...
by admin | Aug 27, 2018 | Accounting, Tech News
On 24 August 2018, the Institute of Singapore Chartered Accountants (ISCA) has issued a proposed audit guidance statement, new Appendix 1J in ED AGS 1, a sample independent auditor’s report (based on group audit) to guide the auditors in issuance of auditor’s...
by admin | Aug 17, 2018 | Accounting, Auditing, Ethics, Tech News
On 14 August 2018, the Institute of Singapore Chartered Accountants (ISCA) has made amendments to Ethics Pronouncement (EP 100) August 2018, Code of Professional Conduct and Ethics, provisions on long association of senior personnel with an audit or assurance client...
