by admin | Dec 31, 2017 | Accounting, Tech News
Step 5 Recognise revenue when performance obligation is satisfied 9.1 Step 5 is to determine the appropriate method of revenue recognition when (or as) the entity satisfies performance obligations at a point in time or over time. 9.2 An entity shall recognise...
by admin | Dec 24, 2017 | Accounting, Tech News
The Institute of Singapore Chartered Accountants (ISCA) had issued the new and revised auditor reporting standards in July 2015, which are effective for audits of financial statements for periods ended on or after 15 December 2016. ISCA has now developed a publication...
by admin | Dec 17, 2017 | Accounting, Tech News
The International Reporting Standards (IFRS) has published a guidance on the IFRS for the SMEs Standard on 14 December 2017. The guidance was developed by the SME Implementation Group. This guidance is in the form of a question-and-answer document (Q&A) and...
by admin | Dec 10, 2017 | Accounting, Tech News
In 2021, insurers will apply the new accounting requirements in IFRS 17 Insurance Contracts. Implementing IFRS 17 represents fundamental changes for some insurers. It is the first time an IFRS Standard has prescribed the measurement of insurance contracts. Because...
by admin | Nov 30, 2017 | Accounting, Tech News
Step 4 Allocate transaction price to separate performance obligations 8.1 Step 4 is to allocate the transaction price to the separate performance obligations on a relative stand-alone selling price basis under the contract. One exception is permitted: If specified...
by admin | Nov 26, 2017 | Accounting, Tech News
The International Accounting Standards Board (IASB) have released an article titled “What investors ask about IFRS 17” on 21 November 2017. IFRS 17 Insurance Contracts was introduced to replace the requirements for accounting for insurance contracts in IFRS 4 starting...
