by admin | Sep 6, 2017 | Accounting, Tech News
The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent’s separate financial statements. Draft Q&As which was developed in June 2017 provide...
by admin | Aug 31, 2017 | Accounting, Tech News
The new revenue recognition model 4.1 (IFRS 15) FRS 115 Revenue from Contracts with Customers introduces a 5-steps model that is to be applied to all revenue transactions irrespective of the nature of the entity’s business. The new model therefore applies to revenue...
by admin | Aug 11, 2017 | Goods and Services Tax, Tech News
On or about 11 August 2017, the Inland Revenue Authority of Singapore (IRAS) has amended the first edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme. This first edition was published on 1 June 2016. This e-Tax Guide explains the mechanism...
by admin | Aug 7, 2017 | Goods and Services Tax, Tech News
GSTBR Appeal No 2 of 2016, decided on 7 June 2017. Introduction: The case was an application to the Goods and Services Tax Board of Review (“GSTBR”) to determine whether the GSTBR was satisfied that Appellant would otherwise suffer hardship such that the Appellant...
by admin | Aug 5, 2017 | Income Tax, Tech News
Singapore High Court, SGHC 118, decided on 5 June 2017. Introduction: This is an appeal under section 81(2) of the Income Tax Act against the Income Tax Board of Review’s decision regarding the interpretation of section 14(1)(a) of the Income Tax Act on the...
by admin | Jul 31, 2017 | Accounting, Tech News
Overview 1.1 Revenue recognition has been a contentious area for financial reporting. 1.2 In the previous revenue standards, there are significant diversity in revenue recognition due to limited guidance: (a) Timing of revenue recognition – whether a company...
