SFRS 118 – A Structural Overhaul for Presentation and Disclosure
by admin | Nov 26, 2025 | Accounting, Goods and Services Tax, Income Tax
The Accounting Standards Council (ASC) has enacted Singapore Financial Reporting Standards 118 [SFRS(I) 18] Presentation and Disclosure in Financial Statements, effective for annual periods beginning on or after 1 January 2027. This standard, aligning with IFRS 18,...
Singapore Customs Clarifies Compliance Requirements for Temporary Import Scheme (TIS)
by admin | Nov 25, 2025 | Accounting, Goods and Services Tax, Tech News
Singapore Customs administers the Temporary Import/Export Scheme (TIS), a facilitative regime allowing for: The temporary importation of goods for approved purposes for up to six (6) months with suspension of Goods and Services Tax (GST) and import duties. The...
IRAS Releases Pilot SSA Framework for Baseline Marketing & Distribution Activities (2026–2028)
by admin | Nov 20, 2025 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released the 8th edition of the Transfer Pricing Guidelines (TPG), introducing a pilot implementation of the Simplified and Streamlined Approach (SSA) for baseline marketing and distribution activities. The pilot...
Technical Accounting News Update – IFRS for SMEs (2025 Edition)
by admin | Nov 19, 2025 | Accounting, Auditing, Tech News
The IFRS Foundation has released an updated suite of learning modules for the 2025 version of the IFRS for SMEs Accounting Standard, beginning with the sections that have undergone the most significant revisions. These modules are designed to support preparers,...
Clarified GST Treatment for Imported Goods Following IRAS Website Enhancements
by admin | Nov 19, 2025 | Accounting, Auditing, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has refreshed and reorganised its online guidance relating to Goods and Services Tax (GST) on imported goods. The updates consolidate key examples previously embedded in FAQs into the main GST webpages, offering clearer...
Recovery of Expenses — When Recoveries Are Ancillary to a Primary Supply
by admin | Nov 18, 2025 | Accounting, Auditing, Goods and Services Tax, Tech News
In Part 2 of IRAS GST Essentials series on expense recovery, it examine cases where the recovery of expenses is ancillary to, or constitutes inputs used in, a primary supply of goods or services. This distinction is critical for GST-registered businesses when...
Key Updates to ACRA Compliance Procedures
by admin | Nov 17, 2025 | Accounting, Auditing, Company Law, Tech News
The Accounting and Corporate Regulatory Authority (ACRA) has issued an important update that impact corporate compliance workflows. Professionals are advised to note the following mandatory updates. 1. Streamlined Entity Incorporation: Single-Filing Mandate for...
IASB Amends IAS 21 for Hyperinflationary Currency Reporting
by admin | Nov 15, 2025 | Accounting, Auditing, Tech News
The International Accounting Standards Board (IASB) has issued targeted amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to clarify how entities should translate financial statements from a non-hyperinflationary functional currency into a...
Protocol to Singapore–Brazil Double Taxation Agreement Enters into Force
by admin | Nov 15, 2025 | Accounting, Income Tax, Tech News
The protocol signed on 17 April 2023 between the Governments of Singapore and Brazil—intended to amend the existing DTA and the accompanying May 2018 Protocol—has officially entered into force on 12 November 2025. The amendment specifically rectifies minor translation...
ACRA’s Key Financial Reporting Focus Areas for FY2025
by admin | Nov 14, 2025 | Accounting, Auditing, Tech News
The financial reporting landscape for FY2025 continues to be shaped by external volatility and evolving regulatory expectations. Recent developments—including shifts in global tariff regimes, persistent supply-chain disruptions, and accelerating climate-related...