ISSB Releases Technical Guide on Identifying Material Sustainability Disclosures for Investors
The International Sustainability Standards Board (ISSB) has published a significant technical resource aimed at helping entities globally identify and disclose material sustainability-related financial information. The Guide on sustainability risks and material...
IRAS Finalises InvoiceNow Requirements for GST Businesses
The Inland Revenue Authority of Singapore (IRAS) has published its responses to public feedback on the draft e-Tax Guide outlining the mandatory adoption of InvoiceNow for Goods and Services Tax (GST)-registered businesses. This release clarifies key operational and...
ASC Feedback on IFRS 19 Streamlining, Advocates Clarity on Key Disclosures
The Singapore Accounting Standards Committee (ASC) has publicly responded to the International Accounting Standards Board's (IASB) July 2024 Exposure Draft proposing amendments to IFRS 19 'Subsidiaries without Public Accountability: Disclosures'. The ASC, operating...
ASC Endorses IASB Climate Disclosure Guidance, Calls for SME Adaptation
The Singapore Accounting Standards Committee (ASC), operating under the Accounting and Corporate Regulatory Authority (ACRA), has formally responded to the International Accounting Standards Board's (IASB) proposed guidance on disclosing climate-related and other...
Second Reading of The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024
The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024 (Bill 41/2024) cleared its second parliamentary reading on 11 November 2024, marking a significant step toward modernizing Singapore’s investment and tax relief framework under the...
Progress Report on ISSB Standard Adoption
Significant momentum is building behind the International Sustainability Standards Board (ISSB) Standards, with over 1,000 companies now referencing them in disclosures and 30 jurisdictions actively progressing towards embedding them within legal and regulatory...
IASB Proposes Amendments to IAS 37 for Clearer Provisions Accounting
The International Accounting Standards Board (IASB) has published an Exposure Draft (ED/2024/5), Targeted Improvements to the Requirements for Provisions, Contingent Liabilities and Contingent Assets, initiating a consultation to enhance the recognition and...
Operational Transfer Pricing: Key to Mitigating Risk and Ensuring Financial Accuracy
Group companies must prioritize Operational Transfer Pricing (OTP) to effectively implement transfer pricing (TP) policies, ensure financial statement accuracy, and withstand increasing global tax scrutiny, emphasized industry leaders at a recent Singapore Chartered...
High Court Rules Airport Runways, Taxiways, and Aprons are “Structures”, not “Plant”
In a significant ruling impacting airport operators and tax treatment of infrastructure assets, the Singapore High Court has determined that runways, taxiways, and aprons (RTA) constitute "structures" for income tax purposes, not "plant." This distinction disallows...
IASB Seeks Stakeholder Input on Intangible Assets Reporting Rules
The International Accounting Standards Board (IASB) has launched a critical stakeholder survey as part of its comprehensive review of accounting standards for intangible assets. Investors, companies, auditors, and other interested parties are urged to participate....