IASB Proposes to Simplify Disclosure to IFRS 19 for Subsidiaries without public accountability
by admin | Jul 31, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has published an Exposure Draft (ED) outlining targeted amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures, aiming to further simplify financial reporting for eligible entities. The...
IASB Proposes New Translation Rules for Hyperinflationary Presentation Currencies
by admin | Jul 27, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued a significant proposal to amend IAS 21 The Effects of Changes in Foreign Exchange Rates. The Exposure Draft (ED/2024/4) addresses the translation of financial statements when the presentation currency is...
ASC Feedback on Renewable Energy Contract Rules with Reservations
by admin | Jul 25, 2024 | Accounting, Income Tax, Tech News
The Singapore Accounting Standards Committee (ASC), operating under the Accounting and Corporate Regulatory Authority (ACRA), has formally responded to proposed international accounting rules for renewable electricity contracts, offering conditional support while...
IASB Finalizes Key Standards Updates: SME Framework Overhaul, Rate Regulation Rules, and IFRS 15 Validation
by admin | Jul 25, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has concluded critical technical deliberations on three significant projects, paving the way for new standards implementation and affirming the effectiveness of existing guidance. IFRS for SMEs: Third Edition...
IRAS Compliance Alerts / GST Audit Cases
by admin | Jul 24, 2024 | Accounting, Goods and Services Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has concluded its Goods and Services Tax (GST) audit activities for the 2022/2023 period, recovering a significant $162 million in outstanding taxes and penalties. The extensive audit programme covered a wide range of...
IASB Releases Annual Improvements to IFRS Standards
by admin | Jul 20, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has issued its latest set of routine amendments to International Financial Reporting Standards (IFRS), titled Annual Improvements to IFRS Accounting Standards—Volume 11. Published on 18 July 2024, these narrow-scope...
ASC Endorses IASB’s Goodwill Disclosure Reforms, Seeks Refinements
by admin | Jul 19, 2024 | Accounting, Income Tax, Tech News
The Singapore Accounting Standards Committee (ASC) has formally endorsed key proposals by the International Accounting Standards Board (IASB) aimed at improving transparency around business acquisitions and goodwill impairment. The support comes in response to the...
Consultation on Draft GST InvoiceNow Guide Extended
by admin | Jul 17, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has announced an extension to the public consultation period for its draft guide detailing the upcoming Goods and Services Tax (GST) InvoiceNow requirement. Stakeholders now have until 25 July 2024 to submit written...
IFRS Key Agendas, Meeting Materials, and Updates for July 2024
by admin | Jul 16, 2024 | Accounting, Income Tax, Tech News
The IFRS Foundation has announced a significant update to its website, publishing crucial materials for accounting and sustainability standards professionals globally. This release encompasses essential resources for upcoming meetings, summaries of recent events, and...
Climate Reporting Study Reveals Corporate Progress and Gaps
by admin | Jul 12, 2024 | Accounting, Income Tax, Tech News
A joint study by the Accounting and Corporate Regulatory Authority (ACRA) and the National University of Singapore’s Sustainable and Green Finance Institute (SGFIN) indicates strong momentum in climate reporting among large listed companies, while identifying critical...