ASC Feedback on Renewable Energy Contract Rules with Reservations
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
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
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
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
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
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
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
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...
Foreign Asset Disposal Gains Now Taxable Under Section 10L
Singapore’s Inland Revenue Authority (IRAS) has implemented a pivotal shift in its foreign-sourced income regime, mandating taxation on gains from overseas asset disposals under specific conditions. The new Section 10L of the Income Tax Act 1947 (ITA), effective 1...
Disclosure of Regulatory Outcomes for Accounting Professionals
The Accounting and Corporate Regulatory Authority (ACRA) has formalized disclosure requirements for public accountants and accounting firms concerning specific regulatory actions. Practice Direction No. 1 of 2024, issued on 9 July 2024, establishes a clear policy...