Overview to Budget 2021 (2) Business and Corporate tax
Extend the Year of Assessment (“YA”) 2020 enhancements to the carry-back relief scheme The enhancements to the carry-back relief scheme for YA2020 will be extended to apply to qualifying deductions for YA2021, with the same parameters. With this extension, the...
Overview to Budget 2021 (1) Support for workers and businesses
On or about 16 Feb 2021, Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat has in his Budget Statement for the Financial Year 2021 make the following tax changes announcement, The full Budget Speech package is available at the Singapore Budget...
Webinar on Explaining the ED Regulatory Assets and Regulatory Liabilities
On or about 15 February 2021, the IFRS Foundation announced that it will hold a live webinar on the International Accounting Standards Board’s (IASB) consultation on regulatory assets and regulatory liabilities. The webinar is scheduled to held on Wednesday 24...
February 2021 IFRS Advisory Council agenda and agenda papers available
On or about 12 February 2021, the agenda papers and the agenda for the IFRS Advisory Council meeting to be held on 23 February 2021 were made available by IFRS. The topics to be discussed are: Update on the International Accounting Standards Board's work...
Call for research proposals to inform the IASB’s planned post-implementation reviews of 3 IFRS Standards
On or about 12 February 2021, the IFRS Foundation invites academic proposals for research projects relating to the application of the disclosure requirements in IFRS 15 Revenue from Contracts with Customers or the application of the disclosure requirements in IFRS 7...
IASB issued narrow-scope amendments to IAS 1 and IFRS Practice Statement 2 and IAS 8
On or about 12 February 2021, the International Accounting Standards Board (IASB) has issued a narrow-scope amendments to the IFRS Standards. The amendments will help companies: improve accounting policy disclosures so that they provide more useful information to...
IASB amends IFRS Standards to improve accounting policy disclosures and accounting estimates
On or about 12 February 2021, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to the IFRS Standards to improve accounting policy disclosures and distinguish changes in accounting estimates from changes in accounting policies. The...
ISCA Support Fund to help SMPs post-Covid-19
On or about 7 Feb 2021, the Institute of Singapore Chartered Accountants (ISCA) has set up the ISCA Support Fund, worth $8 million, to help the accountancy profession and small and medium practices (SMPs) and small- and medium-sized accounting firms build resilience...
Advance Ruling Summary on Remittance rules under s 10(25)
On or about 1 Feb 2021, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 2/2021 with regards to "Trigger point on the remittance rules under section 10(25) of the Income Tax Act ". The subject was whether the use...
December 2020 Accounting Standards Advisory Forum meeting summary available
On or about 19 Jan 2021, the International Financial Reporting Standards (IFRS) released the meeting summary from the Accounting Standards Advisory Forum meeting which was held on 10 December 2020. The topics for discussion were: Rate-regulated...