Educational material to support companies in applying going concern requirements
On or about 13 January 2021, the IFRS Foundation has published an educational material to support consistent application of IFRS Standards, brings together the requirements in IFRS Standards relevant for going concern assessments, and does not change, or add to,...
Advance Ruling Summary on “Related party for Singapore transfer pricing purposes”
On or about 4 Jan 2021, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 1/2021 with regards to "Related party for Singapore transfer pricing purposes". The subject was whether Company A (“Co A”) is considered a...
IFRS Taxonomy Update—Interest Rate Benchmark Reform—Phase 2
In December 2020, the International Accounting Standards Board (Board) issued IFRS Taxonomy 2020—Update 2 Interest Rate Benchmark Reform—Phase 2. This Update includes IFRS Taxonomy elements to reflect the new disclosure requirements introduced by Interest Rate...
IASB proposes to amend IFRS 16 Leases to clarify the measurement of lease liabilities in sale and leaseback transactions
On or about 27 November 2020, the International Accounting Standards Board (IASB) has proposed to amend IFRS 16 Leases by specifying how a company measures the lease liability in a sale and leaseback transaction. Sale and leaseback transactions are transactions for...
Advance Ruling Summary on Withholding tax on art performance fees
On or about 1 Dec 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 12/2020 with regards to "Withholding tax on art performance fees". The subject was whether the provisions of sections 12(7)(a), 12(7)(b),...
Advance Ruling Summary on “Withholding tax on payments made pursuant to license agreement”
On or about 1 Dec 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 13/2020 with regards to "Withholding tax on payments made pursuant to license agreement". The Subject was whether the consideration paid...
Advance Ruling Summary on “Qualifying Debt Securities”
On or about 1 Dec 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 14/2020 with regards to "Qualifying Debt Securities". The Subject was whether: the perpetual capital securities (“Securities”) will be...
IAASB – Technology FAQs on Use of Automated Tools and Techniques with ISA 315
On or about 19 November 2020, the International Auditing and Assurance Standards Board (IAASB) has published Technology Frequently Asked Questions (FAQs) on different aspects of automated tools and techniques. The FAQs are written in the context of the identification...
Applying IFRS Standards in 2020—Impact of covid-19
On or about 28 September 2020, Mary Tokar, International Accounting Standards Board (IASB) member, and Sid Kumar, IASB Technical Staff Member, has discussed key financial reporting considerations for preparers, auditors, investors and regulators as they tackle the...
Proposed Update to the IFRS Taxonomy 2020: General Improvements and Common Practice Presentation of Information in Primary Financial Statements
On or about 29 October 2020, the International Financial Reporting Standards (IFRS) Foundation has published a proposed taxonomy update to assist in the high-quality tagging of information provided in primary financial statements that. The changes include a number of...