Advance Ruling Summary on Deemed remittance
On or about 2 Nov 2020, the Inland Revenue Authority of Singapore (IRAS) has published an Income Tax Advance Ruling Summary No. 11/2020 with regards to "Whether the use of unremitted foreign sourced income towards capital reduction constitutes deemed remittance into...
ISCA’s Inaugural Survey finding of Audit Committee Members on Non-Assurance Services
On or about 22 October 2020, the Institute of Singapore Chartered Accountants (“ISCA”) has published a “Auditor Independence When Providing Non-Assurance Services: Findings from Survey of Audit Committee Members” after received feedback from an online survey conducted...
IFRS Foundation publishes third compilation of IFRS Interpretations Committee agenda decisions
On or about 14 October 2020, the IFRS Foundation has issued, “Compilation of Agenda Decisions — Volume 3” which contains all the agenda decisions made by the IFRS Interpretations Committee from April 2020 to September 2020. The agenda decisions included in this...
Auditor Independence When Providing Non-Assurance Services
On or about 22 October 2020, the Institute of Singapore Chartered Accountants’ (ISCA) Ethics Committee has set up a working group to to formulate recommended practices that will strengthen auditor independence in relation to the provision of non-assurance services...
Using Data Analytics in a financial statements audit
In an article under FOCUS, Lim Ju May, Terence Lam and Wang Zhumei explained how data analytics can be innovative and effective during audits even with complex businesses and large volume of transactions. The article states that data analytics is defined as the...
ASC responds to ED/2019/7 on general presentation and disclosures
On or about 5 Oct 2020, the Accounting Standards Council (ASC) Singapore has responded to the Exposure Draft (ED/2019/7) on General Presentation and Disclosures which was issued by the IASB in December 2019. The ASC has commented on the following issues raised in the...
September 2020 IASB podcast available now
On or about 30 September 2020, the International Financial Reporting Standards Foundation has released the monthly International Accounting Standards Board (IASB) podcast, by Sue Lloyd, IASB Vice-Chair and Darrel Scott, IASB member, cover topics from the IASB’s...
Revisions to the Ethics Code to promote role and mindset expected of professional accountants
On or about 5 October 2020, the International Ethics Standards Board for Accountants (IESBA) has published revisions made to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to promote the role...
ASC reaffirms policy intent for continuing alignment of effective dates of FRS 117 and SFRS(I) 17 with IFRS 17
On or about 7 October 2020, the Accounting Standards Council (ASC) has reaffirmed its policy intent for continuing alignment with the effective date of FRS 117 and SFRS(I) 17 with IFRS 17 Insurance Contracts for eligible entities, to annual reporting periods beginning...
ASC responds to the Request for Information: Comprehensive review of the IFRS for SMEs Standard
On or about 5 November 2020, the Accounting Standards Council (ASC) Singapore responded to the RFI, "Request for Information on Comprehensive Review of the IFRS for SMEs Standard". The International Accounting Standards Board (IASB) in January 2020 commenced the...