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...
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...