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...
First Installment of Six-Part Anti-Money Laundering Educational Series
On or about 23 September 2020, the International Federation of Accountants (IFAC) and the Institute of Chartered Accountants in England and Wales released the first segment of the Anti-Money Laundering, The Basics educational series. Instalment 1: Introduction to...
September 2019 IASB Update published
On or about 27 September 2020, the International Accounting Standards Board (IASB) has released a September 2019 IASB Update highlights preliminary decisions of the IASB after meeting remotely on 22 and 23 September 2020. The topics, in order of discussion, were: 2020...
Corporate governance ecosystem and audit quality
On or about 3 September 2020, in an article Instilling Faith in the Figures, Lim Ju May, Deputy Director, and Terence Lam, Senior Manager, Technical, ISCA, discuss the roles of various stakeholders in the corporate governance ecosystem and maintenance of the quality...
Targeted Financial Sanctions
On or about 14 September 2020, the Institute of Singapore Chartered Accountants (ISCA) has strongly encouraged professional accountants are also strongly encouraged to subscribe to the Anti-Money Laundering / Countering the Financing of Terrorism and Targeted...