The IFRS Foundation has made available package of supporting modules on the IFRS for SMEs Standard
The IFRS Foundation has made available a package of 35 supporting modules to help those applying the IFRS for SMEs Standard. The Standard is specifically aimed at companies that do not have public accountability — they don’t have debt or equity traded in a public...
IFRS published Project summaries on IFRS 8 and discount rates
The IFRS Foundation has published two documents summarising work by the International Accounting Standards Board (IASB) on possible improvements to IFRS 8 Operating Segments and on discount rates in IFRS Standards: the IFRS 8 Project Summary provides an overview of...
IRAS e-Tax Guide: Treatment of Public-Private Partnership Arrangements
On or about 22 February 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of e-Tax Guide: Treatment of Public-Private Partnership Arrangements. It replaces the second edition which was published on 27 December 2013. This e-Tax...
ACRA published Financial Reporting Practice Guidance on reviewing 2018 financial statements
Under the Financial Reporting Surveillance Programme (FRSP), the Accounting and Corporate Regulatory Authority (ACRA) of Singapore reviews selected financial statements for compliance with the accounting standards. On or about 1 February 2019, it has issued Financial...
IASB member discusses disclosures about changes in financing liabilities to IAS 7
The International Accounting Standards Board (IASB) member Nick Anderson has issued an article that discussed the objectives of the 2016 Disclosure Initiative (Amendments to IAS 7). These amendments to IAS 7 Statement of Cash Flows require a disclosure of changes in...
ISCA’s Responds to Singapore Budget 2019
On or about 19 February 2019, the Institute of Singapore Chartered Accountants (ISCA) has commended the Government on Singapore Budget. ISCA highlights how it is working to help fulfill some of the initiatives in the local accounting industry, specifically: Building...
Webcast: IFRS 15 Revenue from Contracts with Customers for investor
The IASB has published a webcast which discusses the new revenue recognition model in IFRS 15 Revenue from Contracts with Customers. This is in conjunction with many companies will shortly publish full-year IFRS 15 revenue and disclosures for the first time in 2019....
IRAS e-Tax Guide: Tax Deductibility of General Insurers Reserves Against Incurred But Note Reported Claims (IBNR Claims)
On or about 14 February 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of e-Tax Guide: Tax Deductibility of General Insurers Reserves Against Incurred But Note Reported Claims (IBNR Claims). It replaces the second edition which...
GST e-Tax Guide: Taxing imported services by way of an overseas vendor registration regime
On or about 4 February 2019, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of GST e-Tax Guide: Taxing imported services by way of an overseas vendor registration regime. In Budget 2018, the Finance Minister has announced that GST...
GST e-Tax Guide: Taxing imported services by way of reverse charge
On or about 4 February 2019, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of GST e-Tax Guide: Taxing imported services by way of reverse charge. In Budget 2018, the Finance Minister has announced that GST would be applied on...