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...
INT FRS 123 Uncertainty over Income Tax Treatments
On or about 18 September 2017, the Accounting Standards Council (ASC) Singapore has issued INT FRS 123 Uncertainty over Income Tax Treatments came into effect on 1 January 2019, which clarifies the accounting recognition and measurement requirements for uncertainties...
IRAS e-Tax Guide: Tax Exemption for Foreign-Sourced Income
On or about 23 January 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of e-Tax Guide: Tax Exemption for Foreign-Sourced Income. It replaces the second edition which was published on 31 May 2013. This e-Tax Guide aimed to provide...
Additional Registers and Removal of Common Seals
The Companies (Amendment) Act 2017 was passed on 10 March 2017 and will be implemented in phases. The first phase which was effected on 31 March 2017, introduces amendments such as the requirement to maintain varies registers at the prescribed places and the remove...
IRAS e-Tax Guide: Tax Deduction for Borrowing Costs Other Than Interest Expenses
On or about 15 January 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of e-Tax Guide: Tax Deduction for Borrowing Costs Other Than Interest Expenses. It replaces the second edition which was published on 18 August 2014. This...
ASC issued a revised Conceptual Framework
On or about 14 January 2019, the Accounting Standards Council (ASC) issued a revised Conceptual Framework for Financial Reporting and new/revised/amendments to SFRS(I)s up to 31 December 2019 which are effective for annual reporting periods beginning after 1 January...