SFRS(I) 17 and FRS 117 issued by ASC
On 2 April 2018, the Accounting Standard Council (ASC) has issued Singapore Financial Reporting Standards (International) (SFRS(I)) 17 Insurance Contracts and Financial Reporting Standard (FRS) 117 Insurance Contracts. The objective of SFRS(I) 17 and FRS 117 is to...
Exposure Draft ED/2018/1 for comments by 22 June 2018
On 2 April 2018, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8) for submission to the International Accounting Standards Board (IASB). All comments must be submitted to the...
Enterprise Singapore Board Act 2018 (Commencement) Notification 2018 (S 171/2018)
On 21 March 2018, the Enterprise Singapore Board Act 2018 (Commencement) Notification 2018 (S 171/2018) was published in the Government Gazette (electronic edition). The Enterprise Singapore Board Act 2018, except sections 64, 65, 67(2) and 70, comes into operation on...
SAA Joint Seminar on Managing Your Taxes and Financing
The Singapore Accountancy Alliance organized a half-day seminar which took place on 22 March 2018. The seminar covered important topics, sharing valuable insights such as: how changes in the new revenue standard that affect business pricing model and...
Companies (Amendment) Act 2017 and Limited Liability Partnership (Amendment) Act 2017
KEY LEGISLATIVE AMENDMENTS THAT ARE EFFECTIVE FROM 31 MARCH 2017 Improving the transparency of companies and LLPs The Companies (Amendment) Act 2017 and the Limited Liability Partnership (Amendment) Act 2017 introduces the following new requirements: (1) To maintain...
Q&A for SFRS for Small Entities
On 9 March 2018, the Accounting Standards Council (ASC) issued Singapore Financial Reporting Standard for Small Entities - Q&A Section 12, Issue 1 on Accounting for financial guarantee contracts in individual or separate financial statements of issuer. The Q&A...
Annual improvements to SFRS(I)s and improvements to FRSs
On 9 March 2018, the Accounting Standards Council (ASC) issued Annual Improvements to Singapore Financial Reporting Standards (International) 2015–2017 Cycle and Improvement to Financial Reporting Standards (FRSs) (March 2018) which are effective for annual periods...
Reverse Charge Supplies
The Finance Minister has announced in his 2018 Budget that goods and services tax (GST) on imported services will be introduced from 1 January 2020. When this is effective, reverse charge supplies would also count when considering whether the taxable turnover of the...
Webcast on IFRS 17: Recognising the contractual service margin in profit or loss
On 9 March 2018, the International Financial Reporting Standards (IFRS) staff has presented a webcast on IFRS 17 Insurance Contracts that provides a basic overview of recognising the contractual service margin in profit or loss. This webcast is part of a webcast...
List of Singapore’s double tax agreements (DTAs), Limited Treaties and EOI Arrangements
The DTAs, Limited Treaties and EOI Arrangements concluded by Singapore are available in PDF at the IRAS website. The agreements which are signed do not have the force of law has yet ratified. Singapore signed the OECD Convention on Mutual Administrative Assistance in...