Introduction of the “small company’ criteria for audit exemption
The Companies (Amendment) Act 2014 was passed by the Singapore Parliament on 8 October 2014. The legislative amendments took place on 1 July 2015, 3 January 2016 and 20 April 2018 respectively. The Companies (Amendment) Act 2014 introduced the concept of “small...
IFRS for SMEs modules – Supporting materials
The International Financial Reporting Standards (IFRS) is developing stand-alone modules, one for each section of the 2015 version of the IFRS for SMEs Standard. It has released the first three of 35 stand-alone modules which provide support to anyone learning about,...
Guidance on income tax treatment of S-REIT ETFs and S-REITs
On 12 April 2018, the Inland Revenue Authority of Singapore (IRAS) has issued/updated the following e-Tax Guides: Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds; and Income Tax Treatment of Real Estate Investment Trusts and Approved...
Goods and Services Tax (General) (Amendment) Regulations 2018 (S 179/2018)
On 29 March 2018, the Goods and Services Tax (General) (Amendment) Regulations 2018 (S 179/2018) were published in the Government Gazette (electronic edition) and came into operation on 1 April 2018 as a result of the renaming of the International Enterprise Singapore...
e-Tax Guide GST: Assisted Compliance Assurance Programme (ACAP) revised
On or about 2 April 2018, the Inland Revenue Authority of Singapore (IRAS) has released the ninth edition of the e-Tax Guide GST: Assisted Compliance Assurance Programme (ACAP). It replaces the eighth edition published on 1 July 2016. The revised e-Tax Guide...
Web presentations introducing the revised Conceptual Framework
On 18 April 2018, the IASB will hold two live web presentations on the revised Conceptual Framework for financial Reporting. Each session, which includes Q&A will last approximately 35 minutes. A recording is now available through YouTube. Board member Françoise...
IASB completes revisions to its Conceptual Framework
On 29 March 2018, the International Accounting Standards Board (IASB) has issued a revised version of its Conceptual Framework for Financial Reporting. The Conceptual Framework sets out the fundamental concepts of financial reporting that guide IASB in developing IFRS...
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...