IASB has issued Amendments to IFRS 9 and IAS 28
The International Accounting Standards Board (IASB) has issued an amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation on 12 October 2017. The amendments to the IFRS 9 Financial instruments, allow...
Narrow-scope amendments to IFRS 9 and IAS 28
The International Accounting Standards Board (IASB) has issued narrow-scope amendments Prepayment Features with Negative Compensation (Amendments to IFRS 9) and to Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) to aid implementation. The...
e-Tax Guide on Avoidance of Double Taxation Agreements
The Inland Revenue Authority of Singapore (IRAS) has published an e-Tax Guide, Income Tax: Avoidance of Double Taxation Agreements (DTAs) that provides taxpayers with guidance on: The interpretation and application of Singapore’s DTAs, and The mutual agreement...
Amendments to IFRS 9 and IAS 28
The International Financial Reporting Standard (IFRS) has announced it is expected to the following documents on 12 October 2017: Prepayment Features with Negative Compensation (Amendments to IFRS 9); Long-term Interests in Associates and Joint Ventures (Amendments to...
De-registration by Singapore Branches of Foreign Companies
The Inland Revenue Authority of Singapore (IRAS) has clarified where the Singapore branch of a foreign company ceases to have a place of business or to carry on business in Singapore, it must inform IRAS in writing. Section 377(1) of the Singapore Companies Act...
Foreign Tax Credit to India dividend distribution tax
Foreign income earned by a Singapore resident company may subject to tax twice. Foreign Tax Credit (FTC) in the forms of a Double Tax Relief (DTR) or an Unilateral Tax Credit (UTR) provide Singapore resident company ways to avoid paying twice the tax on the same...
Case study report: To have better communication and making disclosures more meaningful
The International Financial Reporting Standard (IFRS) has published a case study report called Better Communication in Financial Reporting — Making disclosures more meaningful that illustrates how companies from different parts of the world have improved communication...
More Insightful Auditor’s Reports leading to Greater Corporate Disclosures
In response to new and revised auditor reporting standards that came into effect at the end of 2016, companies have stepped up their corporate disclosures. Auditor’s reports now contain more insightful information in the form of key audit matters (KAMs). The enhanced...
IFRS 16 Lease Term Q&A Webcast
IFRS 16 Leases was issued by the International Accounting Standards Board (IASB) on 13 January 2016 and has a mandatory effective date of 1 January 2019. The IASB staff have recorded a webcast discussing the lease term requirements in IFRS 16 Leases. In the webcast,...
ASC Responded to IASB on Discussion Paper DP/2017/1
The Accounting Standards Council (ASC) has submitted comment letters to the International Accounting Standards Board (IASB) on Discussion Paper DP/2017/1 Disclosure Initiative–Principles of Disclosure which was issued in March 2017. The main objective of this...