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...
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...