ASC Responded to SME Implementation Group
The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent’s separate financial statements. Draft Q&As which was developed in June 2017 provide...
Revenue – The 5-Step Model of New Revenue Standard (Part 2)
The new revenue recognition model 4.1 (IFRS 15) FRS 115 Revenue from Contracts with Customers introduces a 5-steps model that is to be applied to all revenue transactions irrespective of the nature of the entity’s business. The new model therefore applies to revenue...
GST: Guide on Approved Import GST Suspension Scheme amended
On or about 11 August 2017, the Inland Revenue Authority of Singapore (IRAS) has amended the first edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme. This first edition was published on 1 June 2016. This e-Tax Guide explains the mechanism...
Recent GST Case: GBQ v Comptroller of Goods and Services Tax
GSTBR Appeal No 2 of 2016, decided on 7 June 2017. Introduction: The case was an application to the Goods and Services Tax Board of Review (“GSTBR”) to determine whether the GSTBR was satisfied that Appellant would otherwise suffer hardship such that the Appellant...
Recent Tax Cases: BML v Comptroller of Income Tax
Singapore High Court, SGHC 118, decided on 5 June 2017. Introduction: This is an appeal under section 81(2) of the Income Tax Act against the Income Tax Board of Review’s decision regarding the interpretation of section 14(1)(a) of the Income Tax Act on the...
Revenue – The new Revenue Standard (Part 1)
Overview 1.1 Revenue recognition has been a contentious area for financial reporting. 1.2 In the previous revenue standards, there are significant diversity in revenue recognition due to limited guidance: (a) Timing of revenue recognition – whether a company...
IFRS provides illustrative tagging for IFRS 17
The International Financial Reporting Standards (IFRS) has published illustrative tagging for the proposed IFRS Taxonomy Update IFRS Taxonomy 2017 — IFRS 17 Insurance Contracts. The illustrative tagging shows how selected information from the Illustrative Examples...
IASB proposes Amendments to IAS 16
The International Accounting Standard Board (IASB) has proposed narrow-scope amendments to be made to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard. IAS 16 establishes principles for recognising and measuring items of...
e-Tax Guide GST Guide for the Aerospace Industry revised
On or about 19 June 2017, the Inland Revenue Authority of Singapore (IRAS) has released the fourth edition of the e-Tax Guide GST Guide for the Aerospace Industry. It replaces the third edition published on 1 June 2016. The revised e-Tax Guide incorporates the...
The summary of tentative decisions on the Conceptual Framework for Financial Reporting
The International Financial Reporting Standards (IFRS) has made available the summary of tentative decisions in the Conceptual Framework for Financial Reporting. In March 2017, the International Accounting Standards Board (IASB) completed deliberations of the Exposure...