IASB has issued an Interpretation on IAS 12 Income Tax
The International Accounting Standards Board (IASB) has issued IFRIC 23 Uncertainty over Income Tax Treatments to specify how to reflect uncertainty in accounting for income taxes. It may be unclear how tax law applies to a particular transaction or circumstance, or...
ASC Responded on IFRS 9 Exposure Draft
The Singapore Accounting Standards Council (ASC) has submitted a comment letter to the International Accounting Standards Board (IASB) on ED/2017/3 Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) which was issued in April 2017. In their...
IASB finalises fundamental overhaul of insurance accounting
The International Accounting Standards Board (the Board) has issued IFRS 17 Insurance Contracts to replace the current IFRS 4, which will help investors and others better understand insurers’ risk exposure, profitability and financial position. IFRS 4 has given...
IESBA Proposes New Guidance for Professional Skepticism and Professional Judgment
The International Ethics Standards Board for Accountants (IESBA) released for public comment the Exposure Draft, Proposed Application Material Relating to Professional Skepticism and Professional Judgment. The Exposure Draft links key concepts in the IESBA Code of...
Pocket Guide to IFRS Standards: the global financial reporting language
The International Financial Reporting Standards (IFRS) has published the 2017 edition of Pocket Guide to IFRS Standards: the global financial reporting language, which shows continuing progress towards further enhancing the quality of global accounting standards. The...
IASB Proposes Minor Amendments to IFRS9 to Aid Implementation
The International Accounting Standard Board (IASB) has proposed minor amendments to be made to IFRS 9 Financial Instruments to enable companies to measure at amortised cost certain prepayable financial assets with so-called negative compensation. The proposed...
Inaugural Strategy Workshop 2017
We had our inaugural strategy workshop on Saturday, 8 April 2017, at Tanah Merah Country Club - Garden course, gathering all partners of Singapore Accountancy Alliance to work together. We were honored to have our Advisor, Mr. Chaly Mah, sharing his...
New Guide for Investor to Gain Deeper Insights to Make Investment Decisions
The Accounting Corporate Regulatory Authority (ACRA), the Institute of Singapore Chartered Accountants (ISCA) and the Securities Investors Association Singapore (SIAS) have jointly produced a guide to help investors better engage company directors, management and...
IASB publishes Discussion Paper on financial statements disclosure principles
The International Accounting Standards Board (IASB) published a comprehensive Discussion Paper set out the IASB’s preliminary views for more effective financial statements disclosure principles that should be included in a general disclosure standard or in...
IFRS Taxonomy 2017
The International Financial Reporting Standards (IFRS) Foundation has published IFRS Taxonomy 2017, which reflects the IFRS Standards as issued by the International Accounting Standards Board at 1 January 2017, including standards published but not yet effective at...