Key differences between SFRS and IFRS
The Singapore Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards (INT FRSs) issued by the Accounting Standards Council (ASC) are largely based on International Financial Reporting Standards (IFRSs) and Interpretations under...
MAS Announces Establishment a Council to Review the Code of Corporate Governance
The Monetary Authority of Singapore (MAS) announced that it has formed a Corporate Governance Council (Council) to review the Code of Corporate Governance (CG Code), which will be chaired by Mr Chew Choon Seng, former Chairman of the Singapore Exchange (SGX). The aim...
Accountants offer crucial help in reducing global corruption
A new study, “The Accountancy Profession — Playing a Positive Role in Tackling Corruption” from the International Federation of Accountants (IFAC), shows professional accountants are playing a major, positive role in reducing corruption, along with other key actors in...
New financial reporting for business trusts and collective investment schemes
The Monetary Authority of Singapore (MAS) has announced that registered business trusts will have to adopt a new Singapore financial reporting framework that is identical to the International Financial Reporting Standards (IFRS) from 2018, while authorised collective...
ACRA’s revision to Financial Reporting Surveillance Program
During the third annual audit committee seminar, the Accounting and Corporate Regulatory Authority (ACRA) announced its “restatement first” approach under the Financial Reporting Surveillance Program (FRSP) when reviewing financial statements starting 1 April 2017....
Inaugural Joint Seminar on Regulatory Updates for SMEs
The Singapore Accountancy Alliance (SAA) is a group of independent accounting firms and business advisors formed to promote the professional and collaborative networking among the member firms. The SAA has jointly organised with CPA Australia for its...
e-Tax Guide GST: Renewal of ACAP Status issued
On or about 1 July 2016, the Inland Revenue Authority of Singapore (IRAS) has released the e-Tax Guide GST: Renewal of Assisted Compliance Assurance Programme (ACAP) Status. This guide is applicable to businesses accorded with ACAP status. It provides details of the...
e-Tax Guide GST: Assisted Compliance Assurance Programme (ACAP) revised
On or about 1 July 2016, the Inland Revenue Authority of Singapore (IRAS) has released the eighth edition of the e-Tax Guide GST: Assisted Compliance Assurance Programme (ACAP). It replaces the seventh edition published on 18 December 2015. The revised e-Tax Guide...
e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme issued
On or about 1 June 2016, the Inland Revenue Authority of Singapore (IRAS) has released the first edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme. This e-Tax Guide explains the mechanism and qualifying criteria for the Approved Import GST...
e-Tax Guide GST Guide for the Aerospace Industry revised
On or about 1 June 2016, the Inland Revenue Authority of Singapore (IRAS) has released the third edition of the e-Tax Guide GST Guide for the Aerospace Industry. It replaces the second edition published on 23 June 2015. The revised e-Tax Guide incorporates the...