News & Views

SG-IFRS Transition – Are You Affected?

From 2018, Singapore-incorporated companies listed on the Singapore Exchange (SGX) are required to transition to a new financial reporting framework identical to the International Financial Reporting Standards (SG-IFRS). Non-listed Singapore-incorporated companies may also voluntarily transition to the new framework at the same time.
 

Audit Committee commentary on Key Audit Matters in Annual Report

As highlighted in a press release Address by ACRA Chief Executive Mr Kenneth Yap at the ACRA-SGX-SID Audit Committee Seminar 2017, issued by Accounting and Corporate Regulatory Authority (ACRA), Audit Committees (AC) are strongly encouraged to consider providing commentaries in the company’s annual report for 2016 to explain significant financial reporting matters and to complement auditors’ commentary on Key Audit Matters...

GST Treatment on Fringe Benefits

On 16 May 2016, the Inland Revenue Authority of Singapore (IRAS) released an e-Tax guide “GST: Fringe Benefits”, which took effect immediately to clarify IRAS’s position on when are fringe benefits regarded as being “for the purpose of business” such that the related GST input tax will be claimable by GST-registered businesses.  A 2nd edition of the guide, published on 6 January 2017, provided further operative guidance and clarifications... 

​Areas of Regulatory Focus for 2016 Financial Statements

In December 2016, the Accounting and Corporate Regulatory Authority (ACRA) issued Financial Reporting Practice Guidance No. 1 of 2016, which highlighted key areas of focus in upcoming regulatory reviews of FY 2016 financial statements. These areas may require more attention from company directors and finance teams prior to approval of the 2016 financial statements..

Moore Stephens Financial Reporting Seminar 2016

“Of the financial reporting changes that become effective after 2016, the new framework for revenue recognition....which takes effect in 2018, may have the most wide-ranging impact...”

Extensive changes in financial reporting for revenue, financial instruments and leases will take effect in 2018 and 2019, and companies need to start preparing for these changes now... 
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