Tackling “Over-disclosure” in Financial Statements

In September 2017, the International Accounting Standards Board (IASB) issued a non-mandatory practical guidance: International Financial Reporting Standards (IFRS) Practice Statement 2: Making Materiality Judgments (“PS2”).  PS2 aims to address the “over-disclosure” issue, whereby preparers, seeking to comply with extensive IFRS disclosure requirements, include too much irrelevant information and not enough relevant information....

Shipping Confidence Steady Amidst Pressures

Shipping confidence has not changed in the three months to end-February 2017 despite industry and political pressures, according to the latest Shipping Confidence Survey by Moore Stephens. Respondents’ average confidence level held constant from the previous survey in November 2016 at 5.6 out of 10.0 - the highest rating since August 2015.

Of Blockchains and Bitcoins

Of late there has been much buzz about the Blockchain and cryptocurrency technology, due to soaring cryptocurrency values, revolutionary technological developments, and increasing regulatory scrutiny and concerns amidst reported frauds and speculative losses. However, what exactly is the Bitcoin, and how can a piece of computer data be worth so much? What is the Blockchain and why has it gathered so much interest? This article explores the latest cryptocurrency and Blockchain developments, explains the technology, and highlights the regulatory concerns....

Moore Stephens named Accountancy Firm of the Year

The awards celebrate London’s financial and business community and its most successful individuals and firms. This is the eighth year the awards have been held – and the first time that the Accountancy Firm of the Year accolade has been awarded to a firm from outside the largest six firms. The other short-listed firms this year were all from the Big 4 – PwC, EY, KPMG and Deloitte

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... 

Moore Stephens 2016-2020 Global Strategy

The growth of the Moore Stephens Global Network over the past 12 years has been  impressive  – from $839 million in 2003 to $2,683 million in 2015, an increase of 220% which has brought us into the Top 10 of the largest global accounting networks by fees and personnel. Our objective  is  to  always  be  a  Top  10  Network;  an  innovative, entrepreneurial and collaborative growing network, which enables our member firms to profitably grow and differentiate in their local and global markets. 

Key Economic Developments

In this article, we summarize the key economic developments which took place over the past 5 months: In February 2016, twelve Pacific Rim countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, Vietnam) signed the Trans-Pacific Partnership trade agreement....

Key Shipping Developments

In this article, we summarize the key shipping developments which took place over the past 5 months: In March 2016, Mitsui OSK Lines (MOL) closed its four-year-old bulk shipping subsidiary in Singapore and transferred business operations to Tokyo.....

Singapore Shipping Forum 2016

The Singapore Shipping Forum 2016 was organised by Moore Stephens, together with co-sponsor BNP Paribas atthe Suntec City Convention Centre on 21 April 2016, in conjunction with the Singapore Maritime Week 2016, and was well-attended by more than 200 delegates.

2016 Singapore Budget Seminar

Moore Stephens (MS) and Complete Corporate Services Pte Ltd (CCS) jointly hosted the Moore Stephens Singapore Budget Seminar 2016 on 31 March 2016, following the delivery of 2016 Budget Statement by the Minister of Finance, Mr Heng Swee Keat on 24 March 2016.

Moore Stephens Celebrates SG 50

2015 represents a milestone in the history of Singapore, as it marks the island’s 50th birthday, or SG 50, the acronym by which this landmark year is popularly known. To celebrate this milestone year, the

Shipping Confidence Rebounds in August 2015

Amid continuing concerns over plunging freight rates, overcapacity and China’s economic slowdown, overall confidence levels in the global shipping industry rose in the three months ended August 2015 to their highest level this year. The

Boosting social security in Singapore

 “Singapore has increased CPF contribution rates since 1 January 2015” Upcoming Changes with effect from 1 January 2016 1. Increase in CPF Salary Ceiling The CPF salary ceiling will be adjusted upwards from the current

Confidence dips again

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years, according to Moore Stephens latest Shipping

Dry Bulk Market – A Cyclical Play?

“It takes great courage to invest against the norm, and more so in a sector where existing owners are scrapping ships.”   In shipping, fortune favors the bold. Currently, the most courageous investment in the

Combating Fraud Risks – Are you protected?

“An effective risk management program…is critical, both in the actual detection and prevention of fraud, and also to demonstrate management’s commitment towards stakeholder protection” Escalating corporate fraud and increasing public demand for accountability are confronting directors and

Key Economic Developments

Global growth outlook is weak. In US, the Obama administration downgraded the U.S growth outlook in July after the US economy contracted by 0.2% on a seasonally-adjusted basis in the first quarter of 2015. Similarly, the Asian Development Bank

World Conference in Berlin, Germany

Moore Stephens International Ltd (“MSIL”) held its World Conference in Berlin, Germany from 18 October 2014 to 22 October 2014 this year. The theme of the Conference is “Building for the Future”. The business programme

13th Annual Marine Money Week Asia

The above event was held at the St. Regis Hotel, Singapore on the 23rd/24th September. As one of the premier shipping events in Asia, the event attracted more than 400 delegates. Mick Aw, Senior Partne

New Rules For Statutory Filing

New Rules For Statutory Filing The key policies in the new Accounting and Corporate Regulatory Authority (“ACRA”) (Service Providers) Regulations 2014 will enhance the regulatory framework for corporate service providers (CSPs). The new regime wil

Upcoming Events/Activities

Release of Opcost Report – October 2014 Accounting Updates – week of 10th November 2014 (tentative) OpCost and Shipping Markets Update – week of 17th November 2014 (tentative) Shipping Forum – 23 April 2015 For

Moore Stephens Strengthens its Presence in China

Moore Stephens Strengthens its Presence in China Leading Chinese accountancy firm Da Hua CPA has joined Moore Stephens International,   strengthening   the  accountancy and advisory network’s global capabilities. Moore Stephens Da Hua is the 10th largest firm

New Hedge Accounting Model

New Hedge Accounting Model On 19 November 2013, the International Accounting Standards Board (”IASB”) issued IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39). The main change to

Personal Data Protection Act

Background of PDPA The Personal Data Protection Act 2012 (“PDPA”) is an Act to govern the collection, use and disclosure of personal data by organisations. The PDPA takes effect in phases starting with formation o

IASB Maintains Key Stance on Lease Accounting

IASB Maintains Key Stance on Lease Accounting (Source: “The Bottom Line”, Summer 2013, Moore Stephens UK) The International Accounting Standards Board (IASB), jointly with the Financial Accounting Standards Board (FASB), recently issued a second

Profile: Poh Lay Choo

Lay Choo joined Moore Stephens LLP, Singapore in March 2013 as Director of Training, Compliance and Methodology. Prior to joining Moore Stephens Singapore, Lay Choo was an Associate Director in one of the Big Four

Confidence on the up again

Confidence levels in the shipping industry recovered slightly from their lowest level for over four years in the three months ended November 2012. The average confidence level expressed by respondents to our latest quarterly Shipping

Have you managed your outsourcing risks?

Outsourcing has always been regarded by business as an effective strategic option, allowing the business to minimise the operational cost incurred, and at the same time, focus on their core activities. According to the International

Scrapping for survival

For shipping in 2012, it was not so much a case of ‘Crisis, What Crisis?’ as ‘Crisis, Which Crisis?’ This year will be equally challenging. Operating costs are going to go up. Like a commuter

Update on the development of leases

By Gerry G. Vetuz Partner & Irene Lau Director Overview The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (collectively, the Boards) have tentatively agreed to change the expense recognition pattern