News & Views

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... 
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