IFRS for Small and Medium-Sized Entities

By | 2016-11-16T09:22:12+00:00 June 19th, 2015|General|

On July 9, 2009, the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) for Small and Medium-Sized Entities (SME). The stated goal of the standard is to provide a simplified, self-contained set of accounting principles derived from the full IFRS to be used by smaller, non-listed companies. [...]

Accountants Urged to Consider Information Overload

By | 2016-11-16T09:22:12+00:00 June 19th, 2015|General|

A recent report by the New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants of Scotland (ICAS) to the International Accounting Standards Board (IASB) has raised significant issues regarding the matter of information overload (Joint Oversight Group 2011).[1] Excruciatingly detailed financial reports have long been intuitively [...]

Even Without SoX, Better Auditing is Here to Stay

By | 2016-11-16T09:22:12+00:00 June 19th, 2015|General|

In response to a spate of financial reporting and other corporate governance scandals, the Sarbanes-Oxley Act of 2002 (“SoX”) was adopted by the United States Congress and signed by then-president George Bush. Once implemented, it had pervasive effects on how publicly-held companies in the U.S. are governed, including impacts on [...]

Five Things Financial Statement Users and Litigators Should Know

By | 2016-11-16T09:22:15+00:00 June 19th, 2015|General|

Executive Summary Fraud in company financial statements is a problem that affects users in most countries today, and some believe that this problem is only getting worse. While independent auditors render opinions that give investors confidence in the accuracy of a company’s reported financial performance, when fraud is uncovered, resulting [...]

Singapore Budget Synopsis 2013

By | 2016-11-16T09:22:16+00:00 February 27th, 2013|General|

  Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, delivered his Budget Statement in Parliament on Monday, 25 February 2013. Click here to read our synopsis on Singapore Budget Statement 2013.

Tax Savings – Productivity And Innovation (PIC) Scheme

By | 2016-11-16T09:22:16+00:00 February 8th, 2013|General|

Productivity and Innovation Credit (PIC) was introduced in the 2010 Singapore Budget and enhanced in the subsequent two years budgets. This scheme supports all businesses who invest in innovation and productivity. Businesses can enjoy huge tax savings in the form of Cash Payout and/or Tax Deduction on the following six [...]

Code Of Corporate Governance – Highlights & Changes

By | 2016-11-16T09:22:16+00:00 February 7th, 2013|General|

21 March 2001 The Corporate Governance Committee (“CGC”) issued the Code of Corporate Governance (the “Code”) May 2004 The Council on Corporate Disclosure and Governance (“CCDG”) initiated a review of the Code 14 July 2005 A revised Code was issued 22 Nov 2011 The Corporate Governance Council (“Council”) submitted its recommendations [...]

Technical Recession or Recession?

By | 2016-11-16T09:22:16+00:00 February 7th, 2013|General|

Mr Paul Wan, Managing Partner   As in 2008/2009, Singapore is reeling into a recession – factory output shrank 2.20% in August as compared to the corresponding period. electronics sector shrank by 7.3% and transport engineering shrank by 20.1%. Whilst the slowdown is widely expected, the steep fall [...]