SFRS(I) and FRS Conceptual Framework Revised by ASC for Financial Reporting Singapore’s Accounting Standards Council (ASC) has issued revisions to the SFRS(I) and FRS Conceptual Framework for Financial Reporting. The changes are effective for annual periods beginning after 1 January 2019. This Conceptual Framework underpins the IFRS standards and sets the fundamental concepts of financial…
3 Key Changes in GST Will Be Reflected From 1 January 2019 3 key changes will be reflected in Singapore’s GST as of 1 January 2019. These key changes involve Customer Accounting, Hand Carried Exports Scheme (HCES), and the GST Registration Rules. Beginning 2019, a business now only needs to monitor their annual taxable turnover.…
Leases in Singapore Now Have New Accounting Standard Lessees now have substantial accounting changes, thanks to the IFRS16. As of 1 January 2019, the IFRS 16 Leases in now in effect, thereby replacing the IAS’s 17 Leases, this is new accounting standard of leases in Singapore. IFRS 16 is applicable to annual reporting periods which commence…
From 21 January 2019: BizFile+ and iShop Transactions Now Have More e-Payment Options As of 21 January 2019, customers now have more e-Payment options if they transact with ACRA. This initiative is in line with Singapore’s Smart Nation drive. Customers now have the option of paying for their transactions on BizFile+ and iShop via PayPal,…
Dear Valued Clients, Welcome to our E-Newsletter February 2019 Happy New Year and warmest greetings as we begin the year 2019! 2018 was a fruitful year for 3E Accounting Singapore. We are on track to deliver value to all stakeholders where we saw our hard work result in the achievement of several important milestones. On…
Why Should You Even Wait for a Job When You Could Start Your Own Business Instead? Looking for a job can be an exhausting ordeal. You never know when the right job or opportunity is going to come along. Meanwhile, you still need to find a way to earn a living as you go from…
How Can You Start Your Own Business to Overcome Unemployment The prospect of being out of a job can be a very terrifying idea for many. An even more alarming idea can be starting your own business when you’re unemployed. Starting your own business in an unemployed state may seem like an extremely risky move.…
These Excellent Entrepreneurship Ideas Will Help You Start Your Own Business to Overcome Unemployment What is your reason for starting your own business? Is it profit? Or has it always been your desire to pursue your passion? Even though you are running a business, entrepreneurship is not all about the profits alone (although that does…
Dear Valued Clients, Welcome to our E-Newsletter January 2019 As 2018 draws to an end, it is time for us to reflect on past learning, while looking at the future with renewed hope. With a sense of satisfaction, we can look back in 2018 that, in many respects, has been challenging, but positive. 3E…
Should SME Business Consumers switch from SP Group to Open Electricity Market Retailers? There is an ongoing debate on whether SME business consumers should be switching from SP Group to open electricity market retailers. At present, all businesses that have a minimum consumption of two thousand kilowatts or pay at least 400 USD as their…
New PayNow for Business in Singapore Can Emerge as a Game-Changer as it Will Facilitate Cashless and Speedy Transactions PayNow for business is now available to the retail customers of 9 participating Singaporean banks. The peer-to-peer fund transfer service is now present in the following banks in Singapore: UOB Standard Chartered Bank Maybank Industrial and…
Singapore Factory Output Raised by Surprising 7.6% in November November saw a surprising surge of 7.6% by Singapore’s factory output, despite the slowdown in the manufacturing sector. However, analysts say that this trend is unlikely to continue. Some analysts are predicting that 2019 will be worse for the manufacturing sector. Singapore’s factory output performance surprised…