Welcome to our E-Newsletter August 2015.
PART 1 TAXATION
PART 2 REGULATORY & BUSINESS
An enhanced SingPass was rolled out on Sunday (July 5) with stronger security capabilities, an improved user interface and mobile-friendly features.
Users will have to sign up for the new SingPass to enjoy the new features.
More information about Enhanced SingPass
Subsidised Financial Reporting Training for Directors
The duty to provide reliable and compliant financial reports lies ultimately with company directors. Early last year, the Accounting and Corporate Regulatory Authority expanded the scope of its financial reporting surveillance programme to proactively enforce against poor financial reporting that leads to unreliable information and/or non-compliance with the prescribed accounting standards. Enforcement action is taken against company directors when a financial reporting breach is established.
To help the company directors strengthen their financial reporting competencies, the Singapore Institute of Directors (SID) has partnered the Institute of Singapore Chartered Accountants (ISCA) to conduct a one-day Directors’ Financial Reporting Essentials course that aims to equip non-accounting trained company directors with basic accounting knowledge as well as practical tips and considerations when reviewing their companies’ financial statements.
In support, ACRA is giving a subsidy of $300 per individual to the first 3,000 eligible company directors who attend the course before 31 March 2016.
Practice Direction No. 5 of 2015: Effect of Companies (Amendment) Act 2014 on Sections 200, 201(12) and 202 of the Companies Act
With effect from 1 July 2015, Sections 200, 201(12) and 202 of the Companies Act have been amended pursuant to the first phase implementation of the Companies (Amendment) Act 2014.
More information about Practice Direction No. 5 of 2015: Effect of Companies (Amendment) Act 2014 on Sections 200, 201(12) and 202 of the Companies Act
Legislative Updates – Commencement Notification for Statutes (Miscellaneous Amendments) (No. 2) Act 2014 and Companies (Amendment) Act 2014 now available
Commencement Notification for the Statutes (Miscellaneous Amendments) (No. 2) Act 2014 and the Companies (Amendment) Act 2014 now available.
PART 3 FINANCIAL REPORTING
IASB confirms one-year deferral of effective date of revenue Standard
The International Accounting Standards Board (IASB) today confirmed a one-year deferral of the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, to 1 January 2018.
The Board voted to confirm the one-year deferral, following a public consultation.
More information about IASB confirms one-year deferral of effective date of revenue Standard