Dear Reader,
Welcome to our E-Newsletter June 2014.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on its website Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> Business making losses for Sole-proprietors/Self-employed (26 May 2014)
PART 2 REGULATORY & BUSINESS
Updates of Micro Loan Programme (MLP)
Overview
Loans of up to $100,000 for local SMEs with 10 or less employees.
Enhancement to MLP for Companies less than 3 years old
– The MLP has been enhanced to make loans more accessible to young companies. The Government has increased the risk-share in the MLP and companies must be less than 3 years old to be eligible for this enhancement.
Link: Micro Loan Programme (MLP)
Launch of revamped ACRA website
We are pleased to announce the launch of the newly revamped ACRA website on 9 May 2014.
The new ACRA website adopts a customer-centric approach with more user-friendly navigation. Key new features include info-graphics, dynamic visual design and new & intuitive navigation menus. To meet the specific needs of our different user groups, information is also sorted into different business entities and related life cycles. There are also dedicated sections for public accountants and corporate service providers.
New ACRA website: ACRA Home Page
PART 3 FINANCIAL REPORTING
On, 15 May 2014 The IASB has published amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets.
The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset.
The IASB also clarified that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. This presumption, however, can be rebutted in certain limited circumstances.
An entity shall apply those amendments prospectively in annual periods beginning on or after 1 January 2016. Earlier application is permitted.
More information about IASB publishes amendments to IAS 16 Property.
On 9 May 2014 The IASB has issued amendments to IFRS 11 Joint Arrangements.
IFRS 11 addresses the accounting for interests in joint ventures and joint operations. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business. The amendments specify the appropriate accounting treatment for such acquisitions.
An entity shall apply those amendments prospectively in annual periods beginning on or after 1 January 2016. Earlier application is permitted.
More information about The IASB proposed narrow-scope amendments to IFRS 3 and IFRS 11.
Read more on our E-Newsletter December 2012: 30 Nov: November IFRS for SMEs Update Published
