Welcome to our E-Newsletter November 2015
PART 1 TAXATION
The SIATP has issued the new Tax Alerts on its website, SIATP Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> Updates on PIC+ Scheme
> Public Consultation on Income Tax Implications Arising from the Adoption of FRS 115
> Updates on Not Ordinarily Resident (NOR) Scheme
PART 2 REGULATORY & BUSINESS
Groundbreaking Audit Quality Indicators Framework to Raise Quality of Financial Reporting in Singapore
To further raise the quality of audits on financial statements in Singapore, the Accounting and Corporate Regulatory Authority (ACRA) today introduced an Audit Quality Indicators (AQIs) Disclosure Framework. The framework breaks new ground as it is the first time the Big-Four audit firms have collectively agreed to provide audit committees of listed companies with a set of comparable indicators on the auditors’ ability and commitment to deliver quality audits. This is crucial in helping audit committees better evaluate and select the right auditors.
PART 3 FINANCIAL REPORTING
ACRA issued inaugural report on key findings on FY2013 Financial Statements of listed companies under the expanded FRSP.
To ensure financial reporting remains reliable and of high quality, ACRA issued today, its inaugural report on key findings on financial statements reviewed under its Financial Reporting Surveillance Programme (FRSP). The outcome revealed that the state of financial reporting by Singapore-incorporated listed companies is generally healthy. However, there is still room for improvement as a number of instances of non-compliance with the Accounting Standards were identified.
Key findings include misclassification of operating cash flow, wrong accounting for mixed-use property, inappropriate consolidation and wrong revenue recognition policy.
More information about ACRA’s Inaugural Report on Key Findings from Reviews of Companies’ Financial Statements