Welcome to our E-Newsletter October 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:
> Benefits Relating to Loans (12 Sep 2014)
> Transfer Pricing Documentation (1 Sep 2014)
PART 2 REGULATORY & BUSINESS
CDAC, Sinda and Eurasian Association raise monthly contribution rates for working adults
Working Chinese, Indians and Eurasians have been asked to donate more to the community, after three ethnic self-help groups on Saturday announced that they will raise the monthly contribution rates starting next January.
More information about CDAC, Sinda and Eurasian Association raise monthly contribution rates for working adults.
Draft Companies (Amendment) Bill has been revised
The draft Companies (Amendment) Bill has been revised following feedback received during two rounds of public consultation.
More information about MOF revises draft Companies (Amendment) Bill.
PART 3 FINANCIAL REPORTING
Companies urged to improve preparation of unaudited financials
A study into the audit adjustments of Singapore-listed companies reveals uneven quality amongst financial statements prepared by companies prior to an audit. This was disclosed at the 9th Public Accountants Conference (PAC) today. Organised by the Accounting and Corporate Regulatory Authority (ACRA), the conference saw over 800 delegates discuss how company directors and auditors can tackle the root causes of financial reporting deficiencies to deliver reliable financial information to investors.
More information about Companies urged to improve preparation of unaudited financials.
The IASB has published Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28).
The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and IAS 28 (2011). The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business, whether or not the business is housed in a subsidiary. A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
An entity shall apply those amendments prospectively to transactions occurring in annual periods beginning on or after 1 January 2016. Earlier application is permitted.
More information about IASB issues Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
The IASB has published Equity Method in Separate Financial Statements (Amendments to IAS 27).
The amendments to IAS 27 will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.
An entity shall apply those amendments for annual periods beginning on or after 1 January 2016 retrospectively. Earlier application is permitted.
More information about IASB publishes narrow-scope amendments to IAS 27 Separate Financial Statements.