Welcome to our E-Newsletter October 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:
> IRAS Annual Report 2014/15: Singapore Achieves 90% On-Time Filing and Payment Rates for All Tax Types
> Guidance on Completing Form C-S/ C
PART 2 REGULATORY & BUSINESS
Compliance with United Nations Regulations
As a member of the United Nations (UN), Singapore gives effect to the targeted financial sanctions under the UN Security Council Resolutions.
All persons in Singapore have to comply with the UN Regulations, which are made pursuant to the UN Act and which implement the financial sanctions.
More information about Compliance with United Nations Regulations
PART 3 FINANCIAL REPORTING
The annual report by ACRA’s Practice Monitoring Programme which conducts inspections on audit firms in Singapore was released
It notes an overall general improvement in the audits of listed companies. Larger audit firms were found to have placed a greater emphasis on audit quality. There was also greater involvement of audit partners in the audit process. However, some smaller audit firms auditing non-listed companies were found to have recurring audit deficiencies in areas such as revenue recognition, fair value measurements and construction contracts.
July/August IFRS for SMEs Update published
The July/August 2015 IFRS for SMEs Update has been published.
More information about July/August IFRS for SMEs Update