Welcome to our E-Newsletter September 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:
> Tax Clearance For Employers (27 Aug 2014)
> Guide For New Companies (19 Aug 2014)
PART 2 REGULATORY & BUSINESS
ACRA to raise quality bar for public accountants
The Accounting and Corporate Regulatory Authority (ACRA) announced more stringent registration requirements for public accountants (PA). Applicants will have to acquire more years of work experience and this includes specific audit management experience which will be made mandatory. The change will take effect from 1 February 2015.
Company provides S$10m boost for firms to adopt higher standards
The funds will help companies adopt higher quality standards for business processes, the agency says.
SINGAPORE: One enterprise development agency in Singapore said on Tuesday (Aug 5) it has pumped in another S$10 million to help firms adopt recognised standards for products and services – on top of a S$20 million tranche set aside in 2011.
More information about Company provides S$10m boost for firms to adopt higher standards.
PART 3 FINANCIAL REPORTING
IFRS 9 Financial Instruments
The IASB has issued the final version of IFRS 9 Financial Instruments to replace IAS 39 Financial Instruments: Recognition and Measurement. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting. In addition, IFRS 9 addresses the ‘own credit’ issue by removing the volatility in profit or loss that was caused by changes in an entity’s own credit risk on liabilities elected to be measured at fair value.
IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. IFRS 9 permits the early application of the ‘own credit’ changes in isolation without any other changes in the accounting for financial instruments.
More information about IASB completes reform of financial instruments accounting.