Central Bank of the Year Title Awarded to Monetary Authority of Singapore (MAS) London-based journal Central Banking has awarded the title of Central Bank of the Year to the Monetary Authority of Singapore (MAS). The award was given in recognition for MAS’s best practices in its policy, economics, governance and management. Winners are determined by…
Singapore’s Continues Reign as Most Liveable Asian City for Expats A new survey has revealed that for the 14th year in a row, Singapore once again holds onto its title as the most liveable city in Asia for expats. There were several factors listed as the reason for this. Among them was how Singapore had…
Singapore in 3rd Place Among Least Corrupted Countries issued by Transparency International’s 2018 Singapore has climbed to the third spot behind Denmark and New Zealand as the top countries with the least corruption within the public sector. Transparency International’s 2018 Corruption Perception Index relies on a scale which starts from zero to 100. Zero being highly…
SFRS(I) and FRS Conceptual Framework Revised by ASC for Financial Reporting Singapore’s Accounting Standards Council (ASC) has issued revisions to the SFRS(I) and FRS Conceptual Framework for Financial Reporting. The changes are effective for annual periods beginning after 1 January 2019. This Conceptual Framework underpins the IFRS standards and sets the fundamental concepts of financial…
3 Key Changes in GST Will Be Reflected From 1 January 2019 3 key changes will be reflected in Singapore’s GST as of 1 January 2019. These key changes involve Customer Accounting, Hand Carried Exports Scheme (HCES), and the GST Registration Rules. Beginning 2019, a business now only needs to monitor their annual taxable turnover.…
Leases in Singapore Now Have New Accounting Standard Lessees now have substantial accounting changes, thanks to the IFRS16. As of 1 January 2019, the IFRS 16 Leases in now in effect, thereby replacing the IAS’s 17 Leases, this is new accounting standard of leases in Singapore. IFRS 16 is applicable to annual reporting periods which commence…
BizFile+ and iShop Transactions Now Have More e-Payment Options As of 21 January 2019, customers now have more e-Payment options if they transact with ACRA. This initiative is in line with Singapore’s Smart Nation drive. Customers now have the option of paying for their transactions on BizFile+ and iShop via PayPal, Apple Pay, and Google…
Singapore Factory Output Increased by Surprising 7.6% in November November saw a surprising surge of 7.6% by Singapore’s factory output, despite the slowdown in the manufacturing sector. However, analysts say that this trend is unlikely to continue. Some analysts are predicting that 2019 will be worse for the manufacturing sector. Singapore’s factory output performance surprised…
Recommendations for Basic Wage Increase and Mandatory Bonus Landscape Maintenance for Workers Accepted by Singapore’s Government Singapore’s government has accepted the recommendations which have been put forth about basic wage increases and a mandatory bonus landscape for maintenance workers. These recommendations were made by the Tripartite Cluster for Landscape Industry (TCL) and will be in…
Foreign-Born Children Aged 12 and Below Must Undergo New Vaccination from 1 Feb 2019 The Ministry of Manpower (MOM) Singapore will be implementing a new requirement for all foreign-born children. Beginning 1 February 2019, all foreign-born children aged 12-years and below must be vaccinated for diphtheria and measles with the Health Promotion Board (HPB) before…