New Regulatory Measures to Further Raise the Audit Quality Bar by ACRA New regulatory measures will be introduced to ensure auditors in Singapore continue to uphold high audit quality standards. The new regulatory measures were developed following a review by ACRA of audit inspection insights gleaned from a decade of audit inspections conducted under its…
Update to Employment Pass Salary Criteria From 1 January 2017, the qualifying salary for Employment Pass (EP) applications will be raised from $3,300 to $3,600. This change is part of the Ministry of Manpower’s (MOM) regular updating of the EP qualifying salary to keep pace with rising local wages, maintain the quality of our foreign…
Important Details of Information on Filing of XBRL Financial Statements with ACRA XBRL Filing Errors: Requirement to Ensure Accuracy and Completeness of XBRL Financial Statements Filed with ACRA Companies filing XBRL financial statements with ACRA are reminded to ensure that the information filed is accurate and complete. This requirement, as detailed in Practice Direction 1…
Tripartite Guidelines Developed for Employers to Give Greater Clarity on Leave Benefits and Notice Period for Term Contract Employees The Ministry of Manpower (MOM), National Trades Union Congress (NTUC), and the Singapore National Employers Federation (SNEF), have jointly developed a set of Tripartite Guidelines on the Employment of Term Contract Employees. Although the majority of…
Further extension of time for private companies to update shareholder information In December 2015, ACRA announced that it would be maintaining the registers of members for private companies setup in electronic form (EROM) from 3 Jan 2016 onwards. Private companies were required to update shareholder information that will be recorded in the EROM. These companies…
Singapore Tripartite Guidelines on Managing Excess Manpower and Responsible Retrenchment The Singapore economy is highly exposed to global trends and companies often find that they have to restructure to stay competitive. As businesses adjust, they should consider alternative ways of managing their excess manpower such as upskilling employees and redesigning jobs. However, if retrenchment is…