Financial Reporting Matters 2011 | KPMG | SG

Financial Reporting Matters 2011

Financial Reporting Matters 2011

KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.

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Financial Reporting Matters 2011

December

  • Issue 37 (PDF, 2.4MB)
    In this year-end issue, we provide an overview of changes in financial reporting standards and tax changes for 2011. We then look at some examples where the application of FRS 110 could result in changes to the consolidation conclusion. We also look into the future and discuss about the emerging trend of Integrated Reporting. The accounting treatment for the tax allowance and stamp duty relief under the Mergers and Acquisitions Scheme is analysed in detail.


September

  • Issue 36 (PDF, 452KB)
    In this issue, we compare the requirements of the Charities Accounting Standard against the Singapore Financial Reporting Standards and highlight the potential impact on entities that adopt the new reporting framework. We then describe accounting for the land intensification allowance, introduced in the Singapore Budget Speech 2010, through an example. A tax incentive scheme for mergers and acquisitions is also featured.

 

June

  • Issue 35 (PDF, 1.3MB)
    In this issue, we discuss the recently issued amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets and FRS 107 Financial Instruments: Disclosures ñ Transfer of Financial Assets. A tax incentive scheme involving the industrial sector is also featured and we discuss how businesses in this sector can benefit from this incentive.


March

  • Issue 34 (PDF, 1.3MB)
    In this issue, we feature the 2011 Budget Speech by providing an overview of the income tax changes for businesses and highlight how these changes can benefit businesses. We also discuss the accounting treatment for tax benefits under the Productivity and Innovation Credit scheme. In addition, we summarise the proposed changes to hedge accounting that are expected to have a significant impact in Singapore and briefly explain the differences between the newly issued SFRS for Small Entities and full FRS.
     

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