The new audit report brings forth changes not only for listed, but all entities. One of the new focus areas will be the appropriateness of the going concern assumption, which will require management to make an explicit statement on their responsibility for assessing the entity’s ability to continue as a going concern and whether the going concern basis of accounting is appropriate.
Companies in India are all geared up to present their financial results and statements in line with the requirements of accounting standards which are largely aligned with International Financial Reporting Standards (IFRS). In this article, we provide an overview of the convergence process and some of the lessons learnt in India.
The Singapore Stock Exchange released its final sustainability reporting guidelines on 20 June 2016. While first time reporters now have 12 months after their 2017 financial year to publish their report, the next few months will be critical for the Board, senior management and the company to obtain a clear understanding around the implications and consider the strategy and processes needed to achieve a quality SGX-compliant report.
Since 2015, ACRA has stepped up its enforcement actions against a company and/or its directors for breaching the statutory requirements to hold AGM and to file annual return on a timely basis. In this issue, we will provide an overview of common breaches of the statutory requirements and enforcement actions by ACRA.
Budget 2016 seeks to transform our economy through enterprise and innovation, and to build a more caring and resilient society. A summary of the key measures to support the growth of businesses in Singapore are provided in this issue.
Finally, we will provide an overview on how the new accounting standards IFRS 16 Leases and FRS 115 will affect companies.
It is the year-end financial reporting season again. What is on the radar of the Accounting and Corporate Regulatory Authority’s (ACRA) Financial Reporting Surveillance Programme in 2015? Issued by ACRA, the practice guidance alerts directors on potential areas of financial statement misstatements and enables them to pay closer attention to the financial statements before authorising the financial statements for issue.
Many have focused on how FRS 115, the new revenue standard, will impact the headline revenues of companies. However, few have yet to discuss the income tax implications that may arise with the adoption of this new revenue standard. The Inland Revenue Authority of Singapore (IRAS) has issued a public consultation paper in October 2015 soliciting views on whether or not tax rules should be amended to align with the FRS 115 accounting treatments.
Refer to the Supplement for a summary of changes in the areas of financial reporting standards, income taxes and legal and regulatory matters in 2015.