TECHNICAL HIGHLIGHTS
AUDITING AND ASSURANCE ISCA Issues Audit Bulletin (AB) 7 Considerations Over External Confirmation Procedures ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including: IAASB Issues New […]
ISCA Lunch Talk: OECD Pillar Two – From Policy To Practice
In Budget 2024, Singapore announced that it would implement the Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT) for businesses’ financial years starting on or after 1 January 2025. This is in relation to the Organisation for Economic Co-operation and Development (OECD)/G20’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which aims to […]
Business Optimism Increases For 2025; Uncertainties Remain
Business optimism in Singapore increased for 2025, but manpower costs and demand uncertainty remain key concerns. These are the findings of the National Business Survey 2024 – Annual Business Sentiment Edition report, released by the Singapore Business Federation (SBF) in January 2025. Administered annually, the report provides insights into the business sentiments and financing-related issues […]
Stablecoins 101 (Part 2)
TAKEAWAYS Part 1 of this article provides an introduction to stablecoins: what they are, their market value, and the two biggest stablecoins by market share. This Part 2 continues the discussion with a look at the stablecoin companies in Singapore, their use cases, and the regulatory and risk landscape. 4) KEY STABLECOIN COMPANIES IN SINGAPORE […]
Accountancy Education Must Evolve Quickly
It is almost unthinkable that accounting students or professionals do not understand or are unable to apply the International Financial Reporting Standards (IFRS), which Singapore has adopted as its key financial reporting regime. The IFRS, which began to take shape in the late 1980s, has become the financial reporting standard for around 168 jurisdictions worldwide. […]
Gearing Up For Budget 2025
TAKEAWAYS Every year, the Institute of Singapore Chartered Accountants (ISCA) engages with its members, business leaders, and industry experts to gather insights ahead of the national Budget. The consultative activities include a survey1, a series of focus group discussions, and the signature annual ISCA Pre-Budget Roundtable. The ISCA Pre-Budget Roundtable was held on 14 January […]
Key Trading Trends To Watch In 2025
Developments such as forex market volatility, rising commodity prices, and Southeast Asia’s economic growth are poised to reshape the trading landscape in 2025. Market participants need to be aware of these trends to develop strategic approaches and mitigate risks. Here are the highlights of the key trading trends to expect this year, according to Kar […]
From Manual To Machine Learning With Python
TAKEAWAYS Accounting is no longer just about balancing books and preparing reports. The industry is undergoing a transformation, moving away from manual tasks to data-driven insights powered by machine learning (ML). At the heart of this change is Python, a programming language that bridges automation, analytics, and ML, making it highly accessible and practical for […]
Singapore Parliament Passes Landmark Workplace Fairness Bill
Employers will soon have to up their game even further, when the Workplace Fairness Bill comes into effect some time in 2026 or 2027. The Bill, which was passed in parliament last month on January 8, builds on the longstanding and positive efforts of the city-state’s tripartite partners comprising the Ministry of Manpower (MOM), National […]
What Motivates Companies To Act Responsibly?
TAKEAWAYS Business leaders faced significant ethical challenges during the COVID-19 pandemic. Pharmaceutical companies stood at the centre of the storm, developing vaccines in record time while balancing the immense pressure to maximise profits while saving lives. Yet, not all companies responded in the same way when it came to distributing vaccines fairly across the world. […]