TECHNICAL HIGHLIGHTS
AUDITING AND ASSURANCE ISCA Issues Updated Audit Guidance Statement (AGS) 1 (Revised Aug 2024), Sample Independent Auditor’s Reports AGS 1 is a compilation of commonly used sample independent auditor’s reports. ISCA and the AGS 1 Sub-Committee have worked with EDB to develop additional procedures in relation to new reporting requirements under EDB’s tax incentive scheme. […]
First, Understand The Culture
TAKEAWAYS It’s been almost four years since I arrived in Bangkok, in the midst of the COVID-19 shutdown. Perhaps it was the “empty nest” syndrome that drove us here, but after 15 years in Hong Kong, we figured it was time for a fresh challenge. Thankfully, I have a family that is supportive and accustomed […]
Dynamic Array Formulas In Excel
TAKEAWAYS We accountants love templates because reusable templates save time. Train Excel right once, and it will repeat the task for you subsequently. One key aspect when creating templates is to consider scalability. A good template should adapt to varying amounts of data, minimising human intervention when scenarios change. For the longest time, since I […]
AI In Finance And Accounting
TAKEAWAYS Generative artificial intelligence (gen AI) will be a gamechanger for the finance and accounting functions: that’s what 72% of business leaders in Singapore agreed with, as the technology is expected to augment existing functions, increase productivity, and lower costs. However, the adoption of gen AI in finance and accounting-related functions is still nascent. In […]
Human Sustainability And Trust
TAKEAWAYS Deloitte’s 2024 edition of its annual Global Human Capital Trends report, Thriving Beyond Boundaries: Human Performance in a Boundaryless World, identifies seven trends that showcase how a combination of business and human outcomes plays a role in organisational success, which include human sustainability and trust. This year’s analysis reveals that organisations making meaningful progress […]
Optimistic Regional Economic Outlook
The Asia-Pacific region is marked by both resilient growth and disinflation but the region remains “inherently dynamic and will contribute over 60% of global growth this year”, according to Krishna Srinivasan, Director of Asia and Pacific Department, International Monetary Fund (IMF). Regional growth will slow to 4.5% in 2024, after the 5% registered in 2023. […]
The New IFRS 18
TAKEAWAYS In April 2024, the International Accounting Standards Board (IASB) published a new accounting standard – IFRS 18 Presentation and Disclosure in Financial Statements – which is effective for annual reporting periods beginning on or after 1 January 2027, but companies can apply it earlier. IFRS 18 is the culmination of IASB’s Primary Financial Statements […]
The New Norm: Global Minimum Benefits Standards
With talent attraction and retention an ongoing challenge, and the call for more attention on employees’ wellbeing, companies have been relooking their internal priorities and policies to cater to new and emerging needs. From generous benefits that span annual, maternity/paternity and childcare leave to workplace wellness facilities, fully-stocked pantries and relaxation areas or nap rooms; […]
ISCA Lunch Talk: Navigating The Chinese Market
The ISCA Lunch Talk on July 10 was led by executives from Yonyou Network Technology, a provider of cloud services, software, and financial solutions. Titled “Navigating the Chinese Market – Strategies, Challenges, and Success Stories”, the event at ISCA House attracted a capacity crowd of finance and accounting professionals. They were eager to know more […]
Tax Technology
TAKEAWAYS When it comes to investments in technology, one automatically thinks hefty price tags, not to mention the countless hours required from time-strapped professionals before a technology solution is up and running. This is a misconception. Technology plays a central role in transforming businesses in today’s highly digitalised world, and investing in technology is certainly […]