TECHNICAL HIGHLIGHTS
AUDITING AND ASSURANCE ISCA Issues Audit Bulletin (AB) 5 Reporting On Grants And Incentive Schemes – Considerations For Government Agencies To support government agencies in establishing reporting requirements for grants and incentive schemes, ISCA developed AB 5 to raise awareness of the different frameworks available for reporting on grants and incentive schemes. This audit bulletin […]
The Art Of Saying “No”
You have a pile of work to complete before you can call it a day. Your manager drops a thick file on your desk, with the instruction to “draft a project proposal by today”. Your colleague asks you for a “personal favour” to cover for him as he wants to leave early for a social […]
Singapore Retains Global Top Position In Corporate Governance
Singapore has demonstrated its exemplary governance once again, as it retains the top spot in the latest Chandler Good Government Index (CGGI) for the second consecutive year. The pole position puts Singapore ahead of Denmark (second place), Finland (third), Switzerland (fourth), and Norway (fifth). As the only non-European country in the top 10 list, Singapore’s […]
AI In Auditing
TAKEAWAYS “Are we going to be entirely replaced by AI in the future?” It is a question that we hear a lot from many aspiring accountants and auditors. With artificial intelligence (AI) advancing at unprecedented speed and news of AI breakthroughs flooding the news media, it is easy to fear that machines will soon be […]
REIT Market Development
TAKEAWAYS In July 2024, the Monetary Authority of Singapore (MAS) issued a consultation paper on proposed amendments to the leverage requirements for REITs. Currently, a REIT is required to have an interest coverage ratio (ICR) of at least 2.5 times if it intends to increase its aggregate leverage from 45% to 50%. Under the consultation, […]
Streamline Consolidation With Power Query
TAKEAWAYS The visual below shows a typical consolidation worksheet. You have the list of accounts, and group entities in the columns. You will need to bring in the trial balance data of each group entity into this worksheet. This can be achieved using formulas or functions, or using Power Query. Power Query is an extract, […]
Local Businesses Have Neutral Outlook For Economy
Businesses are neutral in their outlook for the Singapore economy, with around half (49%) of those surveyed expecting economic conditions to stay flat in the next 12 months. However, more businesses (27%) are confident that the economy will improve, compared to 24% which expect it to worsen, in the same 12-month period. Fewer than one […]
Critical Role Of Crypto Subledger
TAKEAWAYS In the dynamic landscape of crypto accounting, managing a large volume of integrations, transactions, and tokens can quickly become overwhelming. Each integration involves diverse platforms, varying formats, and different standards, making data transfer and synchronisation a time-consuming and error-prone process. The sheer number of these integrations requires careful monitoring and regular updates, increasing the […]
Broadening My World View Through Accountancy
TAKEAWAYS Growing up, I have always had a deep interest in how businesses function. I have wondered what it would be like to be an entrepreneur, and dreamt of owning my own business someday. I relished the prospect of having the freedom to make my own decisions, and creating innovative products or services to meet […]
People, Performance And Profit
TAKEAWAYS Jason is the Head of the Human Capital Management (Postgraduate) Programme at the Singapore University of Social Sciences. I received a call from him one day. He asked, “Do you think human resource (HR) folks should know how to read financial statements?” Jason felt that students in his programme should know more than just […]