Malaysia On Track For 4% Growth
Domestic demand anchored the Malaysian economy in the third quarter of 2023 (3Q23), while global conditions remained weak and volatile. The gross domestic product (GDP) in 3Q23 rose 3.3%, bringing growth in the first nine months of 2023 to 3.9%. This is consistent with the government’s growth forecast of approximately 4% for 2023. Domestic demand […]
Now Available: Updated 2023 ISCA Illustrative Financial Statements
The 2023 ISCA Illustrative Financial Statements are now available! This updated edition provides guidance on the issues and disclosure requirements that should be considered when reporting on the financial effects of the various macroeconomic events and their subsequent developments in the financial statements. ISCA members can download the publication here.
Sustainability Transformation
TAKEAWAYS A joint study by the Institute of Singapore Chartered Accountants (ISCA), Singapore Manufacturing Federation (SMF), Deloitte & Touche Business Advisory Pte Ltd (Deloitte), and Singapore Management University (SMU), titled Sustainability Transformation: The Role of Accountancy and Finance Professionals in the Singapore Manufacturing Sector, was launched at the ISCA Conference on 29 November 2023 with […]
Singapore Workforce Ranks Among The Best In The World
Singapore and the United States of America have retained their leading positions as the world’s most talent-competitive countries, according to the Global Talent Competitiveness Index (GTCI) 2023. European countries continue to dominate the Top 25, with 17 of them ranked. For the first time, Japan dropped out of the Top 25 and South Korea moved […]
CFOs Rank ESG Metrics And Measurement As Their Top Priority
The annual Global Finance Trends Survey, conducted by global consulting firm Protiviti, finds that the pressure to implement and report on organisation-wide ESG (environmental, social and governance) programmes has intensified for Chief Financial Officers (CFOs), with 60% of finance leaders indicating a substantial increase in the focus and frequency of their reporting related to ESG issues. […]
ISCA Extends Footprint In Australia And China
ISCA, as the national accountancy body, is playing our part to support the career aspirations of members who wish to venture abroad, as well as the internationalisation efforts of local firms. One of the ways we do this is by establishing overseas chapters. Through our overseas chapters, the Institute can better support members in mitigating […]
Global Anti-Base Erosion (GloBE) Rules and Implications for International Accounting Standard
TAKEAWAYS In the 2023 Budget Speech, Deputy Prime Minister and Minister for Finance Lawrence Wong highlighted that Singapore’s “corporate tax system will be affected by Base Erosion and Profit Shifting, or BEPS 2.0. Pillar Two of BEPS will introduce a global minimum effective tax rate of 15% for large MNE (multinational enterprise) groups”. Singapore intends to […]
Transfer Pricing in Malaysia and Singapore
TAKEAWAYS New requirement for contemporaneous transfer pricing (TP) documentation to be prepared prior to the due date for filing the tax return, removal of the provision for offsetting adjustments, and a new definition of arm’s length range – these are just some of the changes introduced by the Income Tax (Transfer Pricing) Rules 2023 (hereafter […]
Social Impact Bond
TAKEAWAYS In my previous article, published in the October issue of this journal, I had proposed the use of social bonds as part of social investment for the People sector. Social innovation for the People sector is a necessary step for the next stage of progress for this sector as it helps the sector to become […]