Pro Forma Financial Information Preparation
TAKEAWAYS Companies looking to list on the Singapore Exchange (issuers) must include pro forma financial statements in the prospectus if certain rules apply under the 5th Schedule of the Securities and Futures Act (Cap. 289) (the “Regulation”) and Singapore Exchange (SGX) Listing Rules (LR). These statements benefit investors by providing a more complete overview of the issuer’s […]
Making Sense of Sustainability Reports
TAKEAWAYS It is widely recognised that there is no single universally accepted definition of sustainability. For example, the United Nations describes business sustainability as “conducting operations in a manner that meets existing needs, without compromising the ability of future generations to meet their needs and has regard to the impacts that the business operations have on the […]
Tax Aspects of Remote Work
TAKEAWAYS Hybrid work arrangements, or remote working, are now commonly adopted by employers worldwide, including in Singapore, due to work-from-home arrangements put in place during the COVID-19 pandemic. This article explores the Singapore and foreign tax implications that may arise from cross-border remote work arrangements. TAX CONSIDERATIONS FOR THE EMPLOYEE Singapore tax implications Source of […]
The Metaverse
TAKEAWAYS Social media is well known to us. This is, in fact, a massive understatement since Statista estimates that active social media penetration in Singapore is a whopping 89.5%. However, these numbers are admittedly a bit misleading, because the term ‘social media’ is pretty generic and covers anything that might count as a digital interaction between individuals […]
Understanding Sustainable Infrastructure
TAKEAWAYS Sustainable infrastructure development has emerged as an important pillar in the effort to support Singapore’s push to become a greener city. Creating sustainable infrastructure requires a whole-of-society effort and, with the right knowledge, accountants, too, can make a significant impact. In September 2022, Singapore further refined its sustainability goals and is now considering a national […]
Social Entrepreneurship: ESG For Charities (Part 1)
TAKEAWAYS In the past few decades, ESG’s rise to prominence has been tremendous. Coined in 2004, the concept has gained widespread acceptance around the globe. Within the private sector, ESG practices have been widely adopted by companies that are often required to do so at the behest of their stakeholders, such as investors and customers. […]
Managing Employment Tax Compliance
TAKEAWAYS The transformation of the global employment landscape since COVID-19 has been nothing short of astonishing. Unthinkable just a few years ago, remote and hybrid work arrangements are now the default arrangements for a large part of the global workforce. The continual evolution of established working norms and the rise of the gig economy have […]
Communication With TCWG Prior To Provision Of Non-Assurance Services
TAKEAWAYS ISCA’s Code Of Professional Conduct And Ethics (EP 100 or the Code) is modelled after the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). EP 100 encourages regular communication between an audit firm (the firm) and those charged with governance (TCWG) of the audit client regarding […]
Why is Communication Important in Accounting?
TAKEAWAYS Effective communication is essential for accounting professionals in Singapore during times of disruption and uncertainty – like right now. But what if communicating with colleagues has never been one of your top strengths? And what if your staff members are working remotely? For many accounting professionals, keeping the company informed, especially on the financial […]
Rising Prices and Inflation
TAKEAWAYS The onslaught of inflation has been a global phenomenon after the lingering COVID-19 pandemic, fuelled by increasing prices for natural gas and electricity due to the Russia-Ukraine war, supply chain disruptions and tightening financial conditions in most countries. According to the Eurostat statistics published in October 2022, the reported annual inflation in the European […]
