Singapore

Financial Reporting Matters 

KPMG's Financial Reporting Matters is a newsletter that aims to keep you informed on financial reporting developments in Singapore and internationally.
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    2016
  • Issue 53 | January 2016 (PDF, 1.88MB) New
    It is the year-end financial reporting season again. What is on the radar of the Accounting and Corporate Regulatory Authority’s (ACRA) Financial Reporting Surveillance Programme in 2015? Issued by ACRA, the practice guidance alerts directors on potential areas of financial statement misstatements and enables them to pay closer attention to the financial statements before authorising the financial statements for issue.

    Many have focused on how FRS 115, the new revenue standard, will impact the headline revenues of companies. However, few have yet to discuss the income tax implications that may arise with the adoption of this new revenue standard. The Inland Revenue Authority of Singapore (IRAS) has issued a public consultation paper in October 2015 soliciting views on whether or not tax rules should be amended to align with the FRS 115 accounting treatments.

    Refer to the Supplement for a summary of changes in the areas of financial reporting standards, income taxes and legal and regulatory matters in 2015.

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XBRL Financial Reporting

XBRL Financial Reporting
Singapore's Accounting and Corporate Regulatory Authority has announced changes to the filing requirements for Singapore incorporated companies effective 2 December 2013.

Find out more about how XBRL could affect your business.