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Reanda Singapore ranks number 16
Friday, 27 March 2015 01:56

Reanda International is delighted to announce that our Singapore firm, Reanda Adept Public Accounting Corporation is ranked 16th according to the 2015 Singapore Survey published by the March 2015 issue of International Accounting Bulletin, VRL's leading publication for the global accounting industry. The firm reported an aggregate fee income of SGD 2.6 million in 2014, with a 8 percent rate of growth.

 
Financial Statements Review Exercise
Monday, 20 January 2014 00:00



Under a new agreement announced on 16 January 2014, the Accounting and Corporate Regulatory Authority (ACRA) and the Institute of Singapore Chartered Accountants (ISCA) will review a sample of financial statements from listed companies, non-listed firms as well as charities, which report a large turnover and market capitalisation.

The review will cover financial statements with fiscal years ending after Jan 1, 2013 and will include modified reports as well as those with qualified opinions from auditors. As financial reporting deficiencies may exist even in a clean report, such deficiencies may impair the reliability of the financial statements.

Regulatory actions may be taken as chief executive officers and CFOs may be legally liable for the statements made in their companies' financial reports as true and fair. Lighter repercussions include private warnings, and a restatement of financial statements - amendments which companies need not disclose to be the consequence of an ACRA review. If serious breaches are uncovered, regulatory action could include fines and jail time for directors under Section 201 of the Companies Act.

 
ISCA members to become ICAEW Chartered Accountants
Friday, 20 December 2013 00:00

 

The Institute of Singapore Chartered Accountants (ISCA) announced on 16 January 2014 that a scheme with the Institute of Chartered Accountants in England and Wales (ICAEW) to allow ISCA members to become ICAEW chartered accountants without undergoing a separate professional examination have been established.

 
The Singapore Accountancy Commission
Friday, 20 September 2013 00:00



The Singapore Accountancy Commission

The Singapore Accountancy Commission (SAC) a statutory body of the Singapore government that collaborates with local and international communities in order to drive accountancy excellence in Singapore through talent development, professional qualification, research and thought leadership. It wants to grow Singapore's accountancy profession through stricter regulations and higher standards.

 

The Singapore Qualification Programme

The Singapore Qualification Programme (QP) is a new mandatory 3-year accountancy post-graduate qualification programme for students wanting qualify as certified accountants.  After July 2013, the QP is prerequisite for students wanting to become certified accountants.

The programme is a one of the cornerstone objectives of the Singapore Accountancy Commission's (SAC). SAC hopes that the programme will raise the capabilities of the accounting profession as well as open up overseas working opportunities. This is all part of Singapore's drive to transform itself into a leading accountancy hub in the Asia-Pacific region.


ICPAS is now ISCA

To reflect its role as the administrator of the Singapore Qualification Programme (QP), the Institute of Certified Public Accountants of Singapore (ICPAS) has undergone a rebranding and is now known as the Institute of Singapore Chartered Accountants (ISCA).

 

The Deputy Prime Minister Tharman Shanmugaratnam said at the Singapore Accountancy Convention that the Singapore QP was launched in July to widen the source of accounting professionals and the results have been encouraging.

The ISCA will also be the entity to confer the Chartered Accountant of Singapore designation to individuals who complete the QP. The designation will be internationally recognised, as part of the Government's push to develop Singapore into an accountancy hub for the Asia-Pacific by 2020.

 
Corporate Income Tax Rebate for Years of Assessment 2013 to 2015
Friday, 19 July 2013 00:00

 


In an effort to help companies cope with rising business costs, the Minister for Finance announced in Budget 2013 that for the Years of Assessment (YA) 2013, 2014 and 2015, companies will receive a 30% Corporate Income Tax (CIT) Rebate that is subject to a cap of $30,000 per year of assessment.

This CIT rebate will be given to all companies, including Registered Business Trusts, companies that are not tax resident in Singapore and companies that receive income taxed at a concessionary tax rate.  The rebate will not apply to the amount of income derived by a non-resident company that is subject to final withholding tax.

Productivity and Innovation Credit (PIC)

Tax benefits are available from Years of Assessment (YAs) 2011 to 2015 under the Productivity and Innovation Credit (PIC) scheme to small and medium size enterprises. Under this scheme, businesses can continue to enjoy 400% tax deductions/allowances and/or 60% cash payout for investment in innovation and productivity improvements in any of the six qualifying activities:

 

  1. Acquisition and leasing of PIC Information Technology (IT) and Automation Equipment;
  2. Training of employees;
  3. Acquisition and In-licensing of Intellectual Property Rights;
  4. Registration of patents, trademarks, designs and plant varieties;
  5. Research and development activities;
  6. Design projects approved by Design Singapore Council.

For their design projects, businesses have to obtain prior approval from the Design Singapore Council. Approval is not required to claim the tax benefits under PIC for the other five activities.


PIC Bonus

From YAs 2013 to 2015, businesses may also enjoy a PIC Bonus, which is a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/allowances and/or 60% cash payout, subject to an overall cap of $15,000 for all 3 YAs combined. To enjoy the PIC Bonus, businesses must have made a claim for the 400% tax deductions/allowances and/or the PIC cash payout. The PIC Bonus is taxable.

The objective of the PIC Bonus is to help businesses defray rising operating costs such as wages and rentals and encourages businesses to undertake improvements in productivity and innovation. The PIC bonus is determined by the amount of expenditure businesses incur on PIC-qualifying activities.
Businesses eligible for the PIC Bonus are sole-proprietorships, partnerships and companies that have:

  • incurred at least $5,000 in PIC-qualifying expenditure (this refers to the amount net of grant or subsidy by the Government or any statutory board) during the basis period for the YA in which a PIC Bonus is claimed;
  • active business operations in Singapore; and
  • at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions), excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company.
  • incurred at least $5,000 in PIC-qualifying expenditure (this refers to the amount net of grant or subsidy by the Government or any statutory board) during the basis period for the YA in which a PIC Bonus is claimed;
 
First International Survey of Audit Inspection Findings Released
Tuesday, 19 February 2013 03:55

 

Singapore's Accounting and Corporate Regulatory Authority (ACRA) is a member of the 44-member International Forum of Independent Audit Regulators (IFIAR), an organisation comprising audit regulators from around the world which are independent from the audit profession. As a member of IFIAR, ACRA is able compare the findings of its audit inspections with other audit regulators to help ensure that its regulation is of an international standard. The results of the survey will contribute to ACRA’s promotion of audit quality through regulation and engagement with Singapore's auditors.

IFIAR's first global survey of audit inspection findings, which was released on 19 December 2012, summarized issues identified by IFIAR Members located around the world. The survey identified common audit findings among Members in a number of areas. The survey results indicated that the largest number of inspection findings in audits of public companies occurred in the following areas: fair value measurements; internal control testing; and engagement quality control reviews.

In addition, inspections of audits of major financial institutions showed that the largest number of common inspection findings occurred in the following areas: internal control testing, valuation of investments and securities, and audit of allowance for loan losses as well as loan impairments.

The survey results also include four areas that have been discussed by IFIAR with representatives from the six largest audit firm networks since 2010: professional skepticism, group audits, revenue recognition, and the role of the engagement quality control reviewer.

IFIAR Members will continue to inspect the public company audit engagements, including major financial institutions, and work closely with the audit firms in their jurisdictions to improve audit quality. Members also will continue to follow-up with the audit firms to evaluate and monitor the audit firms’ remedial actions in response to their respective inspection findings. In addition, IFIAR will continue to work with the leadership of the six largest international audit firm networks to discuss inspection findings and the firms’ strategies and actions to improve audit quality.

 
M&A Maturity Index
Friday, 17 August 2012 03:38



The M&A Research Centre at Cass Business School and a Big Four accounting firm have published the 2012 M&A Maturity Index and ranked Singapore as the world’s second most attractive market to do mergers and acquisitions (M&A). The research analysed each country's regulatory, political, economic and financial environments, technological capability, socio-economic characteristics, as well as infrastructure and assets.

The index ranked 148 countries on their ability to attract both domestic and cross border M&A deals. The United States has retained the top spot, while the United Kingdom took third place. Out of the top 10 M&A locations globally, Asian countries now make up more than half, with Hong Kong (4th), South Korea (5th), China (9th) and Japan (10th). Other top performers include Malaysia, as well as several countries in the Gulf States. The rankings also reflect Asia as an increasingly "mature" region to conduct global transactions.

The research noted that high rankings do not necessarily connote high M&A volumes. The strongest factors driving M&A volume were technological developments and socio-economic characteristics followed by of economic and financial characteristics.

 

 

 
Singapore tops survey on business regulatory environment
Friday, 18 November 2011 04:20



Once again, Singapore has topped a survey measuring the business regulatory environment in 183 countries. The Doing Business 2012 study by the International Finance Corporation and The World Bank singled out the Republic for the sixth straight year. Singapore outperformed Hong Kong, New Zealand and the United States, which also ranked in the top five.

Read more...
 


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