As business landscapes and consumer behaviors evolve, financial reporting follows suit. With the introduction of the Financial Reporting Standards (FRS) 118: Presentation and Disclosure in Financial Statements, businesses in Singapore will have to rethink how they present and communicate their financial performance in a transparent and consistent manner to boost investor and stakeholder confidence. While the new reporting standard does not change transaction recognition, it significantly altered how financial transactions are structured and disclosed. For business owners, finance leaders, auditors, and…
Read MoreThe Institute of Internal Auditors (IIA) unveiled its updated Global Internal Audit Standards on 9 January 2024, offering a modernised and comprehensive framework designed to enhance internal audit functions and foster positive organisational change. Adopting these new standards allows organisations to adapt to the fast-paced evolution of business environments, technological innovations, and emerging risks. Effective 9 January 2025, this new standard will replace the 2017 International Standards for the Professional Practice of Internal Auditing (ISPPIA). The 2017 standards remain…
Read MoreSingapore Budget 2024: Insights and Support Measures for the Year and Beyond Budget 2024 is all encompassing as it tackles immediate uncertainties in the economic outlook, inflation, rising business costs and cost of living. The Budget aims to be inclusive, pro-business, pro-Singaporeans and thrust Singapore forward against a competitive global landscape whilst remaining socially cohesive. A. Tax Changes For Businesses 1. Corporate Income Tax (CIT) Rebate All companies (including registered business trusts and variable…
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