Industry Roundup: Important Updates and Reminders

 

The global economy is rocked by waves of uncertainties. The International Monetary Fund (IMF) has generated a forecast for global growth to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. True enough, businesses across industries grapple with steep debt interest rates, rising operation costs, and competition woes. Amidst these challenges, how can you remain adaptive and competitive?

Find a summary of valuable industry updates in this article along with expert commentaries that can equip you with the knowledge and outlook to drive your business towards success.

 

Industry Roundup

Employment Pass Eligibility

Singapore’s Ministry of Manpower (MOM) will progressively implement changes to the Employment Pass (EP) eligibility framework and requirements in the coming years. In line with this, businesses can expect a higher compatibility rate among foreign talents who will join Singapore’s workforce in subsequent times and the need to match the Ministry’s requirements.

The changes cover a two-stage eligibility framework as highlighted below.

International Auditing and Assurance Standards Board (IAASB) Ongoing Projects

The International Auditing and Assurance Standards Board (IAASB) has several ongoing projects focused on improving the quality and delivery of the practice aligned with the rapidly changing business landscape, technological revolution, and the need for sustainability reporting. Below is a preview of the ongoing projects. Access the full details in this link.

 

 

All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current, and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents of this document.