News & Articles
Amendments to Appendices 1 and 4 of AGS 1
The amendments to Appendices 1 and 4 of AGS 1 are effective for periods ending on or after 15 December 2016.
Read MoreTransfer Pricing Administration - Reporting of Related Party Transactions
From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the submission of Form C. The RPT data will help IRAS in assessing transfer pricing risks and selecting appropriate cases for transfer pricing consultation.
Read MoreSSA 810 (Revised), Engagements to Report on Summary Financial Statements
Singapore Standard on Auditing (SSA) 810 (Revised), Engagements to Report on Summary Financial Statements deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with SSAs by that same auditor. The revised standard is based on the International Standard on Auditing (ISA) 810 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB) and is effective for engagements to report on summary financial statements for periods ending on or after 15 December 2016, in line with the effective date of the new and revised auditor reporting standards.
Read MoreIAASB Amends Standards to Enhance Auditor Focus on Non-Compliance with Laws and Regulations
The International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 250 (Revised)and conforming amendments to other International Standards, which respond to new requirements in the International Ethics Standards Board for Accountants (IESBA)’s Code of Ethics for Professional Accountants addressing non-compliance with laws and regulations (NOCLAR). The revisions enable the IAASB’s International Standards to continue to be applied effectively alongside the IESBA Code, and clarify and emphasize key aspects of the IESBA Code in the IAASB’s Standards.
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