Most of the real errors in Singapore financial statements aren’t arithmetic mistakes. The numbers usually tie out fine. They’re framework and disclosure errors: using the wrong set of rules, or leaving out something the rules require even though it doesn’t affect the bottom line. 1) Using the wrong reporting framework. Singapore has two tiers: full…
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If you’re new to accounting or just starting your career in finance, you might have heard people talking about IFRS 18. It sounds technical, right? But don’t worry, we’re going to explain what it is, why it matters, and what Singapore companies need to do about it, in plain English. Why Did They Introduce IFRS…
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Bookkeeping problems rarely show up as one big error. They build up slowly from small habits and the business owner usually doesn’t find out until year-end closing, a bank loan application, or an IRAS query forces someone to look closely at the books. Here are the ones we see most often, and what actually fixes…
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GST filing has a reputation for being mechanical, pull the numbers, submit the F5, done. Most of the real errors happen specifically because it’s treated that way, since several common mistakes are about what shouldn’t be claimed, not what wasn’t entered correctly. Claiming input tax on disallowed expenses. Not every GST paid on a business…
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Getting Your Documents Certified in Singapore Doesn’t Have to Be Complicated If you’ve ever had to open a bank account, apply for a visa, or submit documents to a government agency, you’ve probably come across the term “Certified True Copy” or CTC for short. It sounds formal and intimidating, but it really isn’t. At its…
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New requirements under the Corporate Registers On 4 October 2022, Singapore Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements for strengthening its corporate governance regime supporting Singapore’s commitment to combating money laundering, terrorism financing, and other threats to financial system integrity. These updates were made following the passage of the Corporate Registers (Miscellaneous Amendments)…
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Cloud Accounting Gives You Real-time Data About Your Business As an entrepreneur, it is natural that you always want to reap success after success with your business. With that, you want to have access to the financials real-time to make better business decisions. And, you must read on to understand the Cloud Accounting Services for…
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Things You Should Know about Singapore Financial Reporting Standards (SFRS) As a business owner in Singapore, you know that accounting for your business transactions must be precise. However, you might not understand why accounting standards are such a huge deal. Only if you are the only individual seeing your business accounts, then they wouldn’t be.…
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According to the Singapore Companies Act (Chapter 50), all Private Limited Company should have at least one shareholder. The shareholder can be an individual or a corporation. A shareholder needs to be a Singapore citizen, permanent resident (PR), employment pass (EP) holder or dependent pass (DP) holder. Once the company is incorporated, to secure the corporate…
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