On 1 January 2018, FRS 109 Financial Instruments, which replaces FRS 39 Financial Instruments: Recognition & Measurement, came into effect. Previously, we addressed the accounting treatment of the new standard and how it changes the way companies account for financial instruments. In this blog post, we discuss the tax treatment of financial instruments.
"Operation Car Wash” is the name of an operation currently being carried out by Brazilian authorities. What started as a money laundering investigation involving petrol kiosks has ballooned, dragging in foreign organisations and other countries. This has resulted in what is believed to be the largest corruption scandal in the world. It has uncovered illegal payments in excess of US$5 billion paid to company executives and political parties thus far.
There has been much talk surrounding the impending GST hike following the recent Budget 2018 announcement. In his speech, Finance Minister Heng Swee Keat revealed the government’s plans to raise GST by two percentage points, from 7% to 9% between 2021 to 2025, with the exact timing dependent on the economy’s performance, expenditure growth, and sustainability of existing taxes.
For improved accountability, the Code of Governance for Charities and Institutions of a Public Character (IPC) aims to set out principles and best practices in governance and transparency of charities in Singapore. Charities and IPCs should apply the refined Code for financial year commencing from 1 January 2018.
Malaysia’s recent budget, announced on 27 Oct 2017, proposes to be an expansionary one with the private sector remaining as the key driver of growth in 2018. We highlight the announced incentives for corporate tax, GST and stamp duty.
FRS 109 Financial Instruments became effective on 1 Jan 2018, replacing FRS 39 Financial Instruments: Recognition and Measurementas accounting standards for financial instruments.
On the corporate front, green is the new black. Companies from every industry – from manufacturing to communications, to even oil & gas – are jumping onto the ‘green’ bandwagon.
Thailand reinforced its commitment to the Automatic Exchange of Information (AEOI) by formally joining the Global Forum on Transparency and Exchange of Information for Tax Purposes in January 2017.
Previously, we discussed the impact of FRS 115 on trading companies. In this blog post, we take a closer look at the new revenue standard's impact on the construction sector.
Accounting standards for construction company projects are being revised, with the existing
FRS 11 Construction Contracts and FRS 18 Revenue replaced with FRS 115 Revenue from Contracts with Customers.