News and updates – Page 5

January 11, 2018January 11, 2018

FRS 115 Revenue from Contracts with Customers

FRS 115 Revenue from Contracts with Customers was issued on 19 Nov 2014 but the effective date was delayed until 1 Jan 2018. It supersede FRS 11 Construction Contracts and FRS 18 Revenue.

FRS 115: Five-Step Model

FRS 115 applies a five-step model to determine whether a contract falls within its scope, and also the timing and quantum of revenue recognition.

Identifies whether there is a contract with a customer.
Identifies the separate performance obligations.
Determines the transaction price.
Allocates the transaction price to the separate performance obligations.
Recognise revenue when (or as) the entity satisfies a performance obligation.

Continue reading “FRS 115 Revenue from Contracts with Customers”

October 19, 2017March 23, 2018

Financial Reporting Standard – FRS 116 Leases – Examples

The following example is extracted from FRS 116 – Illustrative Examples : Example 13 Continue reading “Financial Reporting Standard – FRS 116 Leases – Examples”

October 19, 2017March 23, 2018

Financial Reporting Standard – FRS 116 Leases

This standard is released on 30 June 2016 and is effective for annual periods beginning on or after 1 January 2019.
This standard removes the concept of operating and finances lease for lessee and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Continue reading “Financial Reporting Standard – FRS 116 Leases”

April 28, 2017July 3, 2018

Singapore Corporate Tax Rate

When is the company taxed

For income earned in the financial year known as the “basis period”, it will be taxed in the following year.

E.g. This means that income earned in the financial year 2016 will be taxed in 2017. Continue reading “Singapore Corporate Tax Rate”

April 28, 2017December 8, 2017

Tax For Dividends

As Singapore adopts a one-tier corporate tax system, there is no tax on dividend income from Singapore resident company. Continue reading “Tax For Dividends”

April 4, 2017December 8, 2017

Register Of Registrable Controllers

With effect from 31 March 2017, companies will be required to maintain beneficial ownership information in the form of a register of registrable controllers, and to make the information available to public agencies upon request. Continue reading “Register Of Registrable Controllers”

March 17, 2017December 8, 2017

Companies (Amendment) Bill

On 10 March 2017, the Parliament of Singapore passed the Companies (Amendment) Bill, which made certain changes to the Companies Act. At KSN, we have decided to highlight certain changes, and have provided a brief summary on how the new legislation will affect your business. Continue reading “Companies (Amendment) Bill”

February 22, 2017December 8, 2017

Budget 2017 – General Changes To Business

Corporate Income Tax Rebate (“CIT”)

Currently, CIT rebate is 50% of tax payable, capped at S$20,000.

For YA2017, the cap on the CIT rebate will be increased from $20,000 to $25,000. The rebate remains unchanged at 50% of tax payable.
For YA2018, the cap on CIT rebate will be reduced to S$10,000. The rebate will be granted at 20% of tax payable. Continue reading “Budget 2017 – General Changes To Business”