A statutory audit is a legally mandated examination of a company's financial statements conducted by an independent auditor. Its purpose is to ensure that financial statements present a true and fair view in accordance with applicable accounting standards, while enhancing transparency and corporate governance.

For years, one of the most common criticisms of financial reporting was that it allowed a fundamental piece of a company's financial obligations to remain hidden. A business could have significant, unavoidable rental commitments for offices, ships, or machinery, and yet a user of its financial statements might never see these liabilities on its balance sheet. This all changed with the introduction of FRS 116 Leases.

Generally, a GST-registered business is required to account for output tax based on the consideration it receives when selling its business assets (including disposal of or transfer of asset to another party with consideration received). Similarly, the GST-registered business is also required to account for output tax when it disposes of, transfers or gives away its business assets for free and these assets still have market value, unless the cost of the asset is not more than $200 or no credit for input tax was allowed on the purchase/import of the assets.

InvoiceNow is the nationwide e-invoicing network based on an international standard called “Peppol”. It was introduced by the Infocomm Media Development Authority (“IMDA”) in 2019. InvoiceNow enables businesses to easily send and receive invoices in a structured digital format. This digital invoicing method reduces the need for manual processing and recording of invoices in accounting systems, which helps businesses avoid tedious work and errors.

Under Singapore tax law, the tax residency of a company is determined by where the business is controlled and managed. The residency status of a company may change from year to year. Generally, a company is considered a Singapore tax resident for a particular Year of Assessment (YA) if the control and management of its business was exercised in Singapore in the preceding calendar year.

In today's increasingly digital business environment, regulatory compliance and efficient financial reporting are more important than ever. In Singapore, one significant step in this direction is the adoption of XBRL (eXtensible Business Reporting Language) for corporate financial statements submitted to the Accounting and Corporate Regulatory Authority (ACRA).

The Singapore Budget is the country’s fiscal plan for the current financial year that is planned with Singapore’s current and future needs in mind. 2025 marks Singapore’s 60th years of independence. Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered his Budget 2025 speech on 18 Feb 2025.

The Regional Comprehensive Economic Partnership (RCEP) is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.

Minister for Finance of Singapore delivered the Budget Statement for Budget 2022 on February 2022 in Parliament. According to the statement, the key contents of the Budget 2022 include:Increase of Goods and Services Tax Rate, Increase of Personal Income Tax Rate, Increase of Property Tax Rate, Raise of Minimum Salary for EP and SP.

The CPF contributions are allocated to the Ordinary, Special and Medisave Accounts based on the ratio of contributions shown in Tables 1 to 7. Contributions are first allocated to the Medisave Account, followed by the Special Account. The balance is then allocated to the Ordinary Account.