Changes on statutory requirements for Annual General Meetings (AGM) and the filing of Annual Returns (AR).
The following legislative changes in relation to the AGM and filing of ARs will take effect from 31 August 2018.
This is part of on-going efforts to keep Singapore business friendly and competitive as well as to reduce the regulatory burden of companies.
Congratulations to two members of the Helmi Talib & Co family who emerged the TOP 10 students in the Singapore Chartered Accountant Qualification (SCAQ) JUNE 2018 examinations!
Helmi Talib & Co is all about delivering a responsive quality service.
Accounting firms are abound in Singapore because of its reputation as an established global business hub. Whilst all accounting firms aim to assist companies with focussing on their bigger goals and strategies, there are those that particularly deliver a professional service that sets them apart from the rest.
On 31 March 2017, several revisions were made to Singapore’s Companies Act (Cap.50). The purpose of these amendments is to keep Singapore’s corporate regulatory regime robust and to reflect ongoing efforts by the government to support Singapore’s growth as a global hub for business and investors.
Update 1: Changes to requirements for locally incorporated companies and foreign companies registered in Singapore – when it comes to maintaining registers of controllers at prescribed places
From YA2018, companies are required to complete a “Form for reporting of related party transactions” (RPT Form) as part of the corporate income tax return (Form C) submission if the value of RPT in the audited accounts for YA 2018 exceeds S$15m.
The value of RPT is the sum total of
all RPT (local and cross-border) reported in the income statement, excluding compensation paid to key management personnel and dividends and
year-end balances of loans and non-trade amounts due to or from all related parties.
In 2014, the International Accounting Standards Board (IASB) issued IFRS 9 Financial Instruments to replace IAS 39 Financial Instruments: Recognition and Measurement, which was subsequently issued by the Singapore Accounting Standards Council (ASC) as Financial Reporting Standards (FRS) 109 Financial Instruments. This standard introduces an expected credit loss (ECL) impairment approach that eliminate the threshold that was in IAS 39. FRS 109 applies for annual periods beginning on or after 1 January 2018.