Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies

Dubai Weather – What You Should Know Before Traveling to Dubai

Dubai weather can be summed up in one word: "hot". It should come as no surprise though: Dubai is situated right at the edge of the middle east over a vast expanse of desert. Its abundance to the sea does not help the weather at all and only adds to the already excruciating humidity. In this article, we will explore Dubai weather and tell you which seasons are the best to visit Dubai.

For visitors coming in from colder climates, the best time to come to Dubai is between November and March, when it is the so called "winter" season here. During this season, the days are sunny and warm. In fact, most people end up falling absolutely in love with the Dubai weather during this season – there's plenty of sunlight, ample sand, and it seldom becomes unbearably hot. In terms of absolute temperature, it hovers around 23-25 ​​degrees Celsius during this time – a quite agreeable temperature for most people. The nights, however, are much cooler, bordering on chilly.

The summers are when the Dubai heat truly shows its colors. Temperatures routinely soar above 40 degrees (Celsius). The further you travel away from the sea, the hotter it becomes. The interior parts of Dubai are absolutely unbearable during the summers. If Dubai were not such a modern, air-conditioned city, it would've looked like a ghost town in the summers.

Of course, summer in Dubai does not mean that you have the luxury of walking around in shorts and spaghetti tops. Remember that Dubai, despite being a very modern city, is still very conservative. When you are here, please respect the local culture by dressing up more modestly, even in the summers.

Whether you are traveling to Dubai in the summers or the winters, you must take care to avoid a heatstroke or a sunburn. Keep yourself hydrated at all times and wear a strong sunscreen whenever you go out. If possible, avoid going out in the daytime.

The perks of visiting Dubai in the summer are cheaper rates at all hotels and resorts. This is the off-peak season and you will find some great deals everywhere. If you are a cost conscious traveler who can bear the heat, the summer might be a good time to visit this city-state.

Finally, remember that Dubai is air-conditioned almost everywhere. The people here like to turn up the air-conditioning. A traveler unaccustomed to the air-conditioning here can easily catch a cold. Therefore, always carry a jacket or sweatshirt with you, particularly if you are going to be inside an enclosed, air-conditioned space for a long time.

Cross Pens Make Outstanding Gifts

If you need a special gift for a special occasion, birthday, graduation or special holiday gift; consider the gift of a Cross Pen.

It can be hard to find a good gift for a graduate. A Cross Pen will make an outstanding gift for the graduate that is just going forth into the professional world. First impressions are everything on job interviews and when networking. Having a really nice pen to take down important names, numbers or notes just looks more professional than a leaking, blotting cheap pen.

You can further personalize your gift of a Cross Pen by having it engraved. People tend to keep specially engraved gifts for years upon years. Cross pens can be refilled and used again and again so the engraved gift you give will be useful forever to your pen recipient.

If you need a special gift for your Dad for Father’s Day, consider a Cross Pen with a special message. If your father has retired, the pen will still come in useful for jotting down notes, signing necessary documents and even just writing checks to pay the bills. Choose a humorous saying that means something between you, a simple “I Love You” or his initials will all make great engravings for the pen.

Along with an engraved Cross Pen, you can make the gift complete with either a personalized portfolio to hold appointments (written with a Cross Pen of course); and add in a leather Cross Pen holder for the person that travels or is on the go. The holder fits right into a carry on bag, suit pocket or purse and keeps their Cross Pen neatly tucked away until it is needed.

Cross Pens are constructed to be high quality, non-leaking and always deliver a clean line. This attention to detail in their design has made Cross Pens one of the most recognized names for fine writing instruments around the globe. An engraved pen is an outstanding gift for your groomsmen or bridesmaids. You can have the special date you all celebrated together engraved on the pen and give each of your wedding attendants a special pen as a memento of their participation in your special day.

If you’ve been searching for a good gift and you want to get a special someone a gift that they can use for years to come, consider a personalized Cross Pen that lets them know that they are special to you and they are often in your thoughts, even when they don’t see you face to face.

How to Play All Video Files by The Pioneer AVH P4200DVD

When buying a Pioneer AVH P4200DVD, you suppose you can watch all format video in this DVD player. But after installed onto your vehicle, you know if you can play a DivX format video only. So, what can you do?

Don’t waste your time by whining and complaint. The firstly you must do is dig deeper information about all video formats out there. Furthermore focusing your effort on how to make them run into the DVD player. Lets go.

DivX
DivX is a video codec released by DivX in 2001 and extracted since 1998 by French hacker Jerome Rota at Montpellier. The DivX is distinct from DIVX or Digital Video Express. The last stable version is 7 and released in 2009. Then in September 2010, the DivX Plus Web Player (beta version) were introduced. In HTML5 video format, this version support for embedding video codec format others like DivX, AVI, MKV, MP4 and MOV video. Additional file format container also support for H264 video in MP4 or MOV.

AVI
AVI or audio video interleaved is a multimedia container format produced by Microsoft as part of its video for Windows technology in November 1992. Recently the original AVI specification could not anticipating the fastest growing of new computer video techniques. This format have several problems within like cannot contain some specific types of VBR data reliably, does not provide a standardized way to encode aspect ratio information, and not intended to contain variable frame rate material.

Matroska
Matroska or The Matroska Multimedia Container (filename extension is MKV for video, MKA for audio, and MKS for subtitle) is an open standard free container format that early created in December 2002. Google in 2010 sponsored to development WebM, a multimedia container format that would be based on a profile of the Matroska by VP8 format in video and Vorbis in audio. This means a Matroska will be bigger and important than today.

QuickTime
QuickTime File Format (filename extension is MOV) is an extensible proprietary multimedia framework produced by Apple Inc. MOV capable to handle several formats of sound, picture, digital video, panoramic images and interactivity. QuickTime is integrated with MacOS X and downloadable for Windows as a standalone installation.

The four is a famous of video format and else many others available out there. But the problem about DVD player in AVH P4200 is it is only suitable with a DivX file. So, what can you do if you owned a MKV or MOV file?

You have three options. First, do not buy a AVH P4200 and find out car video others which supported your files. Second, do not watch your movies which cannot played by this Pioneer. Third, convert your files to DivX format. This is a best choice.

So, how to convert a MKV or AVI file to DivX format? Find out a video converter software. Don’t worry, many free version software downloadable out there, one of them is DivX Plus Converter. Pick up one movie file to convert as sample and play onto your AVH P4200. If you are satisfied with the convert result, you can convert more files. But free version of the DivX Plus Converter and DivX Plus Codec Pack available only for 15 days. After that you can purchase a Pro version and get a 30-day money-back guarantee.

By DivX Pro version, you can create a DivX file by unlock the pro features. You can easily convert MKV, WMV, AVI, MOV and MP4 files to DivX. You can create DivX file in your favorite video application like VirtualDub or Sony Vegas. You can also use pre-set profiles to make high-quality DivX videos for DivX HD, DivX home theater, or DivX wireless devices.

You can keep the new files into a USB flash drive or burn into a blank DVD. After that connected the file in the media to the AVH P4200 DVD player. And voila, you can watch the action of Megan Fox or enjoy the performance of Justin Bieber.