In accounting, goodwill is an intangible asset that represents the excess of the purchase price paid for a company over the fair market value of its net identifiable assets (such as tangible assets, liabilities, and intangible assets like patents or trademarks). Goodwill can arise from various factors, including a company's reputation, brand name, customer relationships, [...]
Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]
The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]
If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]
The Singapore Financial Reporting Standard (FRS) sets the accounting standards for companies in Singapore, and outlines the requirements for the preparation and presentation of financial statements. Some key features of the Singapore FRS include: Compliance with International Financial Reporting Standards (IFRS): The Singapore FRS is largely based on IFRS, and companies in Singapore must comply [...]
We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]
Corporate tax filing season is here! The corporate tax deadline for the year of assessment 2022 (YA2022) is on the 30th of November 2022. YA 2022 is for all financial periods which ended in 2021. For example, if the financial period is from 1st April 2020 to 31st March 2021, the financial period ended in [...]
Do note that the NOR scheme has ceased. The last NOR status granted will run/ be valid from YA 2020 to YA 2024. Tax concessions under the NOR scheme: To qualify, you will need to be: A tax resident in the respective YA Fulfill the qualifying conditions Qualifying conditions: Be a non-resident in [...]
There are 4 main types of CPF contributions. Some are taxable and some are not. Compulsory CPF Contributions relating to employment in Singapore. [Not taxable] This refers to the CPF contributions that the employer will make to the employee's CPF account when typically issuing monthly salary. Example: Employee's salary: $3000 Employee's age: below 55 years [...]
If the payments for the director are based on a contract of service, then the directors would be considered as employees and they would be engaged under a contract of service. However, if the directors' fees were voted and approved by the shareholders at a general meeting, then these payments would not be subject to [...]