The Retirement of LIBOR
The end of LIBOR is certain, and this has wide implications on financial instruments, including disclosures in financial statements where firms have LIBOR exposure. Some clarity will be given here as to why an orderly and timely transition to a new benchmark rate cannot be delayed much longer.
COVID-19 – Business Realignment and Tax Considerations
Businesses are scrambling to re-evaluate their strategies in the wake of the COVID-19 crisis, and this includes assessing the impacts of direct and indirect taxes of current operations as well as new strategies.
The Impact of the IFRIC Agenda Decision on Over Time Transfer of Constructed Good (IAS 23 Borrowing Costs)
In March 2019, the IFRS Interpretations Committee (IFRIC) issued an Agenda Decision on IAS 23 Borrowing Costs relating to capitalisation of borrowing costs in relation to the construction of a residential multi-unit real estate development (building).
Relevance of Force Majeure in Transfer Pricing Amidst Current Turbulence
Given the scale of disruption caused by COVID-19, many businesses are posed with a serious risk of dislocation of their supply chains and inability to meet business obligations, resulting in potential breach of legal contracts.
COVID-19 – Revised Deadlines for Annual Report Submissions and Key Challenges in Financial Reporting for Listed Companies
The COVID-19 pandemic and the Movement Control Order (MCO) have affected how businesses operate. In this ‘new normal’, businesses need to strategise and adapt quickly to survive and sustain their operations.
Contemporary Issues in Applying International Financial Reporting Standards
Highly experienced IFRS instructor Danny Tan recently helmed an MIA webinar on Contemporary Issues in Applying International Financial Reporting Standards.
Guidelines on Submission of Working Papers to the Practice Review Department
Advancements in technology and its common availability has led to profound changes in the way audit is being performed, with the majority of audit firms either taking the initiative or being pushed to evolve to embrace new ways of auditing such as data analytics, which has enabled the processing of huge amount of data in an efficient way.
Key Considerations of the Use of Technology during the Observation of Physical Inventory Counting
The outbreak of COVID-19 has certainly accelerated the use of technology in many organisations, including among auditors.
Guidelines on Requesting Extension for Practice Review Deadlines
In the process of practice review, the Practice Review Department (PRD) has encountered many instances where the audit firm (AF) selected for review tends to defer the submission of documents to the PRD without first obtaining approval from the PRD.
The Financial Reporting Implications of COVID-19
The COVID-19 pandemic crisis and its economic effects mean that investors and other stakeholders need high-quality financial information more than ever.
MIA NEWS
