Browsing Category

TECHNICAL

85 posts

Practice Review’s Key Findings on Acceptance and Continuance of Client Relationships and Specific Engagements

The following are some of the key findings from practice review related to the audit firm’s implementation of one of the elements of quality control (ISQC 1), which is “client acceptance and continuance relationships”.
  • May 4, 2021
  • 2.9K views

Simplifying the Principles of Attribution of Profits to PE

Most of the tax treaties are developed and concluded between countries based on a treaty framework published by international organisations such as the Organisation for Economic Co-operation and Development (“OECD”) and United Nations (“UN”), among others.
  • April 21, 2021
  • 1.9K views

MFRS 3: Purchase Price Allocation in a Business Combination

The article provides an overview on the practical aspects of purchase price allocation (PPA) including how fair values of intangible assets and goodwill are ascertained on a business combination event under MFRS 3.
  • March 10, 2021
  • 6.2K views

Financial Reporting Disclosures: Driving Compliance Towards Better Communication in Financial Reporting

In providing guidance to members on good financial reporting, the Financial Statements Review Committee (FSRC or the Committee) wishes to highlight common deficiencies arising from the review of financial statements of public listed entities for the review period from July 2019 to June 2020.
  • March 4, 2021
  • 1.8K views

Transfer Pricing Guidance on COVID-19 Impact – Part 2

This article is a continuation of Part 1 covering guidance on the transfer pricing implications of the COVID-19 pandemic (the Guidance Note) issued by the Organisation for Economic Cooperation and Development (OECD).
  • March 2, 2021
  • 1.9K views

Transfer Pricing Guidance on COVID-19 Impact – Part 1

On 18 December 2020, the Organisation for Economic Cooperation and Development (OECD) issued a guidance note on the transfer pricing implications of the COVID-19 pandemic (the Guidance Note).
  • February 2, 2021
  • 3.1K views

Advance Pricing Agreement (APA): Ensuring Certainty in Uncertain Times

Transfer Pricing (TP) risk has never been as high for MNEs as it is today due to additional reporting requirements and exchange of information emanating from Base Erosion and Profit Shifting (BEPS) action plans issued by the Organisation for Economic Co-operation and Development (OECD).
  • December 23, 2020
  • 1.6K views

Plugging the Gaps in the Audit of Biological Assets

Auditors are expected to exercise a high degree of vigilance when conducting the audit of biological assets, an area where subjectivity, judgements and estimates abound.
  • November 16, 2020
  • 10.4K views

Updates on International Tax Developments: Global Financial Centres

How BEPS and BEPS 2.0 – digital economy is affecting global financial centres including Labuan IBFC
  • November 10, 2020
  • 1.2K views

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.
  • September 17, 2020
  • 2.6K views