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TECHNICAL

102 posts

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
  • 2.7K 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
  • 2.4K 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
  • 3.6K 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
  • 2.5K 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
  • 13.4K 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
  • 1.6K 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
  • 3.3K views

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.
  • July 10, 2020
  • 3.6K views

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).
  • July 3, 2020
  • 7.6K views

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.
  • July 3, 2020
  • 2.3K views