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Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...

In Singapore FRS 36, paragraph 96 ”The annual impairment test for a cash-generating unit to which goodwill has been allocated may be...

When there was a judgement made in prior year without concrete evidence of support. The audit should have qualified it. When in...

Under US GAAP, the carrying amount of the assets is compared to the undiscounted future cash flow of the assets generated. If the amount...

When apply discount on lack of marketability (DLOM) and lack of control (DLOC) on enterprise value (EV), it is a multiple of EV x...

In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost...

In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project...

For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year...

When receivables classified from current to non-current, it needs to be measured at fair value upon reclassification. The different will...

For start up company, issue of Employee Share Option Scheme (ESOS) is a common remuneration package to employee. For accounting purpose,...

Per FRS115, para 35, there are 3 criteria for revenue should be recognised over time if one of the criteria is met as mentioned in 35...

In the case when we issue a financial statements on a date after the next financial year end. There may be an event happened after the...

When there is an investment in equity instrument, it is required to measure it subsequently at fair value per FRS109. It is also required...

In the money changing and payment services provider, the completeness in FX gain is always a challenge to auditor. We have to rely on...

Company’s directors always misunderstood that audit is more important than proper accounting. Auditor will fix everything for the...

Completeness assertion is transaction should have been recorded have been recorded. We need to ascertain transaction happened have been...

When lease is remeasured due to expected increase in lease payment, the lease liability is remeasured based on new lease payment without...

The new ACRA code of conduct and ethics effective 1 Mar 2021. Section 360 - Responding to non-compliance with laws and regulations When...

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Accountant’s report is required on client account when the solicitor renew his license. The audit of client account must follow the...