Thomas Tsang
Impairment test under US GAAP
Under US GAAP, the carrying amount of the assets is compared to the undiscounted future cash flow of the assets generated. If the amount...
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Thomas Tsang
- May 29
- 1 min
Discount on enterprise value
When apply discount on lack of marketability (DLOM) and lack of control (DLOC) on enterprise value (EV), it is a multiple of EV x...
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Thomas Tsang
- Jan 29
- 1 min
Equity instrument
In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost...
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Thomas Tsang
- Mar 28, 2022
- 1 min
Budget cost in contract using input method
In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project...
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Thomas Tsang
- Nov 30, 2021
- 1 min
Change in PPE from cost model to revaluation model
For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year...
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Thomas Tsang
- Oct 11, 2021
- 1 min
Financial assets classified from current to non-current
When receivables classified from current to non-current, it needs to be measured at fair value upon reclassification. The different will...
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Thomas Tsang
- Sep 18, 2021
- 1 min
ESOS
For start up company, issue of Employee Share Option Scheme (ESOS) is a common remuneration package to employee. For accounting purpose,...
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Thomas Tsang
- Jul 20, 2021
- 1 min
Revenue recognise over time
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...
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Thomas Tsang
- Jul 13, 2021
- 1 min
Subsequent event for next financial year
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...
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Thomas Tsang
- Jun 11, 2021
- 1 min
Accounting for equity instruments
When there is an investment in equity instrument, it is required to measure it subsequently at fair value per FRS109. It is also required...
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Thomas Tsang
- May 13, 2021
- 1 min
Completeness of FX gain in money changer or payment service
In the money changing and payment services provider, the completeness in FX gain is always a challenge to auditor. We have to rely on...
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Thomas Tsang
- May 1, 2021
- 1 min
Accounting is crucial
Company’s directors always misunderstood that audit is more important than proper accounting. Auditor will fix everything for the...
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Thomas Tsang
- Apr 24, 2021
- 1 min
Completeness and cut off
Completeness assertion is transaction should have been recorded have been recorded. We need to ascertain transaction happened have been...
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Thomas Tsang
- Apr 16, 2021
- 1 min
Remeasurement of lease
When lease is remeasured due to expected increase in lease payment, the lease liability is remeasured based on new lease payment without...
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Thomas Tsang
- Apr 10, 2021
- 1 min
Non compliance with laws and regulations
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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Thomas Tsang
- Mar 21, 2021
- 1 min
Accountant’s report for solicitor
Accountant’s report is required on client account when the solicitor renew his license. The audit of client account must follow the...
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Thomas Tsang
- Feb 27, 2021
- 1 min
New ACRA Code
The new Accountants Act effective on 1 March 2021. One area regarding Tax calculations for the purpose of preparing accounting entrie....
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Thomas Tsang
- Feb 21, 2021
- 1 min
Forecast
To prepare a forecast must be realistic and achievable. The assumptions need to be supported by factual information such as historical...
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Thomas Tsang
- Feb 12, 2021
- 1 min
Chinese New Year
Wishing all a prosperous year of Ox. Plan ahead, you can control towards success.
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