Thomas Tsang
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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Thomas Tsang
- Feb 8, 2021
- 1 min
Digitalisation
Digitalisation is to apply the technology to automate the process instead of manual. This can help to improve the efficiency and...
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Thomas Tsang
- Feb 3, 2021
- 1 min
Consolidation
When a holding company with a subsidiary or subsidiaries, it needs to prepare consolidation and issue consolidated financial statements...
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Thomas Tsang
- Jan 30, 2021
- 1 min
Data analytics
In accounting, there are vast accounting data. Most of the company thought that accounting data just used for prepare historical...
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Thomas Tsang
- Jan 21, 2021
- 1 min
Issued share capital filing
In Singapore, a company can file issued capital amount and with capital not paid yet. So just file paid amount as zero. The Bizfile...
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Thomas Tsang
- Jan 14, 2021
- 1 min
Share capital of company in Singapore
For company incorporated in Singapore with limited liabilities in share, the shares issue must be paid up if the terms determined as such....
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Thomas Tsang
- Dec 24, 2020
- 1 min
Design of audit procedure
The systematic way to design audit procedure should start from assertions. We need set what assertion to ascertain. The steps are: 1)...
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Thomas Tsang
- Dec 12, 2020
- 1 min
Nominal amount in valuation
Nominal amount means amount without taking into account of inflation in forecast. Then, in discount rate also not add the inflation...
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Thomas Tsang
- Dec 6, 2020
- 1 min
Enterprise value
Enterprise value is the market capitalisation of ordinary shares plus preferred shares and debts minus cash and cash equivalent. It is...
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Thomas Tsang
- Dec 3, 2020
- 1 min
Audit of related party balance
In auditing related party balances or transaction, to substantiate the transaction is vital procedures. Although confirmation is a...
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Thomas Tsang
- Nov 25, 2020
- 1 min
Audit planning
Audit planning is a key process to identify the risk area, then we can analyse it in term of accounting problem, audit execution problem,...
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Thomas Tsang
- Nov 15, 2020
- 1 min
Construction contract audit
The key area in audit of construction contract is the measurement of percentage of completion for recognition of Revenue over time. The...
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Thomas Tsang
- Oct 15, 2020
- 1 min
Unadjusted error in audit
When considering unadjusted error in audit, we need to take into account last year unadjusTed error into current year. The unadjusted...
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Thomas Tsang
- Oct 3, 2020
- 1 min
Valuation
The objective of business valuation is to identify the hidden value behind the the success of the business. It is about to identify the...
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Thomas Tsang
- Sep 28, 2020
- 1 min
Audit technique in disposal of PPE
There may be the situation the company disposal its PPE to a related company and then onward sell to a third party. The disposal will be...
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Thomas Tsang
- Sep 17, 2020
- 2 min
Accounting for gain/loss on restructuring under common control
In a restructuring under common control, the investment in subsidiary is usually transferred at its cost of investment by way of new...
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