Thomas Tsang
Restructuring of companies under common control
In group restructuring under common control, the investments costs usually by way of new issue of shares in consideration for the issued...
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Thomas Tsang
- Sep 1, 2020
- 1 min
Miss the woods for the trees
Woods means a small land and trees is forest the sense is missing the big picture by concentrating on the details.
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Thomas Tsang
- Aug 30, 2020
- 1 min
Valuation of business
In valuing a business or business interest, the most frequently used approaches are market approach or income approach. Cost approach is...
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Thomas Tsang
- Aug 21, 2020
- 1 min
Covid 19 audit matter
Covid 19 still evolving and uncertainty in future. It will affect most of the companies in the world. In preparing the financial...
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Thomas Tsang
- Aug 2, 2020
- 1 min
Non-consolidation of significant subsidiary
For non-consolidation of significant subsidiary is a non-compliance of accounting standard SFRS110. Non-compliance of SFRS is an evident...
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Thomas Tsang
- Jul 21, 2020
- 1 min
Translation for foreign operation
When translating foreign operation into the presentation currency of the group, the assets and liabilities are translated at year end...
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Thomas Tsang
- Jul 2, 2020
- 1 min
Is hire purchase a finance lease
FRS116 requires finance lease under FRS17 to classify as Right-of-use assets and lease liability on adoption from 1 Jan 2019. The main...
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Thomas Tsang
- Jun 23, 2020
- 1 min
FRS116 borrowing rate
The incremental borrowing rate is defined in FRS116. It is not the borrowing rate of the company. So the challenge is how to get the...
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Thomas Tsang
- Jun 21, 2020
- 1 min
Circuit breaker
The COVID-19 and circuit breaker in Singapore is a subsequent event for company with financial year ended 31 Dec 2019, or a mixture of...
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Thomas Tsang
- Jun 1, 2020
- 1 min
Going concern assessment
Per SSA 570(revised), we should assess the period same as management assessment at least, but not limited to, 12 months from the date of...
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Thomas Tsang
- May 17, 2020
- 1 min
Pay attention to work
You must be passionate to your work. Then, you will pay attention to do your work with your heart. You are not just to complete the work.
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Thomas Tsang
- May 3, 2020
- 1 min
Team spirit
Audit engagement is team work. Each of the team members play his role and is important to the successful completion of the audit...
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Thomas Tsang
- Apr 12, 2020
- 1 min
Business valuation for start up
For start up, they need seed funds to develop their new ideas into a successful business. The key is how much would you new idea worth. ...
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Thomas Tsang
- Mar 26, 2020
- 1 min
Understanding the business
When performing the audit or other advisory work, it is important to understand the business. It enable you to anticipate the key areas...
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Thomas Tsang
- Mar 19, 2020
- 1 min
Understanding the business in audit
In an audit process, understand the company’s business is utmost important. It is because only when you know the business, you will know...
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Thomas Tsang
- Mar 12, 2020
- 1 min
FRS116 new application
In the initial application of FRS116. There are two way to recognize right of use assets under adjustment to opening balance 1 it is to...
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Thomas Tsang
- Feb 21, 2020
- 1 min
Right of use assets
FRS116 is started to compute from 1 Jan 2019 with remaining lease term more than 12 months take into account of option to renew.
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Thomas Tsang
- Feb 15, 2020
- 1 min
Expected credit loss
For trade receivable, we apply simplified approach to estimate the ECL rate. We would know the total doubtful debts for the total sales...
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Thomas Tsang
- Feb 7, 2020
- 1 min
FRS116 computation
The present value of the lease liabilities is the remaining operating lease payments and discounted to present value to date of initial...
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Thomas Tsang
- Jan 28, 2020
- 1 min
Estimate the error
When we know there is an error of material misstate of a particular assertion, such as cut off in revenue, we should design a procedure...
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