We are required to apply simplified approach to measure the expected credit loss on lifetime basis. It can be estimated based on historical information. If the company is not able to compile with the Singapore Financial Reporting Standards 109, its financial statement may be qualified by the auditor.
In accordance with SFRS109, investment in equity instruments must be subsequently measured at fair value. In limited circumstances, cost represents the best estimate when recent information not avail
In contract revenue to recognise using input method, one of the key audit procedures is to ascertain the budgeted cost of the project contract is reasonable. We need to test the underlining assumptio
For change of accounting policy for PPE from cost model to revaluation model. It is not follow FRS 8 as exempted from prior year adjustment. The change will apply prospectively from the date of reva