Accounting - Impairment versus Depreciation of Fixed Assets

Pros and Cons of Principles-Based Accounting

Accounting standards can either be rules-based or principles-based. In principles-based accounting standards, providers of accounting services in Singapore follow the spirit of an accounting concept rather than specific rules. Singapore is not alien to the ever lively debate on which is the better standard to follow. Adherents of principles-based accounting often cite that it’s a […]

Accounting - Impairment versus Depreciation of Fixed Assets

How Much Should Firms Spend On Their Accounting Team

Successful companies understand that the finance and accounting department delivers a core function that keeps operations running smoothly. Apart from keeping the organisation’s finances in check and filing tax returns on time, the accounting department can also facilitate the sustained growth and profitability of the company. Thus, it’s important to allocate enough resources for accounting […]

Accounting - Impairment versus Depreciation of Fixed Assets

Observing Ethical Practices In Accounting

  Adherence to a rigorous set of ethical guidelines is a crucial trait of a professional, and when one drifts away from practising the ethical standards, then their credibility and judgement are questionable. The accounting profession and accounting services in Singapore are guided by the Accounting and Corporate Regulatory Authority (ACRA). They are registered by […]

Accounting - Impairment versus Depreciation of Fixed Assets

What is Sustainability Accounting and How Can It Help Us?

Sustainability is centered on the premise that, as the human species continues to populate the world and the demand for food and natural resources rise, we identify and adjust our behaviors to lessen the impact on the natural environment. Sustainability typically has 3 key aspects, namely economic, social and environmental impact. The economic dimension entails […]

Accounting - Impairment versus Depreciation of Fixed Assets

Signs You Need A Personal Accountant

As an entrepreneur, you may have managed just fine without hiring anyone to handle your accounting for some time. You might be using modern computerised accounting software, or perhaps you are more old school and prefer recording transactions on ledgers and issuing paper invoices. You may doing just fine even if you don’t have much […]

Accounting - Impairment versus Depreciation of Fixed Assets

What Is The Role Of A Chartered Accountant?

What exactly is the role of a chartered accountant? Most Singaporean business owners often default to generic responses such as tax management, auditing, financial management, budget analysis or management accounting. As much as these are some roles done by professional accountants, accounting services go much deeper than just fulfilling these professional tasks. Traditionally a business […]

Accounting - Impairment versus Depreciation of Fixed Assets

Understanding The Materiality Concept In Accounts

The materiality concept is universally recognised accounting convection that ensures firms disclose everything relevant to the intended audience. It entails all the information in the financial statements that can affect the decision making of its users. Materiality helps auditors and accountants in deciding separations of data and figures when reporting. It also helps in understanding […]

Accounting - Impairment versus Depreciation of Fixed Assets

Tips On Choosing Your Company’s Fiscal Year-End

Every business across the world has a fiscal year, irrespective of the ownership; whether private or government. It is a firm’s financial year that is twelve months in total used for accounting purposes and preparation of financial statements. Fiscal years are commonly required when discussing the firms budget and understanding the financial status. Not every […]