From the multi-national, huge enterprise down to the corner barbershop, a company financial position is affected by every single business transaction. The assets, liabilities and equity determine the economic status of a business. The accounting equation, known as the basic accounting equation, explains the relationship between these three elements. For sole proprietorship, the accounting equation […]
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What You Need to Know About Record Keeping
The law necessitates every business to keep its accounts and records accurately. You will need them to corroborate your company transactions and for income tax purposes. You have to take the risk of having your claims disapprove and face difficulties with the authorities if you do not keep the records. However, as soon as you […]
Four Different Services Provided by Accounting Firms
Being a small company owner is challenging. Small business owners assume that their service is only a small scale; they could deal with the accounting efficiently by themselves. While a few of them can do it, however, for the others, engage with accounting service would be the favoured alternative. These accounting firms helps you devise […]
Tax Avoidance and Tax Evasion
Most entrepreneurs do not fancy paying taxes although paying taxes is the mandatory responsibility of all income maker under the legislation in Singapore. “Tax avoidance” are usually used in a way “tax evasion” does in the business circle (especially by those does not have tax background), they are of highly distinctive in nature. If you […]
Accounting – Revaluation of Fixed Assets
Plant, property, and equipment (PPE) are also known as fixed assets and are used in the production process or supply of goods and services, administrative purposes, or any other activities in the business. The Singapore Financial Reporting Standards, FRS 16 – Property, Plant and Equipment allows business the accounts preparer to measure the value of […]
New IFRS 16 Leases now comes into play in Singapore
The significant changes in IFRS16 Lessees recently took place has change the entire landscape in the subject. Since 1 January 2019, the IFRS 16 Leases are in full effect and superseded the IAS’s 17 Leases, introducing a unprecedent way of accounting for leases in Singapore. The new Standard (Also see Accounting Standards in Singapore) require […]
Accounting – Impairment versus Depreciation of Fixed Assets
Impairment of an asset emerges when the fair value of an asset unexpectedly goes down below its value while depreciation is the decrease in the value of an asset gradually so what is the difference between the two? First of all, impairment can happen in wider asset classes than depreciation does. For instance, impairment can […]
Outsourcing Accounting and Payroll Functions
The business leaders as well as entrepreneurs are constantly aiming to enhance their company’ efficiency. In real life, they have an incredible wide range of doing so by employing among the accounting solutions for local business in Singapore. It permits them to run away the terrible stress the compliance-related jobs holding them back. Just a […]
10 Concerns You Need To Address Prior To Beginning Your Organisation
It appears like everybody desires to be a business owner these days. Beginning Your Service is seen as an attractive, extravagant way of life that offers the supreme liberty when it comes to the selection of career. You desire to end up being a business owner. Being a business owner is a great deal of […]
Accounting Principles – Going On Concern Concept
The going concern concept states that a business will continue with its operations for the foreseeable future. The concept assumes that the company won’t be forced to discontinue its operations or liquidate due to any reason. A perfect example of implementation of such concept in accounting is the calculation of depreciation based on the anticipated economic […]