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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
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Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
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Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
Accounting approaches for the EU ETS and equivalent emissions trading schemes
There are no explicit requirements that address the accounting for mandatory emissions trading schemes, including mandatory carbon credits, or for voluntary carbon credits.
IAS standards that provide relevant guidance for entities to consider
IAS 20 Government Grants
The award of carbon credits certificates in compliance markets represents generally a government grant.
Whether received from a grant or purchased, determine if credits or certificates are recognised as per IAS 2 Inventories or IAS 38 Intangible Assets.
IAS 2 Inventories
Consider IAS 2 when credits are held for sale in the ordinary course of business.
IAS 38 Intangible Assets
Consider IAS 38 when credits are held to settle an emissions liability in the ordinary course of business.
Compliance markets
- In such markets, carbon credits can (or must) be used to settle obligations to pay for GHG emissions.
- Pricing of carbon credits depends on supply and demand. The amount an entity needs to pay to settle an emissions liability with the government is also a relevant factor.
- Example: Cap-and-trade model such as European Union’s emissions trading scheme (EU ETS)
Mandatory carbon credits
- The accounting for carbon credits in compliance markets (mandatory carbon credits) needs to be considered together with the related liability for GHG emissions.
- Since there are no explicit requirements under IFRS, entities need to develop their own accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- In practice, three approaches have gained acceptance:
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- Full market value – IFRIC 3 Emission Rights approach
- Initial market value approach
- Nominal approach
Acceptable accounting approaches for emission schemes that are being applied in practice
Recognition | Recognise when the ability to exercise control is achieved |
Initial measurement | Initial measurement at the fair value on the date of initial recognition |
Subsequent measurement | Subsequent measurement can be based on either the initially recognised amount (using the cost model) or the revalued amount (using the revaluation model) |
Recognition | Recognise at the same time as allowances |
Initial measurement | Initially measured at the fair value of the allowances at the date of initial recognition |
Subsequent measurement | Amortise over the compliance period using a systematic and rational approach |
Recognition | Recognise when the liability when emissions obligations are incurred with debit to appropriate cost in Income statement |
Measurement | Remeasure the liability by considering the fair value of allowances at the end of each reporting period, or a value determined based on a forward rate, regardless of whether they will be settled using available allowances or through market purchases. |
Recognition | Recognise when the ability to exercise control is achieved |
Initial measurement | Initial measurement at the fair value on the date of initial recognition |
Subsequent measurement | Subsequent measurement can be based on either the initially recognised amount (using the cost model) or the revalued amount (using the revaluation model) |
Recognition | Recognise at the same time as allowances |
Initial measurement | Initially measured at the fair value of the allowances at the date of initial recognition |
Subsequent measurement | Amortise over the compliance period using a systematic and rational approach |
Recognition | Recognise when the liability when emissions obligations are incurred with debit to appropriate cost in Income statement |
Measurement |
At the end of each reporting period, remeasure the liability. The portion of the liability to be settled with currently held allowances is assessed at the carrying amount of those allowances. Any surplus emissions are assessed at the market value of allowances at the end of the period, or a value determined based on an appropriate forward rate. |
Recognition | Recognise when the ability to exercise control is achieved |
Initial measurement |
Measure initially and subsequently at cost |
Subsequent measurement |
Granted allowances are typically valued at zero. Purchased allowances, on the other hand, are subject to subsequent impairment assessments. |
Recognition | Recognise at the same time as allowances |
Initial measurement |
Measure initially and subsequently at cost |
Subsequent measurement |
Measure both initially and subsequently at a nominal value, typically zero |
Recognition | Recognise when the liability when emissions obligations are incurred with debit to appropriate cost in Income statement |
Measurement |
Remeasure the liability at the end of each reporting period. The portion of the liability intended to be settled with currently held allowances is typically valued at zero. Any excess emissions are valued at the market value of allowances at the end of the period. |