INTERNATIONAL FINANCIAL REPORTING STANDARDS
Insights into IAS 36
An overview of IAS 36’s main requirements and an outline of the major steps in applying them in practice.
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The value of forensic accountants in investigations
In the art world, spotting the difference between an authentic masterpiece and an impeccably forged fake can often hinge on the minutest of details.
Tax
How Singapore could respond to the Pillar Two model rules for domestic implementation of 15% global minimum tax
In this article, we summarise Pillar Two model rules that were released by the Organisation for Economic Co-operation and Development (OECD) on 20 December 2021. This is a continuation of the detailed implementation plan under the two-pillar solution to address the tax challenges arising from the digitalisation of the global economy in October 2021. We discuss how the rules may impact Singapore.
All businesses hold financial instruments in some form, from cash and trade receivables at the simplest end of the scale to complex derivatives at the other.
Accounting for financial instruments under Financial Reporting Standards (FRS) has always been complex and this is set to increase further with FRS 109 ‘Financial Instruments’ fundamentally rewriting the accounting rules. FRS 109 introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.
This publication is first in a two-part series by Grant Thornton Singapore and highlights the new rules on classification and measurement financial instruments as well the new impairment requirements.
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