AM Corp Blog

Blogs about corporation startup tips, accounting and taxation basics.

FRS 115: 5 Steps For Successful Transition Through The New Standards

Posted by AM Corporate Services Pte. Ltd. 11. 1. 2018

Effective from 1 Jan 2018, all companies in Singapore are to adopt and implement Financial Reporting Standard 115 (FRS 115) Revenue from Contracts with Customers. Based on the International Financial Reporting Standard 15 (IFRS 15), FRS 115 will bring more clarity in revenue recognition and align to a cohesive standard across more than a hundred countries. Whether you are running/managing a large multinational corporation or a small medium enterprise, FRS 115 will affect the day-to-day operations. It is necessary to equip yourself to ensure a smoother transition in your business.

The core principle of FRS 115 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to for the stated goods or services.

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Topics: Accounting, "FRS 115"

FRS 115: Introductory Guide to New Revenue Recognition Standards

Posted by AM Corporate Services Pte. Ltd. 10. 15. 2018

In light of the new FRS 115 revenue recognition standard that takes effect from this year onwards, practically every company, big or small, are affected in their operations and revenue reporting. Still, not everyone may not be familiar with the new standards. in 2017, less than 10% of companies are ready for the FRS 115, while 60% are undecided on approaching these changes. To prepare ourselves for the incoming changes from the new revenue recognition standard, we offer a series of articles to inform you in navigating through these huge changes. This is...the introductory guide to the new revenue recognition standards. 

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Topics: "FRS 115", Accounting, Taxation

Accounting and Tax Services in Singapore: Why You Should Consider AM Corporate Services

Posted by AM Corporate Services Pte. Ltd. 12. 21. 2017

According to the Doing Business 2018 report by the World Bank, Singapore remains a leading business destination. When setting up a business in Singapore, the entrepreneurs will need to know and manage the various components of business operations, such as accounting and taxation. To this end, it might be easier for the them to rely on the help of professional audit and accounting services firm in Singapore which has experts available to guide, advise and handle such matters.

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Topics: Accounting

How and When Singapore Local Companies Should File Annual Returns with ACRA?

Posted by AM Corporate Services Pte. Ltd. 12. 13. 2017

Meeting regulatory requirements, ensuring business continuity, safeguarding business reputation – these are the main reasons for filing a company’s Annual Return with the Accounting and Corporate Regulatory Authority (ACRA). 

Below is a quick guide on how and when to file for Annual Returns in Singapore.

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Topics: Compliance to law, Corporate Compliance, Accounting

Singapore Accounting Standards: How to Stay FRS-Compliant

Posted by AM Corporate Services Pte. Ltd. 11. 30. 2017

With the aim of strengthening Singapore as a leading international financial centre, the Accounting Standards Council (ASC) has announced the convergence of Singapore’s Financial Reporting Standards (FRS) to the International Financial Reporting Standards (IFRS). This will go into effect next year for companies listed on the Singapore Exchange and  operating in Singapore.

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Topics: Accounting

Running a Small Business? Reap the Benefits of Accounting Services in Singapore

Posted by AM Corporate Services Pte. Ltd. 07. 7. 2017

Starting a new company in Singapore can be an exciting process with pitch presentations, company registration and marketing campaigns. In the hustle and bustle of the first few months accounting matters of a business might be kept on the back-burner. But failing to have good accounting practices can run the company into serious problems such as conviction of tax evasion, reputation damage, or even funding rejection. 

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Topics: Accounting