In recent years, Singapore has emerged as one of the preferred locations for the incorporation of blockchain companies, as well as the fundraising location for their new blockchain ventures via initial coin offerings, otherwise known as ICOs. Typically, these companies issue their own digital tokens in an ICO and sell them to the early backers of their new project in exchange for cryptocurrencies such as Ethereum or Bitcoin. Despite of the increased interest in cryptocurrency and ICOs in Singapore, the current legislation in Singapore has yet to be updated to fully address the accounting and tax treatments applicable to crypto-transactions.Read More
While the number of newly registered foreign invested enterprises (FIEs) in China continues to grow annually, the actual injection and use of foreign direct investment (FDI) monies have not kept pace. The slight annual decline in FDI likely results from this decade’s trend in which foreign investment has moved from manufacturing into the service sector. The Chinese State Council understands the importance of the FDI contribution to the country’s economy, and in a July 2017 meeting proposed a series of measures to encourage increased inbound FDI. The Council’s key policy proposals and current results are summarized below.Read More
It is important not to underestimate the challenges of applying the new IFRS 9 model to intercompany loans.
The majority of related company loans (including intragroup loans as well as loans to associates or joint ventures) are debt instruments that fall within the scope of IFRS 9.
This means that even though some loans may seem similar to a capital contribution, they should typically be accounted for in accordance with IFRS 9 instead of IAS 27 (i.e. at cost less impairment) or IAS 28 (i.e. using the equity method).Read More
In 2018, Singapore beat heavy favourites Thailand 4-1 to win the first Women’s Asia-Oceania Floorball Cup. In the same year, they were named Team of the Year (Team Sport) at the Singapore Sports Award 2018. In this issue, we had the opportunity to talk to some members of the Singapore Women’s Floorball National Team to understand how the game is played and what led to the team’s success. At the same time, we will also find out more about their sporting journey on a personal level.Read More