by Willie Tan | Jan 13, 2025 | Bookkeeping, News
Incentive payments play a crucial role in motivating employees, driving performance, and achieving business goals. For small business owners in Singapore, understanding how to properly account for these payments is essential to ensure compliance with local regulations...
by Willie Tan | Aug 5, 2024 | Bookkeeping
Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 “Revenue from Contracts with Customers,” non-refundable upfront fees are generally not recognised as revenue when received. Instead, these fees are considered part of the total...
by Willie Tan | Aug 5, 2024 | Bookkeeping
Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 “Revenue from Contracts with Customers,” customisation or installation services can be considered separately from the related product sale under the following conditions: ...
by Willie Tan | Aug 2, 2024 | Bookkeeping
Under the Financial Reporting Standards (FRS), particularly FRS 15/ASC 606, contract acquisition costs can be capitalised, rather than expensed immediately, if conditions are met. Capitalisation of Contract Acquisition Costs 1. Incremental Costs of Obtaining a...
by Daryl Lum | May 9, 2024 | Bookkeeping
Mastering the intricacies of financial reporting, particularly eXtensible Business Reporting Language (XBRL) filing in Singapore, presents a formidable challenge. This blog aims to demystify XBRL filing, offering a comprehensive overview encompassing its significance,...
