{"id":3765,"date":"2021-11-25T10:36:26","date_gmt":"2021-11-25T10:36:26","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?p=3765"},"modified":"2022-08-25T08:43:13","modified_gmt":"2022-08-25T08:43:13","slug":"year-end-closing","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/year-end-closing\/","title":{"rendered":"Year End Closing and Compliance Alert"},"content":{"rendered":"<p><span style=\"color: #000000;\"><\/span><\/p>\n<p style=\"text-align: justify;\">As we quickly approach year end it&#8217;s again time to focus on closing your company&#8217;s accounts.<\/p>\n<p style=\"text-align: justify;\">Accounts and financial statements will be required to:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Provide key information to stakeholders<\/li>\n<li>Review company performance, track cash flows in addition to budgeting<\/li>\n<li>Analyze assets, liabilities, and changes in owner equity<\/li>\n<li>Hold management, directors and shareholder meetings<\/li>\n<li>Comply with statutory and income tax filing regulations<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Regardless of whether the account will be audited or not, there is a hard and fast list of factors that must be considered when closing an account. Let\u2019s review.<\/p>\n<p><strong>Key Considerations for Standalone Companies<\/strong><\/p>\n<p><em><strong>Revenue Recognition<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.asc.gov.sg\/Portals\/0\/attachments\/Pronouncements\/CEPafter2014\/FRS_115_%28Nov_2014%29.pdf\" target=\"_blank\" rel=\"noopener\">FRS 115<\/a> requires entities to recognize revenue in an amount that represents the consideration to which they expect to be entitled for the goods and services provided by a company. It is crucial that the company review its revenue recognition policy and determine when control of goods and services will transfer and when revenue should be recognized.<\/p>\n<p style=\"text-align: justify;\">Based on the five-step model framework of FRS 115, revenue is usually recognized \u201cat a point in time\u201d (typically, upon delivery) or progressively \u201cover time\u201d (typically, by using the <strong>percentage of completion method<\/strong>).<\/p>\n<p style=\"text-align: justify;\"><em><strong>Functional Currency<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">Functional currency reflects the primary economic environment in which an entity generates and expends cash and the accounting ledgers that are usually maintained. As an example, a company that trades timber internationally, buying from Indonesia in USD and selling to India in USD, with the currency used entirely USD. Therefore, the company&#8217;s functional currency should be USD and not Singapore dollars.<\/p>\n<p style=\"text-align: justify;\"><em><strong>Assessment of Principal or Agent<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">When it comes to its activities, the company must assess whether it is acting as a principal or an agent. This is crucial for determining whether revenue should be reported on a gross or net basis.<\/p>\n<p style=\"text-align: justify;\">If the company acts as a principal in a transaction, revenue is reported on a gross basis, and if it is acting as an agent, revenue is reported on a net basis.<\/p>\n<p style=\"text-align: justify;\">Accountants \/ and management should consider the above when performing year-end closings for standalone companies.<\/p>\n<p style=\"text-align: justify;\">Key areas for a single company, as well as considerations if being audited:<\/p>\n<table style=\"margin-bottom: 30px;\">\n<tbody>\n<tr>\n<th style=\"text-align: left;\"><span style=\"font-weight: 400;\">Key Area<\/span><\/th>\n<th style=\"text-align: left;\"><span style=\"font-weight: 400;\">Detail<\/span><\/th>\n<th style=\"text-align: left;\"><span style=\"font-weight: 400;\">If Being Audited<\/span><\/th>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\"><span style=\"font-weight: 400;\">Taking Inventory <\/span><\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Conduct a physical stock check. Take into account goods in transit \/ consignment stock and cut off<\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Reconcile system figures with physically counted stock<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Identify old, damaged, obsolete stocks and remove these from the stock list and pass adjustments<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Perform costing for closing stock per accounting standards (i.e. FIFO \/ WAC method)<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Apply the appropriate historical rate for foreign currencies purchases<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><span style=\"font-weight: 400;\">In the event that an audit is required, notify your auditing firm to attend the taking of inventory<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Cash Count<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Conduct a physical cash count<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">Auditor should observe the count if the amount is material<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Banking<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Reconcile each bank statement to the cash book<\/li>\n<li>Translate foreign currency balances at the appropriate closing rate<\/li>\n<li>Consider stale and unpresented cheques<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">Contact your auditors to send bank confirmations<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Trade Receivables<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Send debtors statements and reconcile any differences with your trade debtors<\/li>\n<li>Send remainders to past due trade debts<\/li>\n<li>Consider the following:\n<ol type=\"a\">\n<li style=\"text-align: justify;\">Revenue recognition \/ receivables \/ sale cut-off procedures<\/li>\n<li style=\"text-align: justify;\">Credit balances \/ treatment of returns or discounts<\/li>\n<li style=\"text-align: justify;\">Foreign currency translations<\/li>\n<li style=\"text-align: justify;\">Ageing calculations<\/li>\n<li style=\"text-align: justify;\">Bad debts recovery and<\/li>\n<li style=\"text-align: justify;\">Allowance for expected credit losses<\/li>\n<\/ol>\n<\/li>\n<li>Reconcile GST control accounts and revenue to <a href=\"https:\/\/www.iras.gov.sg\/taxes\/goods-services-tax-(gst)\/filing-gst\/completing-gst-returns\" target=\"_blank\" rel=\"noopener\">GST F 5<\/a> forms<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">Contact your auditors to send trade confirmations<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Trade Creditors<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Request creditor statements and reconcile any differences in your accounts payables<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">Contact your auditors to send out trade confirmations<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Property, Plant, Equipment (PPE)<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Conduct year end physical sighting and reconcile to asset register and general ledger<\/li>\n<li>Review fully depreciated, unused, damaged and \/ or disposed assets and make adjustments where required<\/li>\n<li><span style=\"font-weight: 400;\">Review valuation of properties is required<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Assess any impaired assets<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Allowances for impairments<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">Notify your auditing firm to attend the physical sighting<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Right-of-Use asset (ROU) \/ Leases \/ Provisions for Restoration Costs<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Compute ROU assets \/ leases liabilities, depreciation<\/li>\n<li>Perform an independent professional valuation making necessary adjustments where applicable<\/li>\n<li><span style=\"font-weight: 400;\">Consider adjustments for new purchases \/ transfers \/ disposals<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">ROU pertains to the lessee&#8217;s right to occupy, operate, or hold a leased asset during the rental period and will be important to any audit<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Investment Properties<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Perform an independent professional valuation making necessary adjustments where applicable<\/li>\n<li><span style=\"font-weight: 400;\">Consider adjustments for new purchases \/ transfers \/ disposals<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Investment in Other Financial Investments<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Quoted \/ unquoted to be measured at fair value at year end<\/li>\n<li>Fair value adjustments on assets<\/li>\n<li>Keep a copy of the statements<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\">The investment in unquoted shares (private companies) must be measured at fair value in accordance with <a href=\"https:\/\/www.assb.gov.sg\/docs\/default-source\/sb-frs\/as-at-1-jan-2019\/titles\/sb-frs_113_(2019).pdf\" target=\"_blank\" rel=\"noopener\">FRS113<\/a> Fair Value measurement<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Accrual \/ Provisions<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Review revenues and expenses recorded in the relevant year and review cut off procedures<\/li>\n<li>Accrual of deferred income or unbilled revenue \/ interest income \/ etc<\/li>\n<li>Pass accruals of expenditure including salary, CPF, bonuses, director fees, unpaid bills, ect<\/li>\n<li>Provisions for reinstatement costs \/ any legal costs etc<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Prepayment<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Make adjustments for any prepayment, like insurance, advance payments for services, depreciations, interest expense, etc<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Dividends<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Any dividends need to be proposed and adjustments made<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Provision for Income Tax<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Compute income tax payable and make adjustments<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Year End Account Closing<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Restrict any accounting entries in accounting software after specific dates<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top;\">Prepare Financial Statements<\/td>\n<td>\n<ul>\n<li style=\"text-align: justify;\">Using the previous soft copy of financial statements, insert the current figures<\/li>\n<li style=\"text-align: justify;\">Update policies \/ notes \/ comparative figures<\/li>\n<\/ul>\n<\/td>\n<td style=\"vertical-align: top; text-align: justify;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">Over the years accounting standards and compliance with tax laws have become more complicated, increasing the importance of outside accounting firms. An excerpt from the November 17, 2021 issue of <a href=\"https:\/\/www.msn.com\/en-sg\/money\/topstories\/65-of-businesses-expect-tax-compliance-to-get-harder-in-5-years\/ar-AAQMWVv?ocid=msedgdhp&amp;pc=U531\" target=\"_blank\" rel=\"noopener\">Singapore Business Review<\/a>.<\/p>\n<p style=\"text-align: justify;\"><em>\u201cLooking into the last five years, the study found that 82% of businesses have already encountered accounting and tax compliance-related challenges.<\/em><\/p>\n<p style=\"text-align: justify;\"><em>These businesses said their failure to comply has brought them reputational damage (53%), internal disciplinary action (37%), and fines (35%).<\/em><\/p>\n<p style=\"text-align: justify;\"><em>To counter future challenges, 78% of businesses said they will invest in new accounting and tax compliance technology over the next five years; however, 39% of them are being held back by a lack of team knowledge and skill.\u201d<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Do you need assistance with any of the above areas with your year-end closing<\/strong>? If so, please <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/contact-us\/\">get in touch with us<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basics of Financial Year End Closing and Compliance Alert<\/p>\n","protected":false},"author":7,"featured_media":3779,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[12],"class_list":["post-3765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight","tag-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Year End Closing and Compliance Alert - S C Mohan PAC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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