Financial Statements
16 articles tagged with “Financial Statements”
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Should ACRA Raise the Audit Threshold?
ACRA is reviewing audit exemption thresholds for Singapore companies. This article argues that the real question is not about size thresholds but about who should decide whether an audit is necessary — and why the answer should be shareholders.
Expense Presentation by Nature or by Function
Under IFRS, expenses in the income statement can be presented by nature or by function. This choice affects comparability, disclosure requirements, and the quality of information available to users.
Tax Reconciliation
A numerical reconciliation of tax expense to accounting profit is required under IAS 12. This article walks through the concept, the difference between permanent and temporary differences, and how deferred tax fits into the reconciliation.
How to Build a Chart of Accounts that Drives Value
A well-structured chart of accounts is more than a list of account names. This article explains how to design a COA with an output-driven mindset, use numbering conventions effectively, and avoid common pitfalls.
Essentials of Financial Statements
Financial statements are the primary tools for assessing an entity's fiscal condition. This article covers the key components, how they fit together, and the steps involved in preparing them.
Financial Statements Preparation
Financial statements preparation involves converting trial balance data into a complete set of statements compliant with reporting standards. This article covers the process, common challenges, and how automation can reduce preparation time.
Financial Statements vs Management Accounts
Financial statements and management accounts serve different purposes and audiences. This article explains the key differences, including their regulatory basis, required components, and practical value.
How Automation is Revolutionising Accounting
Automation is reshaping accounting by removing repetitive work and improving accuracy and speed. This article explains why accountants adopt automation, where it delivers value in financial reporting, and how to start with practical steps.
Human vs Bot Employees: Navigating the Evolving Landscape of Workforce Efficiency
The distinction between human and bot employees is increasingly important in finance teams. This article explores the strengths of each and why collaboration is critical for efficient reporting and decision-making.
Lease Accounting Under IFRS 16
IFRS 16 requires lessees to recognise nearly all leases on the balance sheet. This article explains the key concepts, common challenges with inconsistent payment schedules and misaligned lease periods, and how the standard affects financial statement preparation.
Leave Accrual
Leave accrual is required for accumulating paid absences under IAS 19, regardless of whether the leave is vesting. This article explains what to accrue, when, and how to measure it correctly.
SFRS vs SFRS SE
Singapore private companies choose between SFRS and SFRS SE for statutory financial reporting. This article explains the eligibility criteria for SFRS SE, key differences in lease, impairment and disclosure requirements, and practical factors to consider when selecting a framework.
Showing 12 of 12 articles
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How to Generate a Financial Statement
An overview of the seven-step process for generating a financial statement in Luca, from entering your UEN to downloading the finished Word document.
Desktop Adjustments
How to pass desktop adjustments directly in Luca, maintaining a clear audit trail without separate spreadsheets or manual file modifications.
What Files Do I Need to Prepare Financial Statements in Luca?
List of documents required for FS generation in Luca.
How to Edit the Generated Financial Statements
How to edit your FS in Word: add rows, apply styles, and keep it clean.
Showing 4 of 4 articles