Author Archives: Lee Kim Audit

Proposed updates to IFRS for SMEs®

The IFRS for SMEs Accounting Standard will be updated by the International Accounting Standards Board (IASB) of the IFRS Foundation to reflect updates to the full IFRS Accounting Standards while maintaining the Standard’s applicability for small and medium-sized enterprises. The IASB’s recommendations include simplifying requirements based on IFRS 13 Fair Value Measurement and IFRS 15 […]

What is ESG investing

What is ESG investing A set of criteria for a company’s conduct known as environmental, social, and governance (ESG) investing is used by socially responsible investors to evaluate possible investments. Environmental Corporate climate policy, energy use, waste disposal, pollution, the preservation of natural resources, and the treatment of animals are a few examples of environmental […]

How to Account for Cryptocurrency

What is cryptocurrency A peer-to-peer system known as cryptocurrency allows anybody, anywhere to send and receive money. Payments made using cryptocurrencies do not exist as actual physical coins that can be transported and exchanged; rather, they only exist as digital entries to an online database that detail individual transactions. Types of accounting standards used to […]

Skills of an accountant

Accounting plays a crucial function in any organisation. As a result, the majority of organisations need that an accountant holds a minimum Degree in Accountancy, while some large organisations demand that an accountant be a Chartered Accountant. Accountants must possess the following skills:   AutomationThe duties of an accountant frequently include creating budgets and financial […]

Technology changing the Accounting industry

With the rapid growth in technology, companies are moving towards automation. This has not only enhanced the effective and efficiency of the financial reporting but also strengthen the accountants to be more resourceful. Source: TechEconomy

Small Company Concept for Audit Exemption

With the Small Company Concept implemented by ACRA, a company whose financial years beginning on or after 1 Jul 2015 can still be exempted from audit even though it is not an exempt private company. This concept has further increased the threshold for a company having to be audited. Despite this, business owners have go […]

Accounting Checklist Every Small Business Must Adopt


It is necessary for all small businesses to have a reliable accounting system. With a reliable accounting system, small businesses can easily keep track of target goals as well as utilise the derived data to manage and plan cash flows accurately. Without further ado, we present an accounting checklist that you can use to help […]