A global panel of experts created by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) has made a bunch of recommendations to avert the next financial crisis. The courses of action range from asking companies to take more responsibility for "effective price verification" when valuing financial instruments, to developing robust disclosures around structured financial products, to developing a permanent funding mechanism for the IASB as a way to protect its independence from "undue influence." What could these mean for Asia's CFOs? Read about it here. Download the full report here.
Under the Common Reporting Standard (CRS), which has been in effect since 1 January 2017, Singapore-based Financial Institutions (SGFIs) – depository institutions such as banks, specified insurance companies, investment entities and custodial institutions – are now required to establish the tax residency status of all their account holders, and report to IRAS, the financial account information of account holders who are tax residents of jurisdictions with which Singapore has a Competent Authority Agreement (CAA) to exchange the information.