23 January, 2017
Full Convergence with IFRS in 2018 for Singapore-Listed Companies
The Singapore Accounting Standards Council reminded Singapore-incorporated companies listed on the Singapore Exchange that a new financial reporting framework, identical to the International Financial Reporting Standards, will apply for annual periods starting on or after 1 January 2018. Other Singapore-incorporated companies can continue to apply the existing financial reporting frameworks, including the Singapore Financial Reporting Standards, or may elect to apply the new framework.
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Retrenchment Notification Mandatory from 1 January 2017
With effect from 1 January 2017, it will be mandatory for Singapore businesses that employ more than 10 employees to notify the Ministry of Manpower if they retrench more than 5 employees within any 6-month period commencing on 1 January 2017. Failure to do will constitute an offence. Such notification must be made within 5 working days of the 5themployee being retrenched and must set out details of the affected employees. This is the latest measure put in place by the Singapore government to ensure that redundancy exercises are carried out in a responsible manner and the needs of affected employees are taken into consideration.
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Revised CCS Guidelines With Effect From 1 December 2016
Various revised Competition Commission of Singapore ("CCS") Guidelines came into force on 1 December 2016. On 1 November 2016, CCS announced that it had finalised its amendments to various guidelines and that the revised CCS Guidelines would come into force on 1 December 2016. The announcement marked the conclusion of the first major overhaul of most, if not all, of the CCS' Guidelines since the Competition Act came into force on 1 January 2006.
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Proposed Amendments to the Companies Act
Several legislative amendments are being proposed to the Companies Act to (i) strengthen Singapore as an international centre for debt restructuring; (ii) introduce an inward re-domiciliation regime in Singapore and (iii) reduce the regulatory burden and increase transparency of companies in Singapore. The proposed amendments to the Companies Act were introduced over three public consultations conducted between October and December 2016, and will be incorporated into a single Companies (Amendment) Bill 2017.
For further information, please contact:
Eng Beng SC, Partner, Rajah & Tann
eng.beng.lee@rajahtann.com
