Articles

FRS 118 takes effect 1 Jan 2027. Finance teams must act now: conduct gap assessments, redesign systems, restate 2026 comparatives, manage MPM disclosures, and run dry runs. Early preparation ensures a smooth transition and avoids last-minute reporting disruptions.

AI is transforming transfer pricing, offering efficiency and predictive compliance but posing risks of opacity and bias. It is a net opportunity only with robust human oversight, explainability, and regular audits. Without safeguards, AI threatens the arm's length principle and procedural fairness. Success requires transparency and accountable human judgment.

Power BI transforms finance by replacing spreadsheet chaos with governed, trusted datasets—automating data cleaning and report distribution. It can slash month-end close time by 80% and save up to nine days monthly. However, success demands robust data architecture, rigorous DAX validation, and a hybrid "Excel coexist" strategy. When implemented wisely, finance evolves from number-crunching to strategic business partnering.

In 2026, AI transforms Singapore HR from admin to strategic driver—automating tasks, reducing bias, enabling upskilling via SkillsFuture, and forecasting needs. With 76% large firms adopting AI, HR balances tech with empathy, ethics, and oversight. AI empowers HR; HR humanizes AI for an adaptive workforce.

Three Singapore obstetricians lost a High Court challenge over tax avoidance. They paid themselves low salaries (S$5,000–S$6,000 monthly) while taking millions in dividends and interest-free loans from personal companies. IRAS deemed the arrangement artificial, as salaries weren't market-rate and didn't reflect growing profits. The court upheld revised tax assessments, with penalties now including a 50% surcharge.

The Indian Supreme Court in Tiger Global (2026) incorrectly used anti-abuse (GAAR) standards to determine treaty residence, reversing the legal sequence. This merges distinct inquiries—residence status and benefit denial—undermining bilateral treaty certainty. The ruling transforms a fixed status into a variable one, creating instability for cross-border investment planning.