With Myriads of changes and new IFRS coming to effect from period commencing January 2019. Certain notion for review is warrant in order to align and harmonise provisions of IFRS for SMEs to new IFRS (ie IFRS 16 for leases)   

IASB® Update March 2019

The Board met on 12 March 2019 to discuss the 2019 comprehensive review of the IFRS for SMEs Standard.

The Board discussed:

  1. whether the IFRS for SMEs Standard should be aligned with full IFRS Standards;
  2. the principles to apply when considering whether and how the IFRS for SMEs Standard should be updated for new and amended IFRS Standards; and
  3. whether the Request for Information should recommend aligning Section 2 Concepts and Pervasive Principles of the IFRS for SMEs Standard with the 2018 Conceptual Framework for Financial Reporting.

The Board did not make any decisions.

High Level - Summary 

(i) Classification and Measurement - When an entity credit risk increases, then DO Not book any "GAINS" in the PnL
(ii) Impairment - move from INCURRED Loss model to Forward looking "Expected Credit Loss" model. MOre disclosure on information impacting the Financial asset.
(iii) Hedge Accounting

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.

IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.

SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!

Matters of Priorities

  1. Massive increase by 60% on annual business license per annum
  1. Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.

Being a lay preacher in my Methodist church and a Christian makes me always want to visit Holy Land. And with future plans..it is a good fit to start from the Root of Everything.
Places covered:
Mt of Olive -  Gethsemane, The Rock
Dead Sea, The Temptation Mountain at Jericho, Masada
Bethlehem – Birthplace of Jesus Christ, The Manger, The Milk Grotto, Sherperds Field
The Old City – David’s Tomb and Tower, The Last Supper, Garden Tomb, the Holy Church of Sepulcher (Jesus Tomb), Dolorosa, The Western Wall, Dome of the Rock and many more.
Thanks to Vincent Schmidt and family (Lydia) for  hosting us!

View the embedded image gallery online at:
http://accountant.sua-pauga.com/#sigFreeId0699f91db3

Anti-Money Laundering and Countering Financing of Terrorism Audits

Clive McKegg

August 28, 2018 15:49

History:

  • AML/CFT Audit (Beta Released 30 May 2018) - For use in the audit of compliance with requirements of Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Based on SAE 3100 (Revised), ISAE (NZ) 3000 (Revised) and SAE 3150.  

Updated to:

  • AML/CFT Limited Assurance Compliance Engagement (Full release 10 July 2018) - For use in carrying out limited assurance compliance engagement in accordance with requirements of Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Based on SAE 3100 (Revised), ISAE (NZ) 3000 (Revised) and SAE 3150. Includes assurance reports as recommended by CAANZ. 

Effective from 1 January 2018 so…In use 30 June 2018 & 31 December 2018

BUT REMEMBER…..Comparatives will include 2017.

IFRS 15 replaces;IT

  • IAS 18 Revenue,
  • IAS 11 Construction Contracts
  • SIC 31 Revenue – Barter Transaction Involving Advertising Services
  • IFRIC 13 Customer Loyalty Programs
  • IFRIC 15 Agreements for the Construction of Real Estate and
  • IFRIC 18 Transfer of Assets from Custome

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