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Thomas Tsang
Jan 23, 20201 min read
FRS116 Lease
It is effective from 1 Jan 2019 for lease with initial period more than 12 months and not low value item. It has to take into account...
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Thomas Tsang
Jan 19, 20201 min read
Cash for money changer
Cash foreign currency kept by money changer for money changing business is cash on hand for sales of foreign currencies. They are cash...
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Thomas Tsang
Jan 14, 20201 min read
Cost of inventories
The cost of inventories shall include material, cost of conversion and freight inwards cost. Cost of conversion include depreciation,...
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Thomas Tsang
Jan 10, 20201 min read
Significant influence
Significant influence is the power to participate in the financial and operating policy decision of the investee. Per FRS28, a 20%...
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Thomas Tsang
Dec 31, 20191 min read
Incremental borrowing cost
FRS116 Leases requires lease to discount at incremental borrowing cost rate. The rate should be in similar terms of a similar...
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Thomas Tsang
Dec 26, 20191 min read
Dormant company not require for audit
A company remain dormant since incorporation and throughout the period is not require to be audited whether it is PIE or not. And a small...
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Thomas Tsang
Dec 17, 20191 min read
ECL individual
ECL can be assessed individually or collectively. Simplified approach is at apply life time ECL on trade receivables. But it can also...
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Thomas Tsang
Dec 14, 20191 min read
Equity accounting
When a company with associate but without subsidiary, the company still equity account for the associate even though we don’t call it...
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Thomas Tsang
Dec 13, 20191 min read
Expected Credit Loss for Trade Receivable
We are required to apply simplified approach to measure the expected credit loss on lifetime basis. It can be estimated based on...
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Thomas Tsang
Dec 5, 20191 min read
Waiver of director salary
For SME and owner managed, it is quite common for director to waive his own salary in order to improve the performance. When the...
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Thomas Tsang
Nov 26, 20191 min read
Key man insurance accounting
key man insurance is a type of financial assets. If it has to pay a lump sum, with bonus return over the life of the insurance. The...
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Thomas Tsang
Nov 10, 20191 min read
ICO issue as incentive
In ICO, it is common for certain coin issue to development team as incentives. As coin is not equity instruments, the coin issued is not...
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Thomas Tsang
Nov 6, 20191 min read
Cryptocurrency audit
Cryptocurrency is kept in a wallet with a unique address. It is available to track in the public avail explorer. All the transactions...
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Thomas Tsang
Oct 24, 20191 min read
Business valuation
Business valuation is to give you an idea on how much should you sell your business. But most of the owners do not see the value behind. ...
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Thomas Tsang
Oct 22, 20191 min read
Expected credit loss
It is requirement under SFRS109. Trade receivable to apply simplified approach by using provisional matrix to compute the expected credit...
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Thomas Tsang
Oct 17, 20191 min read
Grab the opportunity
Opportunity will come sooner or late. You have to be patient. But when opportunity come, you should brace enough to grab it, don’t...
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Thomas Tsang
Oct 6, 20191 min read
Patient
Somethings you have to do it fast, but not you expected. We can only wait until the time come, it will come.
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Thomas Tsang
Jul 13, 20191 min read
Stay clear on mind
We have to keep our mind fresh and clear when dealing with issue. Always refer to the theory to avoid doubt and confusion.
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Thomas Tsang
Jun 14, 20191 min read
Own way
We should have our own way of doing what ever things. Our own idea, thinking, view, opinion...
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