US GAAP is a set of accounting principles, standards, and procedures used by publicly traded companies in the United States to prepare and present their financial statements. 

These principles provide a framework for financial reporting that ensures consistency and transparency, enabling investors, regulators, and other stakeholders to make informed decisions. 

US GAAP is governed by various standard-setting bodies, with the Financial Accounting Standards Board (FASB) being the primary authority responsible for issuing and updating these standards.

Singapore, known for its economic prowess and global business hub status, is keen on staying ahead in the sustainability game. 

As climate change and other ESG issues come to the forefront, Singaporean businesses are recognizing the importance of sustainability reporting in demonstrating their commitment to responsible and ethical practices.

The Singapore Exchange (SGX) has been a catalyst in promoting sustainability reporting. In 2016, SGX introduced sustainability reporting on a “comply or explain” basis. 

This means that listed companies are required to report on their sustainability practices or provide a clear explanation if they do not. 

This move by SGX reflects the growing importance of sustainability in the Singaporean business landscape and aims to drive corporate transparency and accountability.

Transfer pricing refers to the pricing of goods, services, or intangibles when they are exchanged between related entities, such as subsidiaries, branches, or affiliates of a multinational corporation. 

The objective of transfer pricing is to determine the fair market value of such transactions, ensuring that they are conducted at arm’s length, as if the entities were independent and unrelated. 

This helps prevent tax evasion, profit shifting, and base erosion, while also ensuring that tax authorities receive their fair share of tax revenues.

Transfer pricing documentation is the process of preparing and maintaining records that demonstrate how a company has determined its transfer prices for cross-border transactions. 

These records include detailed information about the company’s intercompany transactions, the methods used to establish transfer prices, and the documentation that supports these methods.

A Special Purpose Acquisition Company, or SPAC, is a shell company created for the sole purpose of raising capital through an initial public offering (IPO) with the intention of acquiring an existing private company. 

The management team of the SPAC, often led by experienced industry professionals or investors, raises funds from investors through the IPO. These funds are held in a trust until the SPAC identifies a target company for acquisition. 

Once a suitable target is found, the SPAC merges with the target company, effectively taking it public without the traditional IPO process.

At its core, a SPAC is a shell company created by seasoned investors, celebrities, or business figures. Unlike traditional operating companies, SPACs have no commercial operations, products, or services. 

Instead, their primary purpose is to raise capital from public investors and then use that capital to acquire or merge with a private company, effectively taking it public.

Corporate Social Responsibility, or CSR, has been a prominent concept for several decades. It emerged as a response to the growing awareness of the social and environmental impact of businesses. 

CSR involves integrating social and environmental concerns into a company’s business strategy, aiming to contribute positively to society while enhancing brand reputation. This also has implications for sustainability reporting within organizations.

CSR initiatives cover a wide range of activities, from reducing carbon footprints to improving labor practices and even repurposing materials to create sustainable products. For example, Adidas has ventured into crafting new products from plastic waste, demonstrating its commitment to sustainability.

However, the landscape of CSR has evolved significantly. In the past, CSR activities were sometimes seen as self-regulated and lacked precise measurement, making it challenging for stakeholders to gauge their effectiveness. 

Companies often faced accusations of greenwashing, where they claimed sustainability efforts without concrete data to support their claims.

Transfer pricing offers some important advantages. These benefits can help SMEs increase their profits, maintain good relationships with tax authorities, and support their growth in the global market.  

At its core, business valuation is about determining the economic value of a company. Regardless of the specific time frames, methods, or expectations, every business shares the same goal: to generate profits for its shareholders. 

The value of a business essentially represents the present value of its expected future profits. Achieving an accurate valuation involves a deep dive into the company’s operations, expenses, revenues, strategy, and risks to make assumptions about future earnings, time horizons, discount rates, and growth rates..

Valuation should not be confused with pricing. Valuation is intrinsic and grounded in a company’s actual performance, while pricing depends on supply and demand dynamics, market influences, investor sentiment, and other external factors.

A business valuation, also called a company valuation, is the process through which a business can determine its financial value. 

It involves analyzing all aspects of a business to determine its total worth as well as the worth of each department. As a result, a company is able to obtain a full picture of its finances through a business valuation. 

There are many uses for business valuation, such as determining the sales value, evaluating partner ownership, taxation purposes, and divorce proceedings that might trigger a split of the company. 

Whatever the core reason behind business valuation might be, it is important for businesses to turn to experts, such as an audit firm in Singapore, to evaluate the fair value of the business. 

A SPAC does not have any commercial value or operations of its own. Its purpose is to complete an IPO and become a public entity, after which it acquires a target company or merges with an existing private company.

As a result, the target company is able to avoid the complexities involved in the traditional IPO process.

The following are the key benefits of a SPAC merger: