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Singapore is Asia’s regional financial, services and, as the world’s largest port, shipping hub. Due to not having the land capacity, Singapore has partnered with both Indonesia and Malaysia to provide development zones for international businesses.

In this issue of India Briefing Magazine, we examine how India’s accounting standards differ from the globally accepted IFRS and IAS protocols, and why it is important to be aware of such discrepancies. We also outline the standard steps an auditor will go through during the audit process.

Analysts at the World Bank have predicted a moderate acceleration in regional growth in Asia. A revival in global demand over the course of next year will be the predominant contributing factor, as long as China’s re-accelerating growth is maintained and the high 2012 growth rates of other regional countries.

International businesses looking to trade beneficially with Asia would do well to domicile in Singapore, while Hong Kong would be preferable for those that wish to concentrate on China. Today, however, there is no shortage of companies that use both locations in their corporate structure.

Apr. 22 – Partly spurred by the importance of China-ASEAN trade, last week Singaporean Transport Minister Lui Tuck Yew met his China counterpart, Yang Chuantang, to discuss cooperation on transport and other issues of mutual interest. China’s trade with ASEAN, of which Singapore is the financial and services hub, topped US$400 billion last year. Minister Yang […]

Apr. 22 – Scientists at the International Rice Research Institute (IRRI) near Manila are currently in the process of perfecting a strain of salt-tolerant rice for wider field testing. The scientists have successfully bred a variety of rice that is salt-tolerant, which could enable farmers to reclaim coastal areas rendered useless by sea water and […]

By Sondre Ulvund Solstad Apr. 19 – Chinese companies increased their investments in Europe by as much as 21 percent in 2012, solidifying its position as the main destination of Chinese Outward Foreign Investment (ODI). In total, Europe was the recipient of US$12.6 billion of Chinese investment last year, which now represents approximately 33 percent […]

Apr. 16 – In an effort to combat inflation and prevent any outbreaks of labor unrest, ASEAN countries have increasingly been following China’s strategy of pushing for higher minimum wage levels and enacting new labor laws which greater protect workers’ rights. Many countries also see minimum wage increases as an opportunistic method of raising the […]

By Sondre Ulvund Solstad Apr. 12 – The ASEAN Comprehensive Investment Agreement (ACIA) entered into force on March 29, 2012, aiming to create a free and open investment environment through the consolidation and expansion of existing agreements between the ASEAN member countries. In replacing its two precursors, the ASEAN Investment Area (AIA) and ASEAN Investment […]

Apr. 11 – Singapore-Myanmar economic ties were further bolstered this week thanks to the opening of International Enterprise (IE) Singapore’s Overseas Center in Yangon, Myanmar. The center opened during the Singapore-Myanmar Business Forum with support from the Singapore Business Federation (SBF) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). In […]