Australian Outback Vacations In Nullarbor

If you want to experience the ultimate in road trips, look no further than the Nullarbor Plain. Nullarbor is derived from two Latin words meaning "no trees" and this is a very accurate description of the area. Although arid and barren, there is not only incredible beauty in this land, but also lots to see. Covering 77,000 square miles, Nullabor is one of the largest semi arid Karst deserts in the world. The gateway to the desert is the Nullarbor Roadhouse, a motel and service station located next to the historic Nullarbor Homestead. North of here are the Murrawijinie Caves which can be toured with National Parks officers. The desert is home to a large network of caves which are dramatically cut into the rocks, and are often multiple kilometers wide.

East of the roadhouse is the Head of Bight, a popular whale watching spot. Here southern right whales can be viewed from May to the end of October as they congregate in groups of up to one hundred individuals. Boardwalks take visitors to lookouts where they can see the whales and also enjoy the breathtaking view of the cliffs that drop from the Nullabor Plain into the ocean below. Another area that should be a stop on all itineraries is the Nullarbor Bunda Cliffs, a series of lookouts that stretch for over two hundred kilometers.

Along the way, try a stop in Iron Knob, and trace the town's importance in the steel industry at the Mining Museum. More than just a place to stop for services, Nundroo offers excellent fishing, surfing, and local history. If you are interested in Aboriginal culture, stop at the Ceduna Aboriginal Arts and Culture Center, where you'll find authentic art and gifts, and the Language Center that is working to preserve the many varied Aboriginal languages.

Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies

A Holiday in Turkey – Is it the New Spain?

Some four hundred thousand Brits now own holiday homes abroad, Spain has been the most popular of destinations over the past twenty years; it has however become very expensive and more than a little over developed in recent years.

As a consequence many have begun to look elsewhere for their ´place in the sun´. Turkey has seen a huge rise in interest both as a holiday destination and a place to invest in property, people who were astute enough to recognize it as a potential ´hotspot´ as little as eight years ago could have seen their property increase in value by as much as 500% in that time; and whilst Turkey too has seen a decline in demand during 2009, property values have not dropped in the more desirable Mediterranean resorts, (one such resort being Kalkan) to the degree they have in the likes of Spain.

The possibility of Turkey´s acceptance to the European Union has also fuelled speculation in the property market there, whether they will ever achieve acceptance (or indeed actually want to) is yet to be seen. This is the account of how I became one of those ´Brits abroad´: -

I first went to Turkey, rather reluctantly, I might add, on holiday in 2000, and was very pleasantly surprised at how green the country was, I had expected to find a dusty arid country, how wrong I was! I was also very pleasantly surprised at how warm and welcoming the Turkish people were; having holidayed in Greece for some years I had always believed the Greeks would be difficult to beat in their hospitality, the Turks did just that.

My wife and I returned some five years later, having booked a holiday in a very swish hotel on the Dalyan delta, we were disappointed six weeks before being due to depart, to be told by the holiday company that we could not go there as the hotel was having work done and that they, the holiday company, would not allow their guests to have what was not the perfect holiday experience. They told us to choose something else from the brochure and regardless of cost they would honour the price we had paid and even refund us if there was a difference. My wife had seen Kalkan but dismissed it due to the transfer time from the airport feeling that it would be too long, however, given the situation we decided that we would endure the two hour transfer (it turned out to be one and a half). We chose a villa holiday instead of a hotel and hit the jackpot!

Kalkan, we decided very quickly was an idyllic place to holiday and whilst walking down one of the narrow cobbled streets one evening to enjoy a pre-dinner drink stopped to look in an estate agents window (as I´m sure many of you have), before I knew it we were making an appointment with the agent to view some properties the following evening. Meeting that particular agent was yet another amazing stroke of luck, he was a charming intelligent man who´s English was impeccable.

The following evening arrived and I have to say that I personally was not too enthusiastic, as I believed that I was wasting valuable time, I never actually expected to be buying a house. The agent who we learned was called Kemal met us at the appointed time and took us to view the first property, which he had chosen as a possibility. It was an imposing four bedroom detached property with magnificent sea views and a swimming pool; it was newly built and was being marketed at £140,000. It was without doubt a lot of house for the money, however, there was an apartment block right along side it with twelve balconies all of which looked over the swimming pool, a serious privacy issue which immediately ruled that one out.

As we drove away from that villa Kemal asked, “what are you looking for, do you want detached?” I rather facetiously said ´of course´ (remember I had little or no intention of buying) “do you want a swimming pool?” ´ Well obviously!´ He then took us to another newly built in fact not completely finished villa, at what point my attitude changed I cannot actually say, I just knew it was going to happen! This villa again was a four bedroom detached with pool and panoramic views over the bay and astonishingly £15,000 cheaper! We left Kemal that evening feeling like excited school children, a couple of days later and a couple of telephone calls back to the UK to our bank manager and we were signing on the dotted line!

From thereon Kemal did everything we gave him power of attorney (not an easy decision to make with someone you have only just met) and he completed the deal, we became the proud owners of our own piece of paradise seven months later. The piece of paradise is called Villa Katmar, a vaguely Turkish sounding word? No just a combination of parts of our names.

Becoming a property owner in Turkey for us was a very easy and stress free experience, however, a WORD OF WARNING, not everyone we know had such an easy transition into becoming a Turkish villa owner! As in any country it depends very much on the people you deal with and applying a little common sense! I have to say we were very fortunate to have had that almost accidental meeting with Kemal; it could have been a very different tale had we done ´business´ with someone else.

If you are contemplating buying in Turkey then I would urge you to consider Kalkan and if you do then again I would have no hesitation in recommending Kemal Safyurek of Mavi Estates.

Body Massage: 3 Useful Gravity Tools

Have you been lurking around in the massage store lately? Maybe you are thinking about which gadgets to buy for your home massage. These gadgets can save you time and effort during desperate times (when no one can give you a massage). The best thing of all, they are not too expensive, considering they are widely available to consumers.

Which ones should you buy? There are so many of them in the market. Often times, a beginner will get confused immediately when choosing one from the shelves. Let’s dive further into the issue of gravity-assisted massage equipment and their types in this article.

Foot rollers

This is an all time favorite for everyone in every household. They are round in shape and have a flat surface. Once you step on it, you can rotate yourself clockwise or counter-clockwise. Some models have different surface texture like grooves. Some have many rolling balls on them. What is the point of stepping and rotating yourself using these? Well, you can stimulate nerve endings and reflexology points on your feet. An alternative is using foot soles that have tiny knobs in your shoes.

Back rollers

These look like kitchen rolling pins that are used to flatten flour dough. You roll along with it on the floor, making the back roller in between your back and the floor. However, like the instructions says, don’t roll your back on the knobs (if they have any). This is because it can come in contact with your spine directly and hurt it. But most people seem to ignore this advice and roll their way because it feels comfortable anyway. Still, don’t let it touch your spine directly!

Stretchers

There are many types out there. But there is one that is very useful for your back. It is called the body bridge. It is a curved table that looks like an inverted U shape. Therefore, when you lie on it, your hips are at the peak and your heads and feet nearing the ground. This way, you are letting the gravity do the stretching work for you.