Accounting Services

2017-04-28

Why Prepare Financial Statements

Why Prepare Financial Statements? Financial statements are required because: 1. This is a legal requirement in Singapore. Section S201 of the Singapore Companies Act requires the directors of a company to prepare financial statements that comply with the “Singapore Accounting Standards”. 2. The Inland Revenue Authority of Singapore requires companies registered in Singapore to prepare financial statements and tax computations for filing corporation tax annually. In recent years, if your company is eligible to file Form C-S, you are not required to file your financial statements with the Inland Revenue Authority of Singapore (IRAS). However, the IRAS has made it […]
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2018-01-03
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Audit Exemption

Audit Exemption The following companies are exempted from financial statement audits if they meet the specific requirements of the Singapore Companies Act. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) that comply with the Companies Act and IFRS. In order to reduce the institutional burden on small companies and to move towards a risk-based regime, the concept of small companies and their exemption from audit requirements were introduced in amendments to the Companies Act. The new audit exemption regime applies to Singapore companies incorporated after 1 July 2015 or with a financial year […]
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2018-01-08

Accounting Software

Accounting Software The Singaporean government encourages enterprises to adopt digital technology to increase productivity. In accordance with Singapore’s accounting standards and tax calculation and reporting requirements, the Inland Revenue Authority of Singapore provides the public with a list of registered accounting software to facilitate the market in selecting accounting software that is suitable and meets tax compliance requirements.   List of 57 accounting software registered in Singapore Tax (provided by the IRAS)   Software name A2000 Solutions A2000ERP Software Version 12.X* AccPro Accounting Systems Pte Ltd Professional Version 10.0 ACMEFOCUS.NE WHIZIT ACCOUNTS ORGANIZER Asian Business for Windows Release for SG […]
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2018-01-26

Consolidated Statement

Consolidated Statement In accordance with IFRS 10, when an entity controls one or more other entities, the financial statements need to be consolidated.   Article 10 of IFRS stipulates that the parent company shall prepare and display the consolidated statements according to the quasi-side.   Definition of consolidated statements: The financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented in the financial statements as those of a single economic entity.   Definition of Control of an investee: An investor controls an investee when the […]
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2018-03-07
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Audit Process

Audit Process An audit is a formal examination of the financial accounts of an individual, business or organization. Internal audits are conducted by members of the same organization or enterprise, while external audits may be conducted by regulatory or governmental bodies. Appointment of Auditors For Singapore companies that meet the audit requirements, the directors of the company must appoint the auditors within three months of the company’s incorporation. The term of office of the auditor is from the date of his appointment to the conclusion of the next annual general meeting of the company. Therefore, when an auditor is first […]
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2018-06-22

Accounting Documents

Accounting Documents Accounting documents in Singapore refer to documents or electronic documents that can prove that the commercial transactions and amounts recorded are carried out in the course of commercial activities. For example:   Bank bill Contract Invoice Collection voucher Payment voucher Logistics documents, shipping bills, bills of lading, etc. Documents of credit Credit card receipt Salary statistics table. Central Provident Fund Payment Form and Central Provident Fund Calculation Form Year-end bonus calculation table Details of changes in shareholders’ equity, such as capital increase, transfer, additional issuance, etc. Certificate of payment of funds paid in by shareholders All documents should […]
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2018-11-06

Accounting Standards

Singapore Accounting Standards Background Business entities around the world report their financial performance through financial reporting. Historically, the format of financial reporting has varied from country to country, and the financial reporting practices of each country have followed a set of principles, rules or practices that have evolved from the political, legal, economic and cultural environment of that country. As a result, financial reports often lacked international comprehensibility and acceptance. In today’s globalized world, comparable, transparent and reliable financial information is the basis for the smooth functioning of global capital markets. Therefore, the need for comparable financial reporting standards has […]
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2019-07-10

Accounting Requirements

Accounting Requirements The accounting standards prescribed in Singapore (“Singapore Financial Reporting Standards” or SFRS) are consistent with those of the International Accounting Standards Board (IASB). The Accounting Standards Council of Singapore (ASC) develops, reviews, amends and approves accounting standards for use by companies, charities, co-operatives and general societies. Listed companies may also use IFRS standards with the permission of the securities regulator. Foreign companies whose equity securities are primarily listed in Singapore must adopt SFRS, IFRS standards or US GAAP. However, Singapore companies can choose the periodicity of doing the accounts according to their business and government requirements. Some companies […]
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2019-11-19

Financial Report Compliance

Financial Report Compliance Financial reporting needs to meet the requirements of the Singapore Financial Reporting Standards in many aspects. Director’s Statement: Recipient of director’s statement If the company has only one shareholder, the term “to shareholders” should be used. Directors’ opinions When there is an event or situation that casts serious doubts on the company’s solvency, the directors’ opinions should be revised accordingly and appropriately disclosed. Signing the director’s statement If the company has only two or fewer directors, there is no need to use the term “representative of the board of directors” when signing the director’s statement. If the […]
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