Bookkeeping

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 […]

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 […]

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 […]

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 […]