Accounting requirements in Singapore

Legal requirements, accounting standards, penalties and sanctions
Preparation of Financial Accounts
Annual financial accounts must be prepared in accordance with the Financial Reporting Standards of Singapore. Bookkeeping can be monthly, quarterly or annual depending on the volume of transactions recorded by the company. The financial accounts should include a Statement of Comprehensive Income (i.e. Profit and Loss Account), Statement of Financial Position (i.e. Balance Sheet), Cash Flow Statement, and Statement of Changes in Equity.

Audit of Financial Accounts

A company shall appoint an auditor within 3 months from the date of its incorporation, unless it is exempted from audit requirements. To be exempted, a company must be a private company that fulfils at least two of the following three quantitative criteria:
(a)          total annual revenue of not more than $10 million;
(b)         total assets of not more than $10 million;
(c)          number of employees of not more than 50.
For a company which is part of a group to be exempt from statutory audit, the company must qualify as a small company and the group must also meet at least two of the three quantitative criteria on a consolidated basis.

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