4. What is the filing deadline for Singapore financial statements?
Financial statements must be included in your company’s yearly submissions to ACRA (unless it is exempted). As a result, the filing date for Singapore financial statements will coincide with the filing deadline for the annual report.
For your information, the deadline for filing an annual report following a financial year end is 7 months for non-listed firms and 5 months for listed companies.
Your firm must, however, convene an Annual General Meeting (AGM) and disclose its financial results to the shareholders prior to submitting an annual report. When the firm’s financial accounts are provided to all members within 5 months of the financial year’s end, the company may be excused from conducting an AGM.
5. Do my company’s financial statements need to be audited in Singapore?
According to https://bbcincorp.com/sg/articles/singapore-financial-statements: No, but only if your business is classified as a “small business” in Singapore. To be deemed “small,” your business must be a private corporation that meets two of the following three criteria in its first or second fiscal year:
The annual income is limited to ten million dollars.
There are no more than ten million dollars in total assets.
There are no more than 50 employees.
Your firm does not need to appoint an auditor if it is exempt from the auditing obligation.
However, if your firm is not a small business, it is required to examine the Singapore financial statements and must employ an auditor (within 3 months after the incorporation, according to the Companies Act).
6. How can I prepare my company’s Singapore financial statements?
You may produce financial statements in any format you choose for general meetings or internal usage (Words or Excel for example).
When filing with ACRA, however, these financial papers must be prepared in XBRL format. There are two options for doing so.
The first option is to prepare the paperwork yourself using the BizFin preparation tool. Here’s how it works in a nutshell:
Step 1: Get the software.
Step 2: Fill in the blanks in the XBRL template with the information from your financial statements (the ones that you have already presented at the annual general meeting).
Step 3: Check for mistakes with the tool and correct them as needed.
Step 4: After uploading the financial accounts, log in to BizFile+ and file the annual report with the documents you just uploaded.
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