The financial statements in a business represent an important aspect of accounting in Singapore, being official documents in which all the financial activities of the company are depicted in simple terms. Each business must file its annual financial statements in Singapore. Foreign companies and their local branches in Singapore are required to present a PDF copy of their financial statements with the Accounting and Corporate Regulatory Authority (ACRA) in the country.
Applicable periods for the annual financial statements in Singapore
The requirements for filing the annual financial statements in Singapore in XBRL (a freely available and international standard for communicating business information) are applicable for businesses with periods ending on or after 30 April 2007.
If the financial statements concern a period of time before the above-mentioned date, the companies have to file their financial statements in PDF format and their financial highlights in their Yearly Return (YR). An accountant in Singapore can provide more details on this matter.
Our accountants can also verify if you meet the requirements related to the payment of the dividend tax in Singapore.
Minimum requirements for the annual financial statements in Singapore
The minimum requirements for the annual financial statements in Singapore represent a set of data within the ACRA Taxonomy 2013 that have to be filed. These requirements consist of:
• Text block information: it represents a complete set of financial statements deferred to utilizing a single text block element;
• Detailed data (statutory reports): these contain:
o Statements by directors;
o Independent auditors report;
• Detailed information (primary financial statements): these are comprised of:
o Statement of financial situation;
o Income statement;
o Statement of cash flows;
• Detailed information (disclosure notes): these involve:
o Business and general information;
o Trade and other receivables;
o Trade and other payables;
o Share funds;
o Government grants;
o Workers benefit expense;
o Operating segments;
o Real estate, plant and equipment;
o Selected expense and income.
For more detailed, personalized information on the annual financial statements in Singapore, our accounting firm in Singapore is at your service; please do not hesitate to contact us.