4. When do Singapore financial statements have to be filed?
Your company's annual filings to ACRA must contain financial statements (unless it is exempted). As a result, the deadline for reporting Singapore financial statements will fall on the same day as the deadline for filing the annual report.
For your information, the deadline for filing an annual report after the end of the fiscal year is 7 months for non-listed companies and 5 months for listed corporations.
Prior to publishing an annual report, your company must conduct an Annual General Meeting (AGM) and present its financial results to its shareholders. The company may be exempt from holding an AGM if all members receive the firm's financial accounts within 5 months of the financial year's end.
5. Is it necessary to get my company's financial accounts audited in Singapore?
According to https://bbcincorp.com/resources/singapore-financial-statements No, but only if your company is categorised in Singapore as a "small business." Your company must be a private entity that satisfies two of the following three requirements in its first or second fiscal year to be considered "small."
The maximum annual income is 10 million dollars.
The entire assets are less than 10 million dollars.
There are no more than 50 people working here.
If your company is exempt from the auditing requirement, you don't need to hire an auditor.
If your company is not a small business, however, you must analyse the Singapore financial accounts and hire an auditor (within three months).
6. How can I produce Singapore financial accounts for my business?
For general meetings or internal use, you may create financial statements in any format you like (Words or Excel for example).
These financial documents must, however, be prepared in XBRL format for filing with ACRA. There are two ways to do so.
The first option is to use the BizFin preparation tool to prepare the papers. In a nutshell, here's how it works.
Get the software first.
Step 2: Using the information from your financial statements, fill in the gaps in the XBRL template (the ones that you have already presented at the annual general meeting).
Step 3: Use the tool to check for problems and rectify them as required.
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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