What are Singapore accounting standards?

The Singapore accounting standards are issued through the Accounting Standards Council of Singapore, or ASC for short, and are known as Singapore Financial Reporting Standards or SFRS. They are substantially similar to the standards under IFRS to reduce divergence and provide comparability across the world.The SFRS framework comprises two sets of standards, mainly: SFRS and SFRS(I). SFRS, applicable for companies incorporated in Singapore, is grounded on the principles of IFRS with slight modifications. SFRS(I) - or Singapore Financial Reporting Standards-International-targets those entities listed on the SGX with standards that fully align with IFRS to facilitate proper comparability of financial statements across borders.SFRS for Small Entities gives the small business enterprise a lighter reporting framework. The standard will reduce the financial reporting burden by providing simpler requirements for small- and medium-sized entities meeting certain criteria. Thus, applying the Singapore accounting standards becomes easier without problems that may be felt by larger companies.Additionally, sustainability reporting requirements have been integrated into Singapore's accounting standards. The listed entities on the SGX are required to prepare a sustainability report that expresses all the dimensions of ESG performance, reflecting the emphasis that Singapore places on responsible and transparent business practices.The ASC reissues SFRS periodically to ensure that it keeps up with the changes made to IFRS, which enables the Singapore standards to meet international needs regarding both investment and operations.

Do I need to apply for the waiver of Form C-S/ C Submission on a yearly basis, if the company is dormant?

Once a company has been granted a waiver from a specific date, the company will not be issued with Form C-S/ C from that date onwards.As such, a company whose waiver application had been approved will not need to submit the application form on a yearly basis to IRAS.

What if I e-Filed the ECI beyond three months after the company’s financial year end?

You can still e-File the ECI if no assessment for the YA has been issued to your company.However, you cannot pay by instalment. Instalments are only granted by IRAS when a company files its ECI within three months after its financial year end and is on GIRO.

Is it necessary to file financial reports in Singapore with full XBRL format?

All companies incorporated in Singapore which are either limited or unlimited by shares (except exempted companies) are required to file their full set of financial statements in XBRL format according to the recent guidelines released by ACRA (Accounting and Corporate Regulatory Authority) Singapore June 2013.

Do I need to file an ECI for my company if it is nil?

You do not need to file an ECI for your company if it is nil and if your company meets the following annual revenue threshold for the Waiver to File ECI:Annual revenue not exceeding $5 million for companies with financial years ending in or after Jul 2017.

What is Annual General Meeting (AGM)?

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An AGM is a mandatory annual meeting of shareholders. At the AGM, your company will present its financial statements (also known as "accounts") before the shareholders (also known as "members") so that they can raise any queries regarding the financial position of the company.

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Related FAQs

1. What are Singapore accounting standards?
2. Do I need to apply for the waiver of Form C-S/ C Submission on a yearly basis, if the company is dormant?
3. What if I e-Filed the ECI beyond three months after the company’s financial year end?
4. Is it necessary to file financial reports in Singapore with full XBRL format?
5. Do I need to file an ECI for my company if it is nil?
6. How is XBRL filing useful?
7. Is income received in the form of virtual currencies such as Bitcoins taxable?
8. What is the Financial Year End (FYE) of Singapore?
9. When AGM is held since the date of incorporation?
10. How long Financial statement reports are laid at AGM?

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