Submitting Financial Statements in Singapore
Submitting Financial Statements in SingaporeUpdated on Wednesday 20th January 2016
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Any company with operations on the territory of Singapore must file several times a year various documents, which are required by the financial and legislative bodies of the state. According to the Singaporean legislation, financial statements must be submitted by all companies to the Accounting and Corporate Regulatory Authority (ACRA); if you are interested in setting up a business in Singapore, our team of lawyers can offer you more details on this subject.
Requirements for submitting financial statements in Singapore
Companies registered in Singapore must file their financial statements by using the XRBL (eXtensible Business Reporting Language) system, which is used in order to generate a computer-readable version on the submitted documents. XBRL system can tag various data from the documents, which allows ACRA’s authorities to extract the information needed in a faster pace.
From the beginning of 3rd of March 2014, all companies are required to submit financial statements on the online platform created by ACRA; our lawyers in Singapore can explain to you the procedure.
Financial statements – required list of documents in Singapore
According to the set of rules imposed by ACRA, all companies must submit their financial statements, but the requirement list varies according to the type of company; our attorneys in Singapore can offer you a detailed list on this matter.
Companies must submit the following list of documents:
• statements of directors;
• auditor’s reports, carried out by an independent entity;
• income statement;
• statement of cash flow;
• disclosure notes on the corporate information, property, grants contracted from the government, revenue and share capital.
The financial statements submitted using the XRBL procedure are applicable for companies with operations in Singapore after the date of 30 April 2007.
If you need further information on how to submit company’s financial statements, our lawyers in Singapore can offer you guide through the procedure applied by ACRA.