Accounting & Auditing in Singapore

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.

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.

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.

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.

 

 

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.

XBRL is an acronym for eXtensible Business Reporting Language. Financial information is converted to XBRL format then, sent to and fro between business entities. Singapore government has mandated it for each Singapore company to file its financial statements only in XBRL format. The analysis of the data, thus, accumulated gives accurate information about the trends in finance.

Remuneration or revenue received in the form of virtual currencies (such as Bitcoins) is subject to normal income tax rules. The receipt will be taxable if it is revenue in nature, and non-taxable if it is capital in nature

The financial year end (FYE) of Singapore is the end of the fiscal accounting period of a company which is up to 12 months.

Generally, a private limited company is required under the Companies Act (“CA”) to hold its AGM once in every calendar year and not more than 15 months (18 months for a new company from the date of its incorporation).

Financial statements no more than 6 months old must be laid at the AGM (section 201 CA) for Private limited companies.