The Firms Act requires each company, aside from those exempted in accordance with the provisions in the Act, to nominate one or more auditors qualified for appointment beneath the Accountants Act to report on the corporate’s financial statements.
Monetary Intervals Commencing on or after 1 January 2003 With the implementation of section 37 of the Firms (Modification) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial durations commencing on or after 1 January 2003.
The monetary statements have to be accompanied by the administrators’ and auditors’ reports and by a statement from the administrators declaring that the financial statements show a true and truthful view and that it is cheap to consider that the company can moderately pay its debts as they develop into due.
Monetary Periods Commencing before 1 January 2003 The principal supply of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS.
With the Firms (Accounting Requirements) Regulations 2002 coming into operation for monetary durations on or after 1 January 2003, an entire set of economic statements will comprise the steadiness sheet, income statement, assertion of adjustments in fairness, cash circulate assertion and explanatory notes.
Compliance with IASC standards usually are not mandatory, however the institute helps the IASC aims of formulating and publishing requirements for observance throughout presentation of audited financial statements and selling worldwide acceptance of such requirements.