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Filing Financial Statements

Ensuring accurate and timely filing of financial statements is crucial for maintaining compliance with Singapore’s regulatory requirements. At Covenant Professional Services Pte. Ltd., we specialize in providing comprehensive financial statement filing services tailored to meet the specific needs of your business.

Our package deal for the compilation of financial statements and reports are as follows:

Understanding Financial Statement Filing in Singapore

All Singapore-incorporated companies are mandated to file annual returns with the Accounting and Corporate Regulatory Authority (ACRA), which includes the submission of financial statements. Depending on the company’s classification, financial statements may need to be filed in XBRL (eXtensible Business Reporting Language) format. Non-compliance can lead to penalties and legal repercussions.

Our Financial Statement Filing Services

At Covenant Professional Services, we offer a suite of services to ensure your company remains compliant:

• Preparation of Financial Statements: We assist in preparing financial statements in accordance with the Singapore Financial Reporting Standards (SFRS), ensuring accuracy and completeness.

• XBRL Conversion and Filing: Our team converts your financial data into the required XBRL format and manages the filing process with ACRA, ensuring adherence to all regulatory requirements.

• Annual Return Filing: We handle the preparation and submission of your company’s annual returns, including the necessary financial statements, to keep your company in good standing with ACRA.

Filing Financial Statements

The Accounting and Corporate Regulatory Authority (“ACRA”) requires all Singapore-incorporated companies to file a full set of financial statements with ACRA, unless exempted. 

A company shall appoint an auditor within 3 months from the date of its incorporation, unless it is exempted from audit requirements under Section 205B, or 205C, of the Companies Act.

S205B states that a company shall be exempt from audit requirements if

·         It has been dormant from the date of incorporation

·         It has been dormant since the end of the previous financial year

S205C states that a small company or a small group shall be exempt from audit requirements.

Under the 13^th Schedule of the Companies Act, a company is a small company if

A) It is a private company throughout the financial year; and

B) It satisfies 2 of the following criteria for each of the 2 financial years immediately preceding the financial year:

1. Total revenue for each financial year <= $10 million
2. Total assets <= $10 million
3. Total number of employees <= 50.

Under the 13^th Schedule of the Companies Act, a group is a small group if the group satisfies any 2 of the following criteria for each of the 2 consecutive financial years immediately preceding the financial year:

1. Group consolidated revenue <= $10 million
2. Group consolidated total assets <=$10 million
3. Group consolidated number of employees <= 50

If your company qualifies for audit exemption, it will still be required to prepare unaudited financial statements in accordance to the Companies Act and Singapore Financial Reporting Standards for the purpose of filing the annual tax returns. The format is similar to an audited financial statements except the auditors’ report.

WHO NEEDS TO FILE AND WHO IS EXEMPTED?

All Singapore incorporated companies (unlimited or limited by shares) are required to file their financial statements with ACRA, except those which are exempted. Some companies will file a full set of financials in XBRL format while some will file key financial data in XBRL format and a full set of the signed copy of the FS tabled at annual general meeting and/or circulated to members (AGM FS) in PDF.

Revised XBRL filing requirements

ACRA has streamlined the filing of FS by revising the filing requirements and data elements in XBRL format for companies. This will be effective from 01 May 2021. 

Companies can voluntary opt to apply the revised requirements and data elements from 16 May 2020 to 30 April 2021 (both dates inclusive).

Companies that file the FS before 01 May 2021 can continue to apply the current filing requirements and data elements.

There are four templates to be used by companies to meet the revised filing requirements and data elements:

1. Full XBRL template – The number of data elements for this template has been reduced by 50% to about 210 data elements. It will capture the information in primary statements and selected notes to FS;
2. Simplified XBRL template – This template, which replaces XBRL FSH (General), has about 120 data elements. It will capture the complete information in the statements of financial performance and position;
3. XBRL FSH (Banks) template – There is minimal change to this template. This template has about 80 data elements; and
4. XBRL FSH (Insurance) template – There is minimal change to this template. This template has about 80 data elements.

The table below sets out the filing requirements for various types of companies:

What is a Non-Publicly Accountable Company?

A non-publicly accountable company refers to a company that is:

a. a company that is not  listed or is in the process of issuing debt or equity instruments for trading on a securities exchange in Singapore;

b. a company whose securities are not listed on an exchange outside Singapore;

c. Not one of the following financial institutions:

1. entity that is part of the banking and payment systems (namely, licensed banks¹, financial institutions approved under section 28 of the Monetary Authority of Singapore Act (Chapter 186), operators of payment systems designated under section 42 of the Payment Services Act 2019 (Act 2 of 2019), settlement institutions of payment systems designated under section 42 of the Payment Services Act 2019, persons that have in force a standard payment institution licence granted under section 6 of the Payment Services Act 2019, persons that have in force a major payment institution licence granted or deemed to have been granted under section 6 of the Payment Services Act 2019 and licensed finance companies);
2. licensed insurer, foreign insurer under Lloyd’s Asia Scheme and registered insurance broker;
3. capital market infrastructure provider (namely, approved holding companies, approved exchanges, recognised market operators, approved clearing houses and recognised clearing houses under the Securities and Futures Act (Chapter 289));
4. capital markets intermediary (namely, holders of capital market services licence, licensed financial advisers, registered fund management companies, licensed trust companies and approved trustee for collective investment scheme);
5. licensed trade repository, authorised and exempt benchmark administrator under the Securities and Futures Act (Chapter 289);
6. operator of the Central Depository System under the Securities and Futures Act (Chapter 289);
7. trustee-manager of listed registered business trust;
8. designated financial holding company under the Financial Holding Companies Act²; and
9. licensed credit bureau under the Credit Bureau Act².

Contact Us

Navigating financial statement filing requirements can be complex. Let Covenant Professional Services Pte. Ltd. simplify the process for you. contact us or whatapp or fill in the form below today to learn more about our financial statement filing services and how we can assist your business in achieving compliance and operational excellence.