Filing Financial Statements

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

OUR PACKAGE DEAL

FEE (SGD)

Compilation of Unaudited Financial Statements (Comply with SFRS – Small Entities) – Dormant Company

From $600 onwards

Compilation of Unaudited Financial Statements (Comply with SFRS) – Active Company with turnover of less than $1 million

From $700 onwards

      Compilation of Unaudited Financial Statements (Comply with SFRS) – Active Company with group level consolidation of 1 subsidiary / 1 associated company

From $1,000 onwards

 

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 13th 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 13th 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:

 

Type of Company

Filing of Financial Statements (Before 30 April 2021)

Filing of Financial Statements (Mandatory from 01 May 2021 onwards)

SG-incorporated companies that are not covered by the groups below

 

To file FS in Full XBRL template

To file FS in XBRL format, and the extent of XBRL filing varies based on the company’s nature and size of operations:

Smaller and non-publicly accountable companies (both terms are defined below):

a. To file FS in Simplified XBRL template, together with PDF copy of FS authorised by directors; and

b. All other companies – To file FS in Full XBRL template.

(a) SG incorporated companies in the business of banking, finance and insurance regulated by Monetary Authority of Singapore (MAS)

 

To file FS in 

1) XBRL Financial statements highlights (FSH) (Banks) template or

2) XBRL FSH (Insurance) template;

together with PDF copy of FS authorized by directors

To file FS in 

1) XBRL Financial statements highlights (FSH) (Banks) template or

2) XBRL FSH (Insurance) template;

together with PDF copy of FS authorized by directors

(b) companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS

To file FS in

1) FSH in XBRL format + 

2) PDF copy of FS authorized by directors

 

To file PDF copy of FS authorized by directors

Solvent exempt private companies (EPCs)

Not required to file FS, but are encouraged to file with following options: 

1) PDF copy of FS authorized by directors

2) FS in full XBRL template or FSH in XBRL format

Not required to file FS, but are encouraged to file with following options: 

1) PDF copy of FS authorized by directors

2) FS in XBRL format

If the company opts to file FS in XBRL format, its extent of XBRL filing will vary based on the same criteria as Insolvent EPCs.

 

Insolvent EPCs

To file FS in either :
1) full XBRL template; or 
2) FSH in XBRL format + PDF copy of financial statements

To file FS in XBRL format and the extent of XBRL filing varies based on the company’s nature and size of operations:

1. Smaller and non-publicly accountable companies (both terms are defined below):

a. To file FS in simplified XBRL template together with PDF copy of FS authorized by directors; and

 

2. All other companies to file FS in full XBRL template.

 

Companies limited by guarantee

PDF copy of financial statements authorized by directors
(XBRL filing not required)

PDF copy of financial statements authorized by directors
(XBRL filing not required)

 

Foreign companies with SG branches

PDF copy of financial statements authorized by directors

(XBRL filing not required)

PDF copy of financial statements authorized by directors

(XBRL filing not required)

 

 

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.

1 “Licensed banks” should be read as “banks or merchant banks licensed under the Banking Act (Chapter 19)” when section 24 of the  Banking (Amendment) Act 2020 relating to merchant banks come into force.”
2 Applicable once the Act commences.

 

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