First financial statement of newly company
Every Pte Ltd company is required to submit their financial statement to IRAS and ACRA annually (except certain company which able to meet exemption creteria)
WHAT IS FINANCIAL STATEMENT
Presentation of Financial report is governed by Singapore Financial Reporting Standards (SFRS)
According to the SFRS, a complete compilation of financial statements should comprise the following documents. :
- A statement of financial position / Balance sheet
- A statement of comprehensive income
- A statement of changes in equity
- A statement of cash flows
WHEN TO SUBMIT FIRST SET OF FINANCIAL STATEMENT TO ACRA
Submission of financial statement can proceed only after shareholder approval during Annual General Meeting (AGM)
All company is required to submit their financial report via Annual Return (AR) with ACRA .
When to submit 1st set of financial statement is determine by when is the financial year end date .
All newly registered Company is required to fixed their financial year end within 12 months from the date of incorporation .( for the special financial period other than 12 months is subject to ACRA approval )
WHEN TO SUBMIT FIRST SET FINANCIAL STATEMENT TO IRAS
In compliance with IRAS, public will need to declare company tax via Form C / Form CS .
All the detail requested information must based on financial statement and physical copy of financial statement presented upon requested only.
