Accounting Requirements

The accounting standards prescribed in Singapore (“Singapore Financial Reporting Standards” or SFRS) are consistent with those of the International Accounting Standards Board (IASB).

The Accounting Standards Council of Singapore (ASC) develops, reviews, amends and approves accounting standards for use by companies, charities, co-operatives and general societies.

Listed companies may also use IFRS standards with the permission of the securities regulator.

Foreign companies whose equity securities are primarily listed in Singapore must adopt SFRS, IFRS standards or US GAAP.

However, Singapore companies can choose the periodicity of doing the accounts according to their business and government requirements. Some companies do monthly accounts, some do quarterly, half-yearly or annual accounts.

Generally, an average international trading or investment company (with local sales of less than S$1 million) will do annual accounts – once a year.

If the company has local sales of more than S$1 million a year, then the company is required to register as a GST-registered company. Companies are required to do quarterly accounts as per Inland Revenue Authority GST filing requirements (tri-monthly).

Accounting Documents

Accounting documents in Singapore refer to documents or electronic documents that can prove that the commercial transactions and amounts recorded are carried out in the course of commercial activities. For example:

1:Bank bill

2:Contract

3:Invoice

4:Collection voucher

5:Payment voucher

6:Logistics documents, shipping bills, bills of lading, etc.

7:Documents of credit

8:Credit card receipt

9:Salary statistics table.

10:Central Provident Fund Payment Form and Central Provident Fund Calculation Form

11:Year-end bonus calculation table

12:Details of changes in shareholders’ equity, such as capital increase, transfer, additional issuance, etc.

13:Certificate of payment of funds paid in by shareholders

All documents should be kept intact and arranged in chronological order or the order of occurrence of the contract.

According to the requirements of the law, all original accounting documents must be kept for at least 7 years, and all company tax-related documents must be kept for at least 5 years.

Accounting Services

Xinyue Huaxin can tailor our accounting services to meet the needs of our clients.
Accounting services include:

Providing accounting services using professional accounting software, depending on the complexity and requirements of the accounts.

Creating accounts in accounting software and entering accounting transactions.

Preparing the following:

1:Balance sheet

2:Profit and loss account

3:Cash flow statement

4:Statement of changes in equity

5:Breakdown of accounts

6:The company’s financial reports