These are but common remarks and comments that we have heard from business owners.
Section 201(1) of the Singapore Companies Act (the “Act”), states that “The directors of every company must lay before the company at its annual general meeting the financial statements for the financial year in respect of which the annual general meeting is held.”
Section 201(2) Act states that, “Subject to subsections (12) to (15), the financial statements referred to in subsection (1) shall comply with the requirements of the Accounting Standards and give a true and fair view of the financial position and performance of the company.”
The Accounting Standards referred to in the above refers to the Singapore Financial Reporting Standards (“SFRS”) or SFRS for Small Entities.
There are exemptions granted under the Act for specific circumstances but generally, companies are required to prepared a set of financial statements each year.