Do I need to prepare Financial Statement if ACRA states that my company don't need to submit it?
Even though you are not required to file the financial statements, you will still be required to prepare it.
- Under sections 201(2) and 201(5) of the Companies Act (the ""Act""), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:
- comply with Accounting Standards1 issued by the Accounting Standards Council; and
- give a true and fair view of the financial position and performance of the company.
In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Act, respectively.
- Under sections 201(2) and 201(5) of the Companies Act (the ""Act""), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:
- comply with Accounting Standards1 issued by the Accounting Standards Council; and
- give a true and fair view of the financial position and performance of the company.
In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Act, respectively.
Updated on: 16/01/2023
Thank you!