Accounting in Singapore
- Accounting Standards
- Singaporean accounting rules aim at giving a clear vision of the financial situation of the company. Singapore is an international financial place and thus needs to have accounting standards acceptable to the international financial community. Accounting Standards Council of Singapore (ASC) develops, review, amend and approve accounting standards for use by companies, charities, co-operative societies and societies.
- Accounting Regulation Bodies
ICRA, Accounting and Corporate Regulatory Authority
- Accounting Law
- Difference Between National and International Standards (IAS/IFRS)
- The Accounting Standards Council (ASC) of Singapore closely models its Financial Reporting Standards (FRS) according to the IFRS and generally adopts these accounting standards taking into account the local economic and business circumstances.
- Tax Year
- The fiscal year begins on December 1st and ends on December 31st of the next year.
- Accounting Reports
- Income Tax Returns (Form C), Profit and Loss Statements, and Balance sheet.
- Publication Requirements
- Each company has to produce a profit and loss account and a financial balance sheet.
- In order to become a certified accountant, one needs to become member of ‘The Institute of Certified Public Accounts of Singapore' by passing a technical examination conducted by Singapore Accounting Academy (SAA) . The qualified accountant is then named “Certified Public Accountant Singapore (CPA-Singapore)”.
A CPA-Singapore provides services related to accounting & financial analysis, auditing, taxation, cost accountancy, etc.
- Professional Accountancy Bodies
Institute of Certified Public Accountants of Singapore
- Member of the International Federation of Accountants (IFAC)
- Member of Other Federation of Accountants
Member of ASEAN Federation of Accountants (AFA)
Member of International Federation of Accountants (IFAC)
Member of Asia-Oceania Tax Consultants Association (AOTCA).
- Audit Bodies
- Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can consult the Institute of Internal Auditors (IIA).
Any Comments About This Content? Report It to Us.
No content has been posted to this folder yet.
Be the first to feature your expertise related to Accounting in Singapore!
- Post any content you may have that features your expertise, such as a text article with business tips, presentation, market report, etc
- By sharing your knowledge you gain more visibility for your profile not only on GlobalTrade.net but across the web
Post your content now by simply clicking on the button below.
Check these folders already populated with content posted by other users:
Click here to find out more about key benefits and instructions for contributing to the site.
Post any content you may have that features your expertise and offers valuable information to the international trade community.
The more informative content you post the more visible your will be, as your valuable content will link directly to your profile.
Check these sample pages for illustration: