Accounting in Singapore

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Accounting System

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

The main accounting laws in the country are:
Accounting and Corporate Regulatory Authority Act
Accountants Act
Business Registration Act
Companies Act
Limited Liability Partnerships Act

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.
Accounting News
Singapore News
Accounting Standards in Singapore

Accounting Practices

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.

Accountancy Profession

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).

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