Why prepare financial reports?-FOZL - International Accounting & Advisory Firm

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Why prepare financial reports?

Financial statements are required because:

1. This is a legal requirement in Singapore. Section 201 of the Singapore Companies Act mandates that company directors prepare financial reports compliant with "Singapore Financial Reporting Standards."

2. The Inland Revenue Authority of Singapore (IRAS) requires companies registered in Singapore to prepare financial statements and tax computations annually for corporate tax submission. In recent years, if your company is eligible to submit Form C-S, you may not need to submit your financial statements to IRAS. However, the CPF board clearly states that even if you do not need to submit them with Form C-S, you still need to keep records of your financial reports and tax computations.

3. If your company has not been granted exemption from audit, or if it has been granted exemption but is insolvent, you will need to submit your financial statements to the Accounting and Corporate Regulatory Authority (ACRA) within the specified annual filing period.

4. Financial statements are essentially a report card on a company's financial performance. The information provided is invaluable to company owners and directors in assessing the company's future plans.

5. When selling company shares to other investors, stamp duty is payable, and part of the calculation involves using financial statements to determine the company's net asset value.

6. If you have business or property loans, your financial statements may be required in the refinancing process.

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