Accounting & Book Keeping
Every country is unique and follows its own format for financial reporting. Its reporting format is largely influenced by a country’s political, economic and cultural environment. Hence format in one country may not be suitable for reporting in the next country. To resolve this issue and bring about greater transparency to facilitate comparability of financial data across nations, the International Financial Reporting Standards (IFRS) is introduced. Such internationally accepted accounting standards bring about smooth functioning in the global context.
In Singapore, the accounting standards (SFRS) are based on the International Financial Reporting Standards (IFRS). The Accounting & Corporate Regulatory Authority (ACRA) made it mandatory that all companies that have their financial period starting on or after 1 January 2013, have to comply with the SFRS.
The SFRS works on the accrual-based accounting system which records event as and when they occur. They are recorded to the statements of the period, to which the transactions belong. This serves to inform the user of the financial statement about the past transactions that involves payment or receipt of cash and future obligation to pay and receive cash.
It is crucial to properly prepare the accounts and financial statements for annual declaration and submission to the ACRA and Inland Revenue Authority of Singapore (IRAS). Peter Leow, our founder ever partnered with UOB in a joint seminar to deliver a presentation on the importance of maintaining proper accounting records.
You can be sure to leave us with the technical work of recording accounting entries for your esteemed company while you concentrate on growing your business.