Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies

What Does the Word Website Designer Stand For?

Today anyone seems to call themselves web designer just because the learned to create a web site.

Is it traditional graphic design involved or is it just experts on programs like Flash, Dreamweaver, etc. who call themselves designers?

One guy looking for work told me he had a web design education and when I looked at his work it was like 5 pages crap made in FrontPage!

For me as an art director and graphic designer it all seems a bit strange. I have spent years in art- and advertising classes, over 30 years in the advertising business in Sweden and Spain and I’m still not sure I can use that title. Even if I have designed hundreds of websites last 10 years.

So be aware when you looking for help, with internet anyone seems to be whatever they like and advertise their services, trust them or not. You will never know for sure.

Today I saw the following ad in a local magazine: “We design web sites for 130EUR”. That guy must be something of a superman. Or is the education these days so fantastic that you can learn it all in a few years?

The “Graphic design” education is just a small part in building your web site.

The natural way was (back in the 80:s in Stockholm) that your advertising agency produced your website and designed it so it fit your company’s profile. A few years later a lot of digital production companies started, but still with people educated in the advertising business.

Short after that anyone with money could buy a computer, copy machines and some colour printers and start a Copy shop without any education in advertising. Unfortunately they after a while also offered help in layout and design.

That’s where we are today. Anyone with a computer can offer you anything online.

It’s up to you to find out who they are.

Labor Union Electrical Training Program

There are many places in the United States where you can get training as an electrician, either for your own basic around-the-home repairs or to build yourself a great new lucrative career as an
electrician. One school in California devotes itself to nothing but electrical training for those who can demonstrate the skill and the ambition to follow through. Lets take a look at what it offers.

In Los Angeles County, California, for example, electrical training is highly regulated and legislated. The International Brotherhood of Electrical Workers IBEW and the National Electrical Contractors Association NECA are committed to compliance and electrical training that teaches the
methods, tools and regulations to apprentices in the union labor force. The organized workers and administrators realize how important electricians are to the construction process. They have put together an institute for electrical training that teachers journey level electricians the basics of working with logic control systems that are programmable as well as the complex data that are found in today's commercial and residential buildings.

This labor union electrical training program is actually funded by private industry, with contributions coming from the union workers themselves and by their employers. Those apprentices taking part in the training dont have to pay tuition and even get paid a living wage for their hands-on learning.
Apprentices in the training program work under a journeyman electrician who teaches them the electrical trade both in the classroom shop and on the job site. Classes are held in the evenings for at least six hours each week. Wage increases are given periodically dependent on reports of work experience, grades in the classroom and attendance.

Electrical apprenticeship training lasts for five years. Every apprentice attends at least 160 classroom hours each year. They almost must complete a minimum of 8000 hours on the job.

The electrical training program is the NECA and IBEW way of showing customers and potential customers that they are committed to producing highly qualified electricians. As a result of this training the jobs that this work force takes on are completed on deadline with the highest quality products and work. Call backs are a rarity.

Once the initial electrical training at the institute is completed the learning has not ended, however. Its an ongoing process, especially in light of the various green energy projects around the state and the nation. One of the primary goals of the electrical training is the instruction in work place safety. All electrical training courses teach safety. One course is devoted to a safe workplace. Its not just a matter of keeping electrical workers safe, either. The electrical raining takes into consideration that while electrical projects are being completed in retail, office or other commercial environments, employees of the client may continue to work in the facility. They must be kept safe as well.

Electrical technology is evolving continuously and the electrical training institute is away from that. Each graduate electrician is keep up on the latest industry developments and continuing education electrical and related courses are offered on a periodic basis.

Wealthy Affiliate – Affiliate Marketing University

I have been a member of wealthy affiliate for what seems like forever now. Before wealthy affiliate the only income I made online was from MLMs or money game deals, which was far less than a living. I got tired of paying just for the opportunity to make money quit all everything I was doing and find a better way.

The first thing I purchased was the rich jerk. It was OK for someone completely new to affiliate marketing. Information overload, but I kept learning more about affiliate marketing industry after buying it.

Which lead me to my second eBook purchase affiliate project x. Great eBook in my opinion. Its whats really got me rolling. I made some money and lost more following some of the strategies. But the fact that I made some commission is what really got me pumped up about this industry.

I signed up for the course and landed on a landing page promoting a video tour for wealthy affiliate. I decided WA was exactly what I’ve been looking for and signed up after reading the sales page.

When I joined up I followed the 8 week course and hung around in the forums, in my opinion the best part of wealthy affiliate.

With the information I learned, I decided to tempt fate and venture back in to PPC where I lost tons of money before. My first few campaigns were a learning experience, but through the help of founders Kyle, Carson and members at the forum I obtained first profitable ppc campaign. Don’t remember the exact ROI, but I was making $50 to $100 dollars a day off a $10 to $30 spend daily spend.

So is wealthy affiliate worth it? I can only speak for myself. Before WA NO MONEY, After WA Making money.