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Singapore’s Financial Reporting by Shane Goh & Associates

Expert guidance on Singapore's Financial Reporting Standards (FRSSE) for small businesses. Shane Goh & Associates makes financial reporting clear and manageable, helping your business thrive.

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Singapore’s Financial Reporting by Shane Goh & Associates

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  1. Visit Us! sgaa.com.sg

  2. Visit Us! • Understand Singapore’s • Financial Reporting Standards • for Startups • As a profitable Singapore business, you're aware of the mandatory financial reporting to meet government regulations. Global businesses must declare their financial performance, but Singapore's format is unique due to its low taxation policies. Each country has its distinct regulations, principles, and conventions tailored to its political, legal, cultural, and economic environment. sgaa.com.sg

  3. Visit Us! • A Short Picture of Singapore’s • Accounting Standards • As a small business owner in Singapore, grasp the applicable accounting standards. Singapore Financial Reporting Standards (SFRS) for Small Entities simplifies full SFRS for small businesses, eliminating less relevant topics and disclosure requirements. Financial Reporting in Singapore for Start-Ups aims to balance informative content and cost-efficiency for small businesses. sgaa.com.sg

  4. Visit Us! • FRS vs. SFRS for Small Entities • Which Fall on to Your Business? • Starting a business in Singapore? Your financial reporting standards depend on your company's public interest score. Factors like employee count, assets, and public shareholders determine your score. • If your score is under 10 points, you're in luck - SFRS for Small Entities applies. Enjoy simplified accounting rules and reduced disclosure requirements, allowing you to focus on your business operations without complex reporting obligations. sgaa.com.sg

  5. Benchmarks • You Look Up to in the • SFRS for Small Entities MATERIAL SUBSTANCE OVER FORM • Materiality in financial statements pertains to the importance of the information to users. Small entities may exclude immaterial details, easing the disclosure load. • The substance of a transaction refers to its commercial effect and economic impact. Small entities should apply this concept to achieve fair presentation. ACCRUAL BASIS OF ACCOUNTING • The accrual basis of accounting requires the recognition of financial events and transactions as they occur as it is not as money which is received or paid. Small entities should recognize assets, liabilities, equity, income and expenses when they are trying to satisfy the recognition criteria.

  6. Recognition of Revenues and Expenses

  7. Recognition of Revenues and Expenses When determining how and when to recognize revenues and expenses for your small business under FRS 105 in Singapore, there are a few key points to keep in mind and memorize them. Points on Next Page

  8. Recognition of Revenues and Expenses • if you sell a product or service in one period, the associated costs to produce that product or service should also be recognized in the same period. For example, if you sell consulting services in December 2022, the fees of the consultants for those services should also be mentioned at the ongoing rate in December 2022 not in current month or year. • You should recognize revenue when it is earned, not when cash is received. For the sale of goods, this is usually when the customer takes ownership and for services, this is when the service has been provided. • Expenses should be recognized when it happened, not when cash is paid out. For example, rent expense should be note down when you get occupation, not when you pay the rent.

  9. Takeaway • As a small business with limited accounting and bookkeeping tools, it can be hassle to accomplish your goals. Company Incorporation Service steps in to simplify the difficult accounting, tax filing, and financial reporting processes. With the support of us, your small business can thrive and reach new heights. Take it step by step, learn as you go, and don’t hesitate to ask questions. • 95% SUCCESS

  10. Contact Us! THANK YOU contactus@sgaa.com.sg https://sgaa.com.sg/

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