Accounting

Singapore Accounting Standards
Accounting, which is conducted by Singapore companies, is based on standards, which contain the basic rules and principles of accounting for financial transactions of various types. These standards were designed to systematize a set of requirements for the process of reflecting important events and processes of any company on the company’s balance sheet.

Legal regulation in Singapore is divided into two levels:

Legislation – at this level, fundamental documents are applied, for example, the law on companies, as well as Regulations for reporting and accounting in companies

A code of by-laws – this includes such regulatory documents as the FRSS (Financial Reporting Standards for Singapore).

Financial Reporting Standards of Singapore (FRS), were created on the basis of IFRS. All companies whose reporting period began on or after January 1st of 2003 are required to comply with the requirements of the FRS. Accrual accounting is one of the basic principles of the Financial Reporting Standards of Singapore. The financial statements are prepared on an accrual basis. According to this method, transactions and other events be recognized when they occurred and not as financial resources or their equivalent were received or paid. They are recorded in the accounting books and in the financial statements for the periods to which they relate. Financial statements prepared on the accrual basis inform users not only about past transactions with the payment and receipt of funds but also about obligations to pay financial resources in the future and about resources reflecting the funds that will be received later. The general set of accounting standards contains about 40 different standards, each of them has a name of the type FRS X, for example, FRS 1. Each standard relates to a separate topic, for example, the presentation of financial statements, profit accounting, inventory accounting, etc.

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15$
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50$
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40$
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30$
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Singapore Accounting Standards

Accounting, which is conducted by Singapore companies, is based on standards, which contain the basic rules and principles of accounting for financial transactions of various types. These standards were designed to systematize a set of requirements for the process of reflecting important events and processes of any company on the company’s balance sheet.

Legal regulation in Singapore is divided into two levels:

  • Legislation – at this level, fundamental documents are applied, for example, the law on companies, as well as Regulations for reporting and accounting in companies
  • A code of by-laws – this includes such regulatory documents as the FRSS (Financial Reporting Standards for Singapore).

Financial Reporting Standards of Singapore (FRS), were created on the basis of IFRS. All companies whose reporting period began on or after January 1st of 2003 are required to comply with the requirements of the FRS. Accrual accounting is one of the basic principles of the Financial Reporting Standards of Singapore. The financial statements are prepared on an accrual basis. According to this method, transactions and other events be recognized when they occurred and not as financial resources or their equivalent were received or paid. They are recorded in the accounting books and in the financial statements for the periods to which they relate. Financial statements prepared on the accrual basis inform users not only about past transactions with the payment and receipt of funds but also about obligations to pay financial resources in the future and about resources reflecting the funds that will be received later. The general set of accounting standards contains about 40 different standards, each of them has a name of the type FRS X, for example, FRS 1. Each standard relates to a separate topic, for example, the presentation of financial statements, profit accounting, inventory accounting, etc.