All locally incorporated companies are required to hold their Annual General Meeting (“AGM”) and file their annual returns under S175, S197 and S201 of the Companies Act. At the AGM, director(s) shall present a true and fair view of the company’s accounts to their shareholders. The relevant documents such as profit or loss, balance sheet, directors’ report and auditor’s report (if any) has to be presented to shareholders at least 14 days before the AGM.
Book keeping means recording of business transactions for the period/year and transform the data to Statement of Comprehensive Income (Profit or Loss Statement) and Statement of Financial Position (Balance Sheet). With those data compiled, an annual report is produced together with director’s report, auditor’s report (if any) and significant accounting policies. Common error spotted would be that the reports are not presented in accordance to Singapore Financial Reporting Standards.
