MAINTAINING OF BOOKS OF ACCOUNTS

Accounting records and systems of control:

  1. Every company shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair financial statements and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.
  2. The company shall retain the records referred to in subsection (1) for a period of not less than 5 years from the end of the financial year in which the transactions or operations to which those records relate are completed.
  3. The records referred to in subsection (1) shall be kept at the registered office if the company or at such other place as the directors think fit and shall at all times be open to inspection by the directors.
  4. If accounting and other records are kept by the company at a place outside Singapore there shall be sent to and kept at a place in Singapore and be at all times open to inspection by the directors such statements and reforms with respect to the business dealt with in the records so kept as will enable to be prepared true and fair financial statements and any documents required to be attached thereto.

Electronic Records for Tax Purposes:

  1. You do not need seek approval from IRAS to keep your records in an electronic format for tax purposes.
  2. However, you need to ensure that proper internal records are put in place to ensure the integrity, completeness, accuracy, availability and reliability of the electronic records, including all transactions executed electronically

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