Under the Companies Act, dormant and private exempt companies with an annual revenue below S$5m are not required to have their accounts audited. However, such companies must continue to maintain proper accounting records and prepare "true and fair" financial statements in accordance with the Financial Reporting Standards (FRS). Failure to maintain proper accounting records could result in Directors being fined up to S$2,000 or imprisoned for a term of up to 3 months in addition to a default penalty. Directors could also be fined up to S$50,000 if the financial statements do not comply with the FRS. Covering the essential FRSs, the "Preparing Unaudited Financial Statements" workshop is designed to equip participants with the knowledge to prepare "true and fair" financial statements that comply with the FRS.
Company Directors, Finance/Accounting Personnel required to prepare unaudited financial statements without help from auditors.
KEY TOPICS COVERED DURING WORKSHOP
Framework for the Preparation of Financial Statements
FRS 1: Presentation of Financial Statements
FRS 2: Inventories
FRS 7: Cash Flow Statements
FRS 8: Accounting Policies, Changes in Accounting Estimates and Errors
FRS 10: Events after the Balance Sheet Date
FRS 12: Income Taxes
FRS 16: Property, Plant and Equipment
FRS 18: Revenue
FRS 24: Related Party Disclosures
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Mr Lim Lian Soon, FCPA Singapore, FCPA (Aust), FCCA (UK), ATA, has
been practising as a Certified Public Accountant for over 15 years. Prior to that he
had worked in internal audit, regional accounting and tax compliance and he last held
the position of CEO in a public listed company. He is currently a Tax Director with a
Public Accounting Corporation.
He has been actively conducting Continuing Professional Education courses and inhouse training on internal audit and fraud, taxation, financial accounting and financial
management for more than 20 years.
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