Application from compliance with the Accounting Standards [Section 201(12) of the Companies Act]
A company is required to obtain the Registrar’s approval for exemption from non-compliance with the Accounting Standards[1] which includes preparing its financial statements using an accounting framework other than the Accounting Standards.
To uphold the principles of transparency and equality of treatment for all Singapore-incorporated companies, such exemption is granted in very limited circumstances.
In particular, the Registrar will generally not allow financial statements to be prepared solely in accordance with the International Financial Reporting Standards (IFRS) . Companies can apply Singapore Financial Reporting Standards (International) (SFRS(I)) and state simultaneous compliance with IFRS in the SFRS(I) financial statements.
How to apply: Companies must fill in the s201(12) application form (Word, 50KB) and attach the completed application form as part of the transaction filed in BizFile+.
Please submit the application at least six months before the statutory filing timeline, so as to leave sufficient time to meet the filing obligations.
Application fee: $200 (non-refundable).
Application for relief from requirements relating to form and content of financial statements and directors’ statement [Section 202 of the Companies Act]
A company is required to obtain the Registrar’s approval for departing from the disclosure requirements relating to the form and content of the financial statements and directors’ statement. This includes relief from requirements in directors’ statement to disclose directors’ interest.
To uphold the principles of transparency and equality of treatment for all Singapore-incorporated companies, such exemption is granted in limited circumstances.
Please note that under section 201(16) of the Companies Act, the Company is required to prepare a statement signed on behalf of the directors by two directors of the company containing the information set out in the Twelfth Schedule.
This section is not applicable for relief from audit requirements. Audit exemption criteria is stated in the Companies Act. Click here for more information on the audit exemption criteria (applicable for financial years beginning on or after 1 July 2015).
How to apply: Companies must fill in the s202 application form (Word, 30KB) and attach the completed application form as part of the transaction filed in BizFile+.
Application fee: $200 (non-refundable).
[1] Accounting Standards refer to the Singapore Financial Reporting Standards (International) (“SFRS(I)”), Singapore Financial Reporting Standards (“SFRS”), Singapore Financial Reporting Standards for Small Entities (SFRS for SE) or Charities Accounting Standards, as issued by the Accounting Standards Council, as may be applicable.