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:
Step 1: Companies must log in to Bizfile, and navigate to "Others" on the menu.
Step 2: Select the "General lodgement" eService. Choose the "Application under Section 201(12) of the Companies Act - Exemption from compliance with the Accounting Standards”.
Step 3: Complete and attach the application form as part of the transaction.
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.
To uphold the principles of transparency and equality of treatment for all Singapore-incorporated companies, such exemption is granted in limited circumstances.
Under section 201(16) of the Companies Act 1967 (“CA”), the company’s financial statements must be accompanied by a directors’ statement containing the information set out in the Twelfth Schedule of the CA. Item 9 of the Twelfth Schedule requires the disclosure of the directors’ interests in shares in, or debentures of, the company and related bodies corporate.
A Registrar’s order under section 202(2) of the CA has been issued and comes into operation on 9 December 2024 to relieve non-listed public companies and private companies from disclosing the directors’ interests in shares in, or debentures of, the company and related bodies corporate if:
- the directors declare in the directors’ statement that they have obtained the consent of all the members of the company that the directors’ statement need not contain this information; and
- the company submits a confirmation that they have obtained all the members’ consent for the non-disclosure in its Annual Return.
This application is not applicable for the following:
- exemption from audit requirements, for more details on audit exemption criteria, please refer to this link;
- exemption for the directors’ statement to be signed by one director when there are two or more directors in office, even if one director is absent from duty for an extended period, uncontactable, or in dispute with the other director(s); and
- for public non-listed companies and private companies which have obtained all shareholders’ consent on the non-disclosure of directors’ interests in shares in, or debentures of, the company and other body corporate (see above).
How to apply:
Step 1: Companies must log in to Bizfile, and navigate to "Others" on the menu.
Step 2: Select the "General lodgement" eService. Choose the "Application under Section 202 of the Companies Act - Relief from Requirements as to Form and Content of the Financial Statements and Directors' Statement”.
Step 3: Complete and attach the application form as part of the transaction.
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.
