When is the annual audited financial statements deadline?

Present the signed financial statements at the AGM, which must be held within 6 months after the Financial Year End. File financial statements with ACRA together with the Annual Return within seven months after the company’s FYE.

What is included in an annual financial statement?

The key components of Annual Financial Statements are: Statement of Financial Position (Balance Sheet) Statement of Comprehensive Income Statement of Cash Flows Statement of Changes in Equity Notes to the financial statements Statement by Directors and, if audited, the Independent Auditor’s Report

Is it mandatory to prepare financial statements in Singapore?

Yes. All Singapore-incorporated companies must prepare financial statements and present them to shareholders.

Who is exempted from filing financial statements in Singapore?

Sole proprietorships, partnerships, LLPs, and LPs do not file financial statements with ACRA. Certain dormant relevant companies that meet Section 201A conditions may be exempt from preparing financial statements.

Do small companies need to file audited financial statements?

Not necessarily. Private companies that qualify as small companies may be exempt from audit. They must still prepare financial statements and file them with ACRA.

What format should financial statements be filed in: XBRL or PDF?

Most companies must file in XBRL using ACRA’s prescribed taxonomy. A PDF copy may be required in some cases. Some entities qualify for simplified XBRL templates. Check XBRL filing requirements before proceeding.

What is the difference between financial statements and annual returns?

Financial statements report the company’s financial performance and position for the year. The Annual Return is a more comprehensive filing to ACRA that confirms key company particulars and includes the financial statements.

Annual Financial Statements for Singapore Companies
2025 Guide

Last Updated: Nov 2025

Annual financial statements are formal accounting reports that present a company’s financial performance and position for a specific financial year. For Singapore companies, preparing and filing financial statements annually is a legal requirement under the Companies Act.

This guide explains what the financial statements include, who must prepare and file them, key deadlines for preparation and filing, audit requirements and exemptions, what XBRL filing format means, common mistakes to avoid, and practical steps to prepare and submit statements to relevant government agencies.

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Key Takeaways

Preparation of annual financial statements is mandatory and must comply with financial reporting standards of Singapore.

Annual financial statements must be approved by the company’s Board of Directors before they are circulated to shareholders or filed with ACRA.

The deadline for preparing annual financial statements is linked to your company’s Financial Year End (FYE). They must be ready before the company’s Annual General Meeting (AGM) or Annual Return filing.

Most small companies that meet qualifying criteria are exempt from audit of financial statements.

Annual financial statements are primarily filed with ACRA but they also form the basis for tax filings with IRAS.

Certain companies must file their financial statements in XBRL format, while others such as solvent Exempt Private Companies (EPCs) are exempt from XBRL filing.

What Are Annual Financial Statements?

Annual financial statements are formal accounting records that summarize a company’s financial performance and position for a specific financial year. They provide shareholders, regulators, and other stakeholders with a clear view of the company’s profitability, assets, liabilities, and overall financial health.

Preparation and filing of annual financial statements is a legal requirement under Singapore’s Companies Act and Income Tax Act, designed to ensure transparency, accountability, and accurate tax reporting.

Financial statements also serve as the foundation for other statutory obligations, including:

Holding the company’s Annual General Meeting (AGM)
Filing the Annual Return with ACRA
Submitting corporate tax returns to IRAS

Together, these reports ensure that a company’s financial information is accurate, up to date, and compliant with Singapore’s regulatory framework.

Who Must File Annual Financial Statements?

Under the Singapore Companies Act, all companies incorporated in Singapore and all Singapore branches of foreign companies are required to prepare, present, and file financial statements with ACRA, unless they qualify for a filing exemption as explained below.

Exemption Case 1: Entities Not Required to File

If you operate a sole proprietorship, partnership, Limited Liability Partnership (LLP), or Limited Partnership (LP), you are not required to file financial statements with ACRA. However, you must still maintain proper accounting records for tax and business purposes.

Exemption Case 2: Qualified Dormant Companies

Dormant companies that meet conditions under Section 201A of the Companies Act are exempt from both audit and the requirement to prepare financial statements. The company must:

Be dormant from the time of incorporation or since the end of the previous financial year;
Not be a listed company or a subsidiary of a listed company;
Have total assets not exceeding S$500,000 (or the same limit on a consolidated basis if it is a parent company); and

A statement shall be lodged with ACRA by the directors confirming the company’s dormancy and proper record-keeping at the time of the Annual Return filing.

Key Components of Annual Financial Statements

The key components of Annual Financial Statements in Singapore are:

Statement of Financial Position (Balance Sheet)

Presents the company’s assets, liabilities, and equity at year-end.

Statement of Cash Flows

Summarises cash movements from operating, investing, and financing activities.

Statement of Shareholders’ Equity

Records changes in share capital, retained earnings, and dividends.

Notes to the Financial Statements

Provide details on accounting policies and explanations of key figures.

Report of Directors and Statement by Directors

Outlines the company’s activities and results, and confirms compliance with the Companies Act and accounting standards.

Independent Auditor’s Report (if applicable)

Issued by the auditor to confirm whether the financial statements give a true and fair view.

Statement of Comprehensive Income (Profit and Loss Statement)

Shows revenue, expenses, and profit or loss for the year.

How to Prepare Your Company’s Financial Statements

Below are the main steps involved in preparing your company’s annual financial statements:

Step 1

Ensure Your Accounting Records Are Ready

Start by verifying that all your accounting records are complete and up to date. This includes:

Recording all business transactions for the financial year
Reconciling bank statements and ledgers
Verifying invoices, receipts, and supporting documents
Adjusting for accruals, depreciation, and other end-of-year entries

Maintaining accurate records ensures that the financial statements reflect the company’s true financial position.

Step 2

Close the Books for the Financial Year

Once all transactions are recorded, the company must formally close its accounting books for the financial year. This involves generating the trial balance and confirming that all accounts are balanced before preparing the financial statements.

Step 3

Prepare the Financial Statements

Using the finalized trial balance, the accounting team or corporate service provider prepares the financial statements in accordance with the SFRS or SFRS for Small Entities.

The statements typically include:

Statement of Financial Position (Balance Sheet)
Statement of Profit or Loss and Other Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Accounts

Step 4

Review and Approval by Directors

The directors are responsible for reviewing and approving the financial statements to ensure accuracy and compliance. The approved statements must be signed by at least two directors on behalf of the Board before they are circulated to shareholders.

Step 5

Audit (If Required)

If the company does not qualify for audit exemption, the financial statements must be audited by a public accountant. The auditor will issue an independent opinion on whether the financial statements present a true and fair view in accordance with Singapore standards.

Step 6

Presentation to Shareholders

After approval by directors, the financial statements must be presented to shareholders at the AGM for their review and adoption. This step ensures transparency and fulfills the company’s statutory reporting obligations.

Step 7

File with ACRA

After the AGM, the company must file the financial statements together with the Annual Return via ACRA’s BizFile+ portal within the prescribed deadline (typically within 7 months after the financial year end).

Preparation and Filing Deadlines

The basic timeline for preparation and filing of annual financial statements is as follows:

Financial Year End (FYE): The company’s financial year concludes.
Within 6 months after FYE: Prepare the annual financial statements and present them to shareholders at the Annual General Meeting (AGM).
Within 7 months after FYE: File the financial statements together with the Annual Return with ACRA.

Describing Annual Financial Statements requirements for Singapore Companies

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Conversion of Financial Statements to XBRL Format

Certain companies in Singapore are required to file their financial statements with ACRA in XBRL (eXtensible Business Reporting Language) format. XBRL is a globally used, XML-based format that standardises the submission of financial data, enabling easier processing, comparison, and analysis of large volumes of financial information. This digital format streamlines regulatory reporting and improves the accuracy and accessibility of financial data submitted by companies.

For detailed information on who must file in XBRL format, exemptions, and types of XBRL filing formats, refer to our dedicated guide: XBRL Filing in Singapore.

The table below provides a quick summary of XBRL filing requirements in Singapore.

Group	Company Type	Filing Format / Exemption
1	Singapore-incorporated companies that are not covered in Groups 2 to 5 below	Must file financial statements in XBRL format. Filing extent depends on the company’s nature and size: Small and non-publicly accountable companies: Simplified XBRL + PDF copy authorised by directors. All other companies: Full XBRL + PDF copy authorised by directors.
2	Singapore-incorporated Exempt Private Companies (EPCs) that are insolvent	Must file financial statements in XBRL format. Filing extent depends on company’s nature and size: Small and non-publicly accountable companies: Simplified XBRL + PDF copy authorised by directors. All other companies: Full XBRL + PDF copy authorised by directors.
3	Singapore-incorporated EPCs that are solvent	Not required to file financial statements. If filed voluntarily, the company may submit either: PDF copy of the FS authorised by directors; or XBRL-formatted FS, extent based on criteria in Groups 1 and 2.
4	Singapore-incorporated companies in the business of banking, finance, or insurance regulated by MAS	Must file financial statements using: XBRL FSH (Banks) template; or XBRL FSH (Insurance) template. Must also attach a PDF copy of the FS authorised by directors.
5	Singapore-incorporated companies preparing FS using non-Singapore or non-IFRS accounting standards	File only a PDF copy of the FS authorised by directors.
6	Singapore-incorporated companies limited by guarantee	File only a PDF copy of the FS authorised by directors.
7	Foreign companies with Singapore branches	File only a PDF copy of the FS authorised by directors.

Financial Statements Audit Requirements

Most Singapore-incorporated companies qualify for audit exemption under the Companies Act, while only larger entities are required to have their financial statements audited by a public accountant as explained below.

Audit Exemption Criteria

Most Singapore-incorporated companies qualify for audit exemption under the Companies Act, while only larger entities are required to have their financial statements audited by a public accountant as explained below.

Small companies:

A private company qualifies as a small company if it meets at least two of the following three criteria in each of the two immediate preceding financial years:

Total annual revenue is less than S$10 million
Total assets are less than S$10 million
Has no more than 50 employees

Dormant companies:

A dormant company is one that has not carried on business and has not generated any income during the past financial year. Such companies are also exempt from audit requirements and may prepare unaudited financial statements.

When an Audit Is Still Required

Even if a company qualifies for audit exemption, an audit may still be required in the following cases:

When it is mandated under other laws (for example, licensed entities regulated by MAS)
When the company’s constitution or shareholders request an audit
When the company is preparing for an acquisition, funding round, or government grant that requires audited accounts

A Note on Financial Reporting Standards in Singapore

All companies incorporated in Singapore must prepare their financial statements in accordance with the Singapore Financial Reporting Standards (SFRS) or, if eligible, the simplified framework known as SFRS for Small Entities. These standards ensure that financial statements are consistent, transparent, and comparable across companies.

Singapore Financial Reporting Standards (SFRS)

The SFRS are largely aligned with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). They provide detailed guidance on recognition, measurement, and disclosure of financial information to ensure a true and fair view of a company’s financial position and performance.

SFRS for Small Entities

Small private companies may use the simplified SFRS for Small Entities framework if they meet the following criteria:

Are not publicly accountable; and
Meet the “small entity” criteria.

This framework reduces disclosure and reporting requirements, making compliance easier for smaller businesses without compromising financial transparency.

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Contact us to learn how we can assist with how to register your company in Singapore and stay fully compliant.

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Author

Eddy Putra

Eddy has been in the corporate services industry for over 20 years. An experienced Chartered Accountant and alumnus of Deloitte Singapore, he has extensive expertise in corporate finance, tax, structuring, and regulatory compliance. Eddy specializes in advising global clients on business expansion and corporate migration to Singapore.

Annual Financial Statements for Singapore Companies 2025 Guide

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