Singapore Public Market: accounting statement
The Singapore exchange was formed in 2008, but finding answers to some questions is not easy. Let’s start with the fact that reporting information from companies is provided, including in this market. This way, the government of the country gets:
- access to financial reports of large and small enterprises of the country;
- opportunity to analyze the current state of the market;
- ways to check the compliance of activities with the established rules.
The intention to bring its standards closer to international ones has not been fully realized. However, it has been clear for a long time that the goal will be achieved. For this reason, it is necessary to take into account the innovations and strive to fulfill the requirements of IFRS Singapore.
Differences between SFRS and SFRS for SE
The standards for reporting documents apply to all members of the business sector. However, choosing between company requirements and writing rules for small businesses is possible. The changes to the standards are minor, but they affect business results.
Following simple guidelines, choosing an acceptable option, and increasing the company’s profitability will be possible. So, it is worth paying attention to the standards for SE in the following cases:
- you prepare a new product for market launch, and the amount of profit remains in doubt;
- there are no plans to increase the number of employees (over 50) soon;
- the planned level of revenue is less than 10 million Singapore dollars.
The full suite of standards is designed for entrepreneurs planning to scale up and have revenues above S$10 million. As a result, equity holders can reduce costs and increase capital.
Financial reporting standards compliance advisory
Finding the best solution for your current results and plans is difficult. It is worthwhile to use the information offered or get expert advice. Using this approach, you can comply with standards, publish reports on time, and avoid unforeseen risks.