Society's Statement of Accounts - Singapore
A Society's Statement of Accounts in Singapore is a document that details a registered society's financial activities for a specific fiscal year. It is akin to a company's financial statements.
Here's a breakdown of the statement and its requirements:
What's Included
Income and Expenditure: This section details the society's income sources and how it spends its funds.
Balance Sheet: This section provides a snapshot of the society's financial health at a specific point in time. It lists the society's assets (what it owns), liabilities (what it owes), and capital account (the difference between assets and liabilities).
Who Needs to File
All registered societies in Singapore are required to file a Statement of Accounts with the Registry of Societies (ROS) unless they have no monetary transactions, assets or liabilities for the financial year.
Filing Requirements
The statement must be audited by a society's auditor or a qualified company auditor depending on the society's gross income or expenditure for the year.
If it exceeds $500,000, a qualified company auditor is required.
The society's constitution may also have specific requirements for auditing.
The statement must be submitted electronically via ROS e-Services.
Societies that don't require an audit must declare in writing that they have no financial activity for the year.
Here are some additional details about Society's Statement of Accounts in Singapore:
Content of the Statement:
Income: This section should break down the society's income from various sources, such as membership fees, donations, grants, fundraising events, and any other income-generating activities.
Expenditure: This section should detail how the society spends its funds. Common expense categories include staff salaries, rent, utilities, program expenses, administrative costs, and any other relevant expenses.
Balance Sheet: This section should list the society's assets categorized as current (cash, receivables, inventory) and non-current (land, buildings, equipment). Liabilities should also be categorized as current (accounts payable, accrued expenses) and non-current (loans, mortgages).
Deadlines and Penalties:
Statements of Accounts are typically due within 60 days of the conclusion of the society's financial year. The Registry of Societies may grant an extension upon request.
Failure to submit a Statement of Accounts or a declaration of no financial activity can result in fines for the society's president, secretary, and treasurer.
Public Access:
Statements of Accounts are generally not publicly available. However, the Registry of Societies maintains a record of these documents and may provide access under specific circumstances.
Additional Resources:
Societies Act: The Societies Act lays out the legal framework for registered societies in Singapore, including requirements for filing Statements of Accounts https://sso.agc.gov.sg/.
Societies Regulations: The Societies Regulations provide more detailed information on the filing process and specific requirements for Statements of Accounts https://sso.agc.gov.sg/
Registry of Societies e-Services: The ROS e-Services portal allows societies to submit Statements of Accounts electronically https://www.mha.gov.sg/mha-e-services/ros/registered-societies.
Where to Find More Information
You can find more details on the Registry of Societies website https://www.mha.gov.sg/.
How Bestar can Help
Bestar can play a vital role in ensuring the accuracy and credibility of a Society's Statement of Accounts in Singapore. Here's how our expertise benefits societies:
Ensuring Compliance:
Bestar is familiar with the Singapore Standards on Auditing (SSAs) and the specific requirements for Society's Statements of Accounts. They can help ensure the statements are prepared and presented following these regulations.
We can advise on the appropriate accounting treatment for various transactions, income sources, and expenditures specific to a society's operations.
Improving Accuracy and Reliability:
Bestar performs independent reviews of the society's financial records and accounting practices. This helps identify any errors or inconsistencies in the financial statements.
Our review process strengthens the credibility of the statements by providing an objective assessment of the society's financial health.
Risk Management:
Bestar can identify potential financial risks faced by the society. This could include inadequate internal controls, reliance on a single income source, or excessive debt.
By identifying these risks, we can help the society develop appropriate mitigation strategies to safeguard its financial well-being.
Value for Stakeholders:
Audited financial statements enhance transparency and accountability for a society's management. This builds trust with members, donors, and other stakeholders.
Reliable financial statements can be crucial when applying for grants, loans, or partnerships, as they demonstrate the society's financial stability and responsible use of funds.
Beyond Compliance:
Bestar may offer additional services beyond the basic audit, such as recommendations for improving internal controls or financial reporting practices.
We can also provide guidance on strategic financial planning and management, which can be valuable for societies looking to grow and achieve their goals.
Overall, Bestar acts as a safeguard for a society's financial health. Our expertise ensures accurate and reliable financial statements, fosters trust with stakeholders, and helps manage potential financial risks.
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