| S199 Accounting records and systems of control |
| S199(1) |
Keeping of accounting and other records (“Records”) that will sufficiently explain the transactions and financial position of company and enable true and fair profit and loss accounts and balance sheets and any documents required to be attached to be prepared. |
| S199(2) |
Retention of Records for 5 years. |
| S199(3) |
Keeping of Records at registered office or such other places as directors think fit and at all times be open to inspection by directors. |
| S199(4) |
If Records are kept outside Singapore, statements and returns with respect to the business dealt with in the records shall be sent to and kept at a place in Singapore and be at all times open to directors’ inspection. |
| S199(5) |
The Court may order that Records be open to inspection by a public accountant acting for a director. |
Non-compliance : Fine not exceeding $2,000 or to imprisonment for a term not exceeding 3 months and also to a default penalty.
| S201 Accounts, consolidated accounts and directors’ report |
| S201(1A) |
Profit and loss account shall comply with the requirements of the Accounting Standards and give a true and fair view of the profit and loss of the company. |
| S201(3) |
Directors of every company shall cause to be made out and laid at the Company’s AGM, a balance sheet that complies with the requirements of the Accounting Standards and gives a true and fair view of the state of affairs of the company as at end of period to which it relates. |
| S201(3A) |
Directors of a company that is a holding company need not comply with 201(1) and 201(3) but must cause to be made out and laid at the Company’s AGM, consolidated accounts dealing with the profit & loss and a balance sheet dealing with the state of affairs of the holding company and its subsidiaries at end of financial year. |
| S201(15) |
Every balance sheet and profit & loss account laid before a company in general meeting shall be accompanied by a signed statement by the directors stating whether in their opinion, the profit & loss account and, where applicable, the consolidated profit & loss account and the balance sheet are drawn up so as to give a true and fair view and at the date of the statement, there are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due. |
Non-compliance: Any director of a company who fails to comply shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Non Compliance: Any director who fail to comply, fail to take all reasonable steps to secure compliance by the company or has by his own willful act cause the default, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years.
If an offence under this section is committed with intent to defraud creditors of the company or creditors of any other person or for a fraudulent purpose, the offender shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.
| S201(1) |
Director shall, at a date not later than 18 months after incorporation and subsequently at least once in every calendar year at intervals of not more than 15 months, lay before the company at its AGM, a profit and loss and balance sheet not more than 6 months before date of meeting. |
| S201(3C)(a) |
Directors shall take reasonable steps to ascertain what action has been taken in relation to the writing off of bad debts and the making of provisions for doubtful debts and to cause all known debts to be written off and adequate provision to be made for doubtful debts. |
| S201(3C)(b) |
Directors shall take reasonable steps to ascertain whether any current assets are unlikely to realize in the ordinary course of business their value and if so, to cause those assets to be written down to an amount which they might be expected so to realize or adequate provision be made for the difference between the amount of the value and the amount they might be expected so to realize. |
| S201(3C)(c) |
Directors shall take reasonable steps to ascertain whether any non-current asset is shown in the books for the company at an amount which having regard to its value to the company as a going concern, exceeds the amount which would be recoverable over its useful life or on its disposal and to cause to be included in the accounts such information and explanations as will prevent the accounts from being misleading by reason of the overstatement of the amount of that asset. |
| S201(4A) |
Directors shall take reasonable steps to ensure that the accounts are audited not less than 14 days before the AGM and shall cause to be attached to those accounts the auditors’ report. |
| S201(5) |
Directors shall cause to be attached to every balance sheet a report made in accordance with a resolution of the directors and signed by not less than two of the directors with respect to the profit or loss of the company for the financial year and the state of the company’s affairs as at the end of the financial year. |
Non-compliance : Any director who fail to comply, fail to take all reasonable steps to secure compliance by the company or has by his own willful act cause the default, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years.
If an offence is committed with intent to defraud creditors of the company or creditors of any other person or for a fraudulent purpose, the offender shall be liable on conviction, to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or both.
| S203 Members of company entitled to balance sheet |
| S203(1) |
Profit & Loss account and Balance Sheet shall be sent to all persons entitled to receive notice not less than 14 days before the date of the meeting. |
| 203(2) |
Any member of a company shall on a request being made by him to the company, be furnished without charge a copy of the last profit and loss account and balance sheet. |
Non-compliance : If default is made, the company and every officer who is in default, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty
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