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General requirements for financial statements


Reference to the reporting documents

Section 357(2) defines a reference to the reporting documents for a financial year is a reference to all of the following –


(a) the financial statements for the financial year;

(b) the directors’ report for the financial year;

(c) the auditor’s report on those financial statements.

True and fair view


Unless the company falls within the reporting exemption, the financial statements must give a true and fair view of the financial position and financial performance of the company (sections 380(1), (2) and (7)).


Accounting disclosure requirement


The financial statements must comply with the accounting disclosure requirement in Schedule 4 (section 380(3)).


Part 1 of Schedule 4 - Disclosures for Companies whether or not Falling within Reporting Exemption


  • Aggregate amount of any outstanding loans made

    • for the purposes of an employee share scheme (section 280)

    • to its eligible employees for the purpose of enabling them to acquire fully paid shares in the company or its holding company (section 281)

  • Statement of financial position and reserve movement of the holding company to be contained in notes to annual consolidated financial statements

  • Particulars of ultimate parent undertaking

  • State whether prepared in accordance with applicable accounting standards


Part 2 of Schedule 4 - Disclosures for Companies not Falling within Reporting Exemption


  • Remuneration of auditor


Information on directors’ emoluments etc.


The notes to financial statements must contain the information prescribed by the Companies (Disclosure of Information about Benefits of Directors) Regulation, Cap. 622G (section 383).


  • Directors’ emoluments

  • Directors’ retirement benefits

  • Payments or benefit for termination of service of directors

  • Loans, quasi-loans and other dealings in favour of

    • directors of company or its holding company;

    • bodies corporate controlled by such directors; and

    • entities connected with such directors

  • Material interests of directors in transactions, arrangements or contracts entered into by the company or another company in the same group of companies (not required if falls within reporting exemption (section 23 of Cap. 622G))

  • Consideration to third parties for directors’ services







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