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In Singapore, accurate bookkeeping and financial reporting are not just good business practices but legal requirements under the Companies Act, 1967. Every company incorporated in Singapore must maintain proper accounting records to reflect its financial position, support statutory filings, and ensure compliance with the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS).
Why Accounting & Bookkeeping is Mandatory
Financial reporting must comply with Singapore Financial Reporting Standards (SFRS), which are aligned with International Financial Reporting Standards (IFRS). Proper bookkeeping ensures transparency, supports audits, and enables informed business decisions.
Law References:
Companies Act, 1967 (Section 199) – Mandatory maintenance of accounting records.