Play Poker Online – Become a Millionaire Today!

People are always looking into the possibility of hitting big time, whether in number or card games. They incessantly try their luck by playing repeatedly until they find the perfect match to win the game and beat other players. This is not surprising at all, because like in poker, you could even win $10, 000 if you play poker online. That is a huge sum for extra cash from a game. IDN Poker

Poker is a very popular game that has gone mainstream, especially in America. So how do you play poker online then? If you know the basic rules in playing poker, online poker would not be a hard time to adjust. However, you need to understand that there are particular differences between poker in a casino and poker online. situs idn poker online

You cannot cheat if you play poker online. Playing only happens on a virtual table, which means you do not play face to face for them to read your physical reaction. You have more options on how much to play and where to play since there are a lot of poker rooms open for playing. Nevertheless, of course, you cannot lay you bet on a table when you play poker online. So what happens is that you make some sort of a deposit to the software’s cashier in the poker room of your choice to have your chips for the game while unlike in real online poker room or casino poker where you deposit it to a real cashier. If you want to quit the game, you can always pull out the chips. For withdrawals, check is the most commonly used form.

Apart from these mentioned differences, the rules, the hands, and the overall game are similar to a regular poker room. Still, if you play poker online, there are guidelines that you need to remember. Like when you want to bluff the other player, facial expressions are typical with that of real poker room, but with online poker, it is more useful and visible to bluff through your bets. When you give a high stake for your card, the other online player will get the feeling that you have good cards and ready to beat him down.

You also need to remind yourself that it will take some time to establish a reputation in online poker. Since online playing is a free move, players will go around as often as they want to so this gives you and other players greater possibility of playing with numerous players if both of you did not like each one’s game styles.

Well, like in any competition for that matter, establishing your personality and the style of your game is always a long journey for everyone. You may win or lose, then lose again. That is what game is all about anyway. If you happen to have a soft heart for competition and no patience to put up your name in any activity, then you cannot play poker online or any related gaming.

Finding Home Based Business Ideas For Moms

If you have been looking for home based business ideas for moms, there are plenty of them out there. A lot of times moms can be a little more skeptical about entering into something new but if they take the time to research, they will find that there are some great opportunities available. home based business ideas for moms home based business ideas for moms

When looking for home based business ideas for moms, there are several important things to keep in mind. The most important thing is not to become so excited that you are a day away from getting started.

When looking for home based business ideas for moms, it is also important to understand that there is no single successful business plan or idea that can take you to the top. If you want to create a successful home based business, you must constantly work to improve it and to learn new things.

As you start researching for home based business ideas for moms, you may be bombarded with countless ideas. You can’t possibly check them all out, so it is important to choose one or two that really inspire you.

One of the best ways to research home based business ideas for moms is to go to forums and online discussion boards where you can get ideas on how to take your home-based business to the next level. You can learn a lot from these communities and you may just get some ideas of your own for developing the perfect business.

It is important to get your own unique vision for what you want to accomplish. No one can take you by the hand and show you exactly what you need to do in order to accomplish this goal.

It is perfectly normal to have a busy schedule as a mom. It takes lots of time away from you and sometimes it is hard to balance out all of the family members and activities.

You may be better off looking for home based business ideas for moms that have already taken on some or all of the responsibilities associated with running a business. They may be able to help you out if there are certain things that you have been struggling with.

Something else that you should avoid when looking for home based business ideas for moms is to look for business ideas that sound too good to be true. There are tons of scams out there and this could lead you right back to a dead end.

If you see a great idea and you have no experience, you don’t know if you can pull it off or if you will actually make it in business. It is important to remember that you are working hard to get your business off the ground and you need to treat it like any other job.

With the proper time management skills and some dedication, you can find success in the home based business ideas for moms. You have to have the discipline to push yourself and your business forward but if you are willing to be patient and continue to work towards the goals you set out for yourself, you will succeed.

It can be very intimidating to think about starting a business, but there are home based business ideas for moms out there that can give you everything you need to get started. Don’t rush yourself, take the time to do the research and then get going!

Forex Trading Basics in Singapore

Surely you do have a lot of questions about Singapore forex trading. Unless you know the answers to all or a lot of them, it will be difficult for you to be convinced to go for it as well as to be confident as the other traders. That may be dangerous, as forex trading in general is very risky. If you do not have the guts, you cannot find the glory. Business Broker Services in Singapore

Here are some pieces of information about forex trading, especially in Singapore:

It is not as different as the rest of the world.

It is always one of the first questions people ask: is there a difference between Singapore forex trading and other trading sessions in the world? The answer is actually no. If there are differences, there are only very minor. For example, Singapore dollars would be more salable during the Tokyo trading sessions because of the market hours. Of course, there is the difference in currency and its value in the market. Other than that, the procedure in doing forex is basically the same.

For you to do forex in Singapore, you need to have a forex account. You can open one in a bank, through an automated forex broker, or with the help of a professional forex broker (the one that works in a brokerage firm). You need to deposit money into your account, so you can trade (buy and sell currencies).

The main currency used is Singapore dollars.

There are many different dollar currencies you will see in the forex market. Singapore dollars is just one of them. You have Hong Kong dollars, Canadian dollars, Australian dollars, and the popular U.S. dollars. To differentiate this, though, from the rest it has a symbol of “S$” instead of the regular “$.” It also comes with a nickname, which is Sing. “Sing” is not used in the real forex trading world. However, you will come across it when you are going to read forex trading news. That is why it is also essential you are aware of its nickname.

Singapore’s economy has been doing well for the past few years, and this paved the way for the Singapore dollars to be one of the most sought-after Asian currencies in the world.

Forex trading is one of the biggest investment industries in the world.

The forex trading market is one of the biggest industries in the world. Trillions of dollars every day go in and out of it. Just imagine how many banks are participating in the trade. You will know it just by looking at their desks. If they have foreign accounts services, there is a very huge chance that they offer foreign exchange services. The mere changing of your Singapore dollars to other currencies such as U.S. dollars is already a way of participating in the market. There are hundreds of banks in Singapore today, and a lot of them can help you join the forex trading market.

You also have international businesses that are opening offices and headquarters in Singapore. For them to do business they need to exchange their own currencies into Singapore dollars. They can utilize their money to pay off labor and other expenses, to name a few.

It is not as regulated as those of other countries.

Forex trading in Singapore has been around for some time, but it is only around 2007 when more people become interested in it. Thus, it is not as regulated or as carefully watched as that of other countries, especially those in Europe and North America. Needless to say, forex brokerage firms are regulated in the country. If you do not want to be a victim of a scam, then you need to choose brokers that are regulated. There are only a few of them.

You can look for a forex broker or use the automated system.

There are two popular ways of doing forex trading in the country. You can hire a professional, or you can make use of an automated forex broker. The advantage of the latter is it works 24/7 and can be tracked even if you are out of the country. You also have more control over your account.

However, it does not provide you with sound advice but only tools to help you come up with good decisions. That is why there are times when hiring a professional forex broker is a good idea too.

It does not guarantee anything.

It does not matter where you do forex. There is still one sure thing: there are no guarantees. The forex trading strategies are there to ensure you can minimize your losses and perhaps look forward to greater profits, but they are not fool-proof plans. There are even times when they do not work at all.

Nevertheless, you can greatly reduce the chances of losing a lot as you learn forex trading more each day.

Offshore Companies, Offshore Services

We currently live in a fully globalized world, in which each business or organization trying to do their best attempt to provide the best and most optimized level of service to its customers. The financial market is expanding its branches not only to a particular country, they now cover around the world, for the services, offshore services are gaining popularity day by day. There are many jurisdictions that are very popular and are being used for offshore services where people can take their companies out of their countries and also to gain advantage. https://sites.google.com/view/moss-off-shore/home

The offshore companies are not only be beneficial from the standpoint of business if not also attract the attention of investors looking to acquire personal freedom and financial privacy. There are a variety of offshore services that are currently offer such as: Offshore Companies, LLC, Foundations, Trusts, Bank Accounts, Gambling Licenses, Mutual Funds, just to mention a few.

Offshore companies are characterized that are registered in a country where that make no economic or commercial activity. For this reason, also called non-resident companies. They have many tax advantages, as some only have to pay a small annual registration fee and have up to 100% of tax payment excision. These companies do not pay taxes because taxes are applied to natural persons. Because we live in a world that is favored by the technological advances the constitution of offshore corporations are given a quick, simple and cheap. Many jurisdictions require only a minimum of documentation. Another benefit is that there are limitations as to the nationality of shareholders or directors. It is often common to see a company being formed by a single person performs all the functions. These companies have a simple and economical administration that by not having to carry out actions of tax clearance do not have to incur expenses of auditors, among other things.

LLC (Limited Liability Company) a sort of limited partnership, which is fiscally transparent, meaning that its members should state the benefits to society in their individual income tax returns.

Offshore foundations is an institution born from the donation of an estate of a person or entity, called the founder, for a private interest purposes, set out in its charter or founding charter. is a very flexible tool to be used for purposes of the estate, as the legislation makes clear that not recognize any right to heirs, that they may have under laws of other countries.

An offshore trust is one that is outside the country of habitual residence of the person who promotes it (called the settlor) and the beneficiaries in a tax haven. Its characteristics are essentially the same as those of an Anglo-Saxon or common trust, but to be formed under more favorable legislation provides greater legal protection and a greater level of privacy. It is usually used by people who have assets (tangible or intangible) to protect the professions or in those at risk of lawsuits.

Offshore banking is a service offered to a type of banking institutions, usually located in tax havens, which are regulated by special laws that grant them more freedom in their operations, and favorable tax treatment. These institutions aimed at one hundred percent to take deposits and investments of individuals and businesses not residents and who have no access the country’s own citizens.

The Offshore companies are usually used for International trading, Asset protection, Captive Insurance, Tax avoidance, protection because of the confidentiality that those jurisdictions offer.

What Is the Difference Between Cosmetic Dentistry and General Dentistry?

When you feel sick, you go to a doctor and if further testing is necessary they will refer you onto a specialist. But when you have tooth issues you have a choice to go to either a cosmetic dentist or a general dentistry practice. The issues you have may not always be handled using a general dentist but they can at least see you and then refer you over, if needed. However you can elect to go on to a cosmetic dentist without a referral. https://sites.google.com/view/kingwoodcosmeticdentistry/home

The point is, not everyone will see a dentist to have a filling put in or to have their teeth cleaned. Many times it is much more complicated than that. You can go to a cosmetic dentist anytime you need to improve your overall look of your mouth. To put porcelain veneers, dental caps, dental bonding, teeth whitening, and related services, a general dentistry may not suffice. You have the choice of being able to manage your smile more when you see a cosmetic dentist. However there are many things that general dentistry can perform.

A general dentist can handle most of your tooth problems. The general dentistry practice is set up to handle cavities. Usually cavities happen when the food particles are not dislodged and ferment to release chemicals that eat away the enamel or due to poor oral health. Most of the time, it is due to eating and not brushing properly. A cavity will need to be scraped out of the tooth and a certain amount of drilling will be needed. It is done to get the cavity out completely and to clean up an area where the filling will be placed in the toot. This ensures that you can still eat on the tooth and you won’t have any paid due to exposed nerves. The filling can be made of different materials and hues of white and off white colors. Your dentist will go over all your choices with you, during your visit.

Tooth repair is another common practice seen in general dentistry. Sometimes teeth break off or a tooth filling may come out. This will be something that you need to get fixed as soon as possible. You will need the help of a general dentist for that.

Root canals are not pleasant but they are necessary sometimes. This procedure involves the dentist hollowing a tooth so it can deaden the nerve and leave the tooth in place for eating and physical appearance. General dentistry is specially trained to do a root canal with minimal discomfort so you have little pain and in the end you are able to still use your tooth to chew your food.

As you see, there are many procedures that can be offered with general dentistry. You can get your teeth repaired and ensure that it in good shape. After that you can go to a cosmetic dentist to get dental caps or veneers added to get a beautiful smile.

3 Things To Look Into When Hiring House Painters

There are a lot of different reasons why you may want to paint your home, but when it comes down to getting the project done for a low cost and done right, you will find that doing it on your own will only complicate matters. Instead of having to deal with this issue, look into house painters in your area that will do it for you. This is not a matter of just having someone else handle this, it’s a matter of making sure that you get that professional look and feel. That’s something that most people don’t really think about at first glance, but it can mean all the difference between a good job and a great job. You’ll find that there are a few things that you may want to remember when you’re hiring professionals to work in and around your home. House Painter

First and foremost, you will want to look into whether or not they service your area. Often times you will search online for companies and you will get listings that many not be 100% local. Make sure that you go with someone nearby, so that you are not only supporting your local community, but also ensured that you are getting expert assistance. Making sure to stay local can also allow for you to have someone to call in case something is awry and they can easily come and fix it, without worry of extended travel.

Perhaps the most important thing to do when you’re hiring house painters is to make sure that you look for licensed and bonded companies to work with. This will provide you with peace of mind, and will show that whomever you decide to get on board and hire, will definitely have the credentials to get the job done right. A serious business will always have credentials of this type, and you will find that it will be well worth your investment.

Aside from the aforementioned, you may want to get an estimate so that you have a good idea as to what you will have to pay to get the job done. Don’t miss out on the opportunity to explore the overall costs that you may incur, or else you could have a dilemma on your hands. If you start a project and you don’t know what you will have to spend, you could end up having to stop midway due to financial issues. Always seek estimates and use that to make the right decision as to whom to hire. You’ll find that the lowest price may not be the best fit for you, and the highest price may not be good either, it all depends on who will do the best job for a fair rate.

Getting expert help is a great way to ensure that the job you need on your home gets done fast and right. Most people don’t realize how difficult getting jobs of this nature done right can become. If you try and do it on your own, you may end up with a job that is lackluster in nature. Go a different route, hire a pro.

Poker Tournament Strategies – Successful Online Strategies

This article will reveal all of the most successful Poker tournament strategies for playing poker online. Read it now to learn how to win online tournaments. agen idn poker terpercaya

It may be true that luck has a big role to play with poker games. However, you also need to have the skill and learn the Poker tournament strategies of the game if you want to win and emerge victorious during tournaments. https://www.wikihow.com/Start-an-Online-Casino

It is important to note that a poker tournament starts at a preset time and every player needs to buy a ticket to the event. The tournament will start at the same time and players are going to have the same number of chips.

Every stage of the tournament requires different strategies. During the early stage, it is highly recommended NOT to slow play your high pocket pairs. It would do you good to penetrate pots with premium hands since you need to play real tight during the initial stages.

As you progress to the middle stage, which is considered as the most crucial point of the tournament, you need to strive hard in order to accumulate the most number of chips possible.

You also need to be fast enough in doubling up so that you will have the ability to survive the rising blinds. You need to learn how to use a loose aggressive strategy and make value shoves to be labeled as a quality player.

During the final stage of the tournament, you will most likely find the stakes and blinds going real high. If you can raise with all your premium hands or pockets pre flop, you hold enormous value at this phase. You can also gain advantage over short stack players who seem to be staying still just to reach the subsequent payoff level.

And just like any other games, practice can make you a better player at poker. Most probably, tournament winners have already played hundreds to thousands of poker games in the past.

The more experience you have at playing poker, the more confident you will be at employing poker tournament strategies for the game, and the more online poker tournaments you will win.

The Truth About Passive Income

If you search the internet for “passive income”, you may find a definition or two, but mostly, what you find are websites trying to sell you on the passive-income-flavor-of-the-day. It’s frustrating, I know. I don’t know about you, but before I jump into any opportunity or even before I take a trip, I like to do my research. That being said, there are a lot of good opportunities out there. But before you start spending money, let’s discuss what passive income is and, most importantly, what it isn’t. passive income

Webster’s dictionary defines passive income as “of, relating to, or being business activity in which the investor does not have immediate control over income”. I don’t think that tells the whole story. Passive income is money that you receive over and over again without having to do much work (notice I didn’t say “any work”). It is different than earned income in that you are not receiving money for your time (like you would a job). But depending on the passive income stream that you choose, you may in fact have immediate control over your income. But I’ll get to that later.

Why would you want passive income? Well, like Robert Kiyosaki explains in his book Rich Dad Poor Dad, that is the main difference between the rich and the middle class. The rich invest their money in various passive income streams. When their passive income exceeds their expenses, then they are financially free. “Financially free” simply means that you do not have to have a day job to pay your expenses. And you are “free” to then do whatever you want!

What Passive Income Isn’t

Before I go into telling you what passive income is, let me first tell you want it isn’t. Passive income is not the same thing as “residual income”. Residual income is money that you receive on a regular basis after having done work once. The best example would be TV sitcoms. Some actors get “residuals”. Actors get paid for filming the show. Afterwards, some actors get paid each time the show repeats. Sales people that sell services, subscriptions, or renewable products (like insurance) sell that item once and, providing the customer renews, will get a commission off of each renewal. Royalties from the sale of books and music are also residual.

Many say that multi-level-marketing or network marketing sales provide you with passive income. Guess what? That’s residual too.
If you have a small business or are self-employed, even if you are making a lot of money, this is NOT passive income. If you receive a salary from your business, that is earned income. There is a way to turn this into passive income, however – so stay tuned.

You know, I have to say that starting your own website cannot be passive income. Whether you are selling a product (such as an eBook, seminar or other information) or a service, you still have to market your website. You will have to do this regardless of whether you are selling your OWN products or have the rights to sell other’s products. Marketing your website is work, simple as that. But it’s not a job. And once your marketing efforts start taking off, you can make a lot of money with little additional effort. But that is residual in my book, not passive.

What Passive Income IS

Passive income is a lot of things. The first thing that comes to mind, and also, I believe, the most popular example is real estate. If you own investment property and are getting a positive cash flow from a house, commercial property, or apartment, that is passive income. If you rent rooms in your house, that’s passive income too. You only have to set this up once, and then the income comes in month after month. Interest income from savings accounts, CDs, and money-market accounts are passive – the bank pays you for keeping your money in those accounts. If you have a website with banner ads or Google AdSense ads, that can be called passive as well.

If you invest in any business, but don’t manage it, your profits are considered passive income, exactly what Webster was thinking about when he wrote the definition.

What about business? Well, that depends on how you set it up. Rich people create businesses and set up a system that the business follows. That way, if the owner goes on vacation for a month to Fiji, the employees follow the system and the owner still gets the profits. Any business will of course start out with a lot of work, but if you take the time to set up a business so that it gets reproducible results (exactly like a franchise), those profits become passive. And, according to the IRS, any salary you get from your business is considered “earned” but profits are considered “passive”. It is vital when starting a business to check with an accountant and an attorney to set up your business that financially benefits you the best.

What else can be considered passive income? How about self-storage facilities, parking garages/lots and dry cleaners! They all require some time to start up, but once they are set up, you collect money over and over again.

Residual vs Passive Income

Residual and passive income are like siblings. They are both very similar and most people really consider them synonyms. What does it matter, anyway? They are both excellent ways to get money in your hands month after month after month without trading your time or your freedom. How can it get better than that?

Reality Check

Beware of anyone that tells you that there is NO work involved in passive income. Passive income does not mean no work! If you are going to invest in a business, a stock, or a real estate property, you will have to do your research (this is called “due diligence”). Research is work! You will also be required to manage your investments, to check up on their progress and make changes as necessary. That’s work too!

The good news is that research and management is only a part-time endeavor. And most of the time, that work can be done from almost anywhere, including on a beach in Fiji.

Let us not forget the FUN factor. I’m sure there are some of you reading this who like, even love their jobs (if you still have one). Some of you have your own business – and congrats to you! But most of us are in jobs just because we need to feed our families and pay the bills. Looking into passive income streams and investing your time and money can bring you many, many returns. Researching for and implementing your passive income plans so that you can live your dreams is FUN. Getting money every month, week, or even every day is FUN. And trying out new strategies and managing your money – when you have some to manage – is FUN.

I hope I’ve done my job and given you the passive income basics. If you have any questions or thoughts, feel free to contact me through my website. I’d love to hear from you!

Singapore Incorporation – General Factsheet

Moving any complex organization to a different country takes serious consideration and planning. There are a multitude of variables to consider from tax rates to legal status. Singapore has become of the most welcoming country in terms of supporting business and entrepreneurship due to its low tax rates and ease of setting up a business and becoming incorporated. Below is a quick factsheet on what to consider when thinking about transferring an existing business or a new Singapore incorporation in the global business hub in Southeast Asia. https://3ecpasg.tumblr.com/post/614793521030955008/accounting-firms-in-singapore-offer-customized

Legal: Companies are incorporated under the Singapore Companies Act, Chapter 50. It is also registered with the accounting and Corporate Regulatory Authority or ACRA. The company is separate from its owners, thus investors and shareholders in most cases are not liable if the company is not financially successful. The only liability is for initial investment in private limited companies by its shareholders.

Company name: When setting up a private limited company under Singapore Incorporation regulations, the business must use the Pte.Ltd or Ltd which recognizes limited liability. Anything connecting the business to another sovereign nation is not allowed. Specialist words denoting regulated activities such as bank, finance, insurance, university and others are only permissible when the necessary accreditation has been proven satisfactory the relevant monitoring agency. Offensive names or those that plagiarize on existing brands too closely will be rejected.

Incorporation Process: In order for your business to pass Singapore Incorporation procedures, an application must be made to the Registrar of Companies. The Memorandum and Articles of Association also must be supplied to the Registrar. The Memorandum should set out explicitly what the company’s operation entails with the Articles supplying governance and the management structure within the company.

Shareholders: There must be at least one shareholder that will be on file and public. However, some aspect of anonymity can be afforded with a nominee shareholder.

Share Capital: Though there is no minimum requirement for share capital, it is recommended that there should be at least $1000 invested. This has been in effect since 1 April 2004.

Directors of the company: The director needs to be a resident of Singapore, which can either be a Singapore national or an individual with the relevant visa or employment permit. The Director will also be on public file, though the individual can remain anonymous with a similar mechanism as that of the shareholder nominee. The only restriction on the director is that they also cannot be the company secretary.

Registered Office: To maintain tax status for Singapore Incorporation, each business must have a registered office and secretary in the country. This should be included with information given to the Registrar.

AGMs: Not all meetings have to be conducted in the country. However, any new company that has Singapore Incorporation must have an in country AGM within the first 18 months of being set up. AGMs should be held per annum and not exceed more than 15 months from the last AGM.

Financial Reporting & Auditing in Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA). singapore company setup

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies