This publication is an illustrative financial statements (“IFS”) of a Singapore-incorporated company, ABC Pte. Ltd., prepared in accordance with:
Singapore Financial Reporting Standards ("FRS")
The Singapore Companies Act, Chapter 50
The IFS serve to provide illustration of annual financial statements of companies whose activities include manufacturing and trading. The disclosures contained in these IFS are made based on a hypothetical entity and certain assumptions have been made about the applicability of the disclosures required by Singapore Financial Reporting Standards.
The IFS are designed to capture a wide set of circumstances and transactions, and in enhancing the relevance of the IFS, all minimum disclosure requirements of FRS are complied with, generally without considering materiality. Also, since these IFS are prepared based on a fictitious entity, assessing materiality is not possible in some circumstances. This set of IFS is a helpful enabler for entities preparing financial statements under FRS, but its illustrative nature must be appreciated.
The names of people and entities included as illustrations are fictitious. Any resemblance to any person or business is purely coincidental.
This publication is intended as an illustrative guide rather than a definitive statement.
While the IFS contain most of the usual disclosures typically found in the financial statements of entities whose activities include manufacturing and trading, the disclosures and commentaries in this publication are not meant to be exhaustive. Reference should be made to the relevant standards and regulations for specific disclosure requirements.
This publication should not be relied upon as a substitute for seeking professional advice concerning the appropriate accounting treatment for specific individual situations or ensuring compliance with the Singapore Financial Reporting Standards and/or Singapore Companies Act, Chapter 50.