Breaking Down the Annual Report (AR)

Annual Report (AR)An annual report, sometimes shortened to AR, is a yearly document that’s filed after the company’s Annual General Meeting (AGM).

Generally, all companies, unless they have an exemption, must file their annual report with the Accounting and Corporate Regulatory Authority (ACRA). The deadline for this is typically within seven months from the end of your company’s fiscal year.

Preparing and submitting the annual report typically falls to the company secretary and accountant.

The AR consists of the following elements:

  • Creating financial statements
  • Performing an audit of the financial statements
  • Holding the AGM
  • Filing estimated chargeable income
  • Submitting an annual return to ACRA
  • Filing the annual tax return with the Inland Revenue Authority of Singapore (IRAS)

 

How to File an Annual Report?

When it comes time to file your annual report, this is typically done online and sent to ACRA. Generally, companies also need to submit an XBRL (eXtensible Business Reporting Language) file with their annual report, although this can vary depending on the company’s specific classification.

Solvent exempt private companies (EPCs) aren’t required to include their financial statement when they file their annual report. However, if the EPC is insolvent, they must submit a ‘financial highlight’ version of their XBRL along with their AR.