Ask yourself these questions:

• Is the company dormant? If the answer is "yes", you are not required to prepare any accounts, but you must still file tax return (Form C) with Tax Authorities as well as file Annual Return with ACRA.
• One or more shareholders are corporate entities? If the answer is "yes", you are required to prepare Audited accounts, file Audited accounts & tax return (Form C) with Tax Authorities as well as file Annual Return with ACRA.
• Are your shareholders more than 20? If the answer is "yes", you are required to prepare Audited accounts, file Audited accounts & tax return (Form C) with Tax Authorities as well as file Annual Return with ACRA.
• Is your Annual Gross Income more than 5 million Singapore Dollars?  If the answer is "yes", you are required to prepare Audited accounts, file Audited accounts & tax return
   (Form C) with Tax Authorities as well as file Annual Return with ACRA.
• If your answers to all these questions are "no", you are required to prepare un-Audited Accounts, file Un-Audited accounts & tax return (Form C) with Tax Authorities as well as file Annual Return with ACRA.

Most of the Companies in Singapore are exempted from filing Audited Accounts, as their annual incomes do not exceed 5 millions, and are run by a few shareholders. (In other words, the financial statements need not be audited and signed by the Auditors!) 

With effect from 1 November 2007, all Singapore Companies are required to file their financial statements in XBRL (extensible Business Reporting Language) format with ACRA.

If you are too busy or do not have the know-how ...

If you are filing the annual return in Singapore on your own, ACRA has reviewed the financial statements filed in XBRL since 1 November and make the following observations:

• Limited Circumstances that "True and Fair Override" applies to Financial Statements.
• Refrain from the use of "user-describled" fields unless necessary.
• Detailed Breakdown of "Balance Sheet" Items required.
• Recommended Creation of Text and Tables Directly in FS Manger.
• Companies opting for Option A (Full XBRL) - Name(s) of Signing directors(s) required to be selected in FS manager.If the answer is "yes", you are required to prepare Audited accounts, file Audited accounts & tax return (Form C) with Tax Authorities as well as file Annual Return with ACRA.
• Notes to the financial statements required for full set of financial statements.  Any references made to the Notes to the financial statements for the items on the face of the 4 statements should be properly referenced using athe "add note" function in FS Manager.
• Companies opting for Option B (Partial XBRL) - Completion of Mandatory fields in Cash Flow Statement Required, and full set of financial statements in PDF required to be filed.

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