(a) | by deleting the word “The” in the 1st line of subsections (1A) and (3) and substituting in each case the words “Subject to subsections (14) to (14C), the”; |
(b) | by inserting, immediately after the word “shall” in the 2nd line of subsection (1A), the words “comply with the requirements of the Accounting Standards, and”; |
(c) | by inserting, immediately after the word “that” in the 5th line of subsection (3), the words “complies with the requirements of the Accounting Standards, and”; |
(d) | by deleting subsections (3A) and (3B) and substituting the following subsections:“(3A) Subject to subsections (14) to (14C), the directors of a company that is a holding company at the end of its financial year need not comply with subsections (1) and (3) but must cause to be made out and laid before the company at its annual general meeting —(a) | consolidated accounts dealing with the profit or loss and the state of affairs of the company and its subsidiaries for the period beginning from the date the preceding accounts were made up to (or, in the case of first accounts, since the incorporation of the company) and ending on a date —(i) | in a case where the holding company is a public company listed or quoted on a stock exchange in Singapore, not more than 5 months before the date of the meeting; or | (ii) | in any other case, not more than 6 months before the date of the meeting; and |
| (b) | a balance-sheet dealing with the state of affairs of the holding company at the end of its financial year, |
each of which complies with the requirements of the Accounting Standards and gives a true and fair view of the matters referred to in paragraph (a) or (b), as the case may be, so far as it concerns members of the holding company. |
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(3B) Subsections (1B) and (2) shall, with the necessary modifications, apply to the periods referred to in subsection (3A)(a)(i) and (ii) as they apply to the periods referred to in subsection (1)(a) and (b). |
(3BA) Subsection (3A) does not apply to a company which at the end of its financial year is a wholly owned subsidiary of another corporation incorporated in Singapore and, for the avoidance of doubt, subsections (1) and (3) shall apply to that company.”; |
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(e) | by deleting the words “subsections (1) and (3)” in the 2nd and 3rd lines of subsection (3C) and substituting the words “subsections (1), (3) and (3A)(b)”; |
(f) | by deleting the words “(other than a holding company for which consolidated accounts are required)” in the 1st and 2nd lines of subsection (5); |
(g) | by inserting, immediately after the words “subsection (3)” in the 4th line of subsection (5), the words “or (3A)(b)”; |
(h) | by deleting paragraphs (b) to (e) and (h) to (q) of subsection (6); |
(i) | by inserting, at the end of subsection (6)(f), the word “and”; |
(j) | by deleting the semi-colon at the end of subsection (6)(g) and substituting a full-stop; |
(k) | by deleting paragraphs (b) to (f) and (i) to (r) of subsection (6A); |
(l) | by inserting, at the end of subsection (6A)(g), the word “and”; |
(m) | by deleting the semi-colon at the end of subsection (6A)(h) and substituting a full-stop; |
(n) | by deleting subsection (7); |
(o) | by deleting the words “Ninth Schedule” in the 8th line of subsection (8) and substituting the words “Accounting Standards”; |
(p) | by deleting subsection (14) and substituting the following subsections:“(14) The accounts or consolidated accounts of a company need not comply with any requirement of the Accounting Standards for the purposes of subsection (1), (3) or (3A), if the company has obtained the approval of the Registrar to such non-compliance. |
(14A) Where accounts or consolidated accounts prepared in accordance with any requirement of the Accounting Standards for the purposes of subsection (1), (3) or (3A) would not give a true and fair view of any matter required by this section to be dealt with in the accounts or consolidated accounts, the accounts or consolidated accounts need not comply with that requirement to the extent that this is necessary for them to give a true and fair view of the matter. |
(14B) In the event of any non-compliance with a requirement of the Accounting Standards referred to in subsection (14A), there shall be included in the accounts or consolidated accounts, as the case may be —(a) | a statement by the auditor of the company that he agrees that such non-compliance is necessary for the accounts or consolidated accounts, as the case may be, to give a true and fair view of the matter concerned; | (b) | particulars of the departure, the reason therefor and its effect, if any; and | (c) | such further information and explanations as will give a true and fair view of that matter. |
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(14C) The Minister may, by order published in the Gazette, in respect of companies of a specified class or description, substitute other accounting standards for the Accounting Standards, and the provisions of this section and sections 207 and 209A shall apply accordingly in respect of such companies.”; |
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(q) | by deleting the words “and profit and loss account” in the 4th and 5th lines of subsection (15); and |
(r) | by deleting subsection (18) and substituting the following subsection:“(18) To the extent that any company registered under the Insurance Act (Cap. 142) is required to prepare balance-sheets, revenue accounts and profit and loss accounts in the form prescribed by that Act, the company shall be deemed to have complied with the requirements of this section (other than subsections (1) to (3C)) if its —(a) | balance-sheet; and | (b) | profit and loss account or (if it is a holding company) consolidated accounts, |
are prepared in accordance with that Act.”. |
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