“Accounting Standards” means the accounting standards made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B);
“business” includes a profession or trade or an occupation or undertaking, whether or not conducted on a regular, repetitive or continuous basis and whether or not engaged in or carried on for a fee or profit;
“date of establishment” means —
(a)
for an individual proprietor carrying on business other than under a registered business name — the date on which the individual first began earning revenue from any of the individual’s businesses carried on other than under a registered business name;
(b)
for an individual proprietor carrying on business under a registered business name — the date of the registration under the Business Names Registration Act 2014 (Act 29 of 2014) in relation to the business;
(c)
for a partnership of 2 or more individuals carrying on business other than under a registered business name — the date on which the partnership first began earning revenue from the partnership’s business;
(d)
for a partnership (other than a limited partnership) carrying on business under a registered business name — the date of the registration under the Business Names Registration Act 2014 in relation to the business;
(e)
for a limited partnership — the date on which the partnership is registered under section 12 of the Limited Partnerships Act (Cap. 163B); and
(f)
for any other body unincorporate or a body corporate — the date of incorporation or establishment of the body unincorporate or body corporate, as the case may be;
“financial statements” —
(a)
in relation to a person (other than an individual proprietor), means —
(i)
the audited financial statements of the person for or covering the financial year concerned, prepared in accordance with the Accounting Standards, or equivalent accounting standards of a country outside Singapore, applicable to that person; or
(ii)
in the absence of the statements mentioned in sub‑paragraph (i) — the profit and loss statement of the person for or covering that financial year; or
(b)
in relation to an individual proprietor, means —
(i)
the audited statement of accounts of the individual proprietor for or covering the financial year concerned, prepared in accordance with the Accounting Standards, or equivalent accounting standards of a country outside Singapore, applicable to that individual proprietor; or
(ii)
in the absence of the statement mentioned in sub‑paragraph (i) — the profit and loss statement of the individual proprietor for or covering that financial year;
“financial year” means the period, whether a year or not —
(a)
in respect of which the financial statements of a person who carries on a business are made up; or
(b)
in the case of a group that prepares consolidated financial statements — in respect of which the financial statements of the group are made up;
“individual proprietor” and “registered business name” have the meanings given to them by section 2(1) of the Business Names Registration Act 2014.