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Singapura Percukaian Singapura Cukai Lain Understanding Consolidated Financial Statements under Singapore Standards
PENGETAHUAN|
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Who Must Prepare Consolidated Financial Statements? A company is generally required to prepare consolidated financial statements if it is a parent, i.e., a company that controls one or more subsidiaries. According to SFRS 110: Consolidated Financial Statements, a parent company is considered to have control exists if it: (a) Has power over the subsidiary; (b) Is entitled to variable returns from its involvement with the subsidiary; and (c) Can use its power to influence those returns. In practice, this means a Singapore-incorporated parent company must consolidate the financial results of all its subsidiaries, whether incorporated in Singapore or overseas. |
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(2) |
When Can a Parent Company Be Exempt? Under SFRS 110, a parent company does not need to prepare consolidated financial statements if all of the following conditions are met: (a) It is a wholly-owned subsidiary, or (b) It is a partly-owned subsidiary, and all other owners (including those without voting rights) have been informed and do not object; (c) Its ultimate or any intermediate parent company prepares consolidated financial statements that are publicly available and comply with SFRS or equivalent IFRS standards; and (d) Its debt or equity instruments are not publicly traded, and it is not in the process of issuing such instruments. |
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