Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analysing and reporting these transactions to oversight agencies and tax collection entities.
According to the Companies Act, directors are responsible for presenting the financial statements, during the Annual General Meeting. The financial statements need to comply with the Accounting Standards* and that it gives a true and fair view of the financial position and performance of the company. Directors are also expected to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Companies Act, respectively. Thus, with so many rules put in place, Quals can help your company as you have more important tasks to handle.
*In Singapore, the accounting standards referring to Singapore Financial Reporting Standards (SFRS), Singapore Financial Reporting Standards for Small Entities (SFRS for SE) issued by the Accounting Standards Council.