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Accounting and Corporate Regulatory Authority
ACRAConnect newsletter

Mar/Apr 2021 Issue of ACRAConnect

Audience

Accountants

Accounting entities

Businesses

Corporate service providers (CSPs)

Public

30 April 2021

ACRA Connect banner highlighting news and updates on corporate and audit regulation.

Regulatory and Registry Updates

Illustration showing compliance concepts such as regulations, governance and transparency.

2-tier Penalty Framework Deferred to Allow More Time for Transition

The implementation of the 2-tier penalty framework for filing of annual returns and annual declarations by Singapore incorporated companies, Variable Capital Companies and Limited Liability Partnerships has been put on hold to allow more time for transition.

The current penalty framework will continue to apply for late filing of annual returns and annual declarations.

We urge all entities to comply with the statutory timelines and file the annual returns or annual declarations on time to avoid incurring late filing penalty.

Find out more about the 2-tier Penalty Framework Deferred to Allow More Time for Transition

Further Extension of Duration of Alternative Arrangements for Conduct of Meetings

Conference room table with microphones prepared for formal meeting or briefing.

On 6 Apr 2021, the Ministry of Law announced the extension of the duration of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts and Debenture Holders) Order 2020 beyond 30 Jun 2021. This provides entities with greater legal certainty to plan their meetings, and the option to hold virtual meetings to minimise physical interactions, amid the continuing COVID-19 situation.

Listed and non-listed entities can continue to use the checklist issued by ACRA, MAS and SGX RegCo to guide them on the conduct of general meetings.

Find out more

Filing financial statements? Revised XBRL Filing requirements take effect on 1 May 2021

Financial statements document showing figures, ratios and accounting data.

Companies required to file financial statements in extensible Business Reporting Language (XBRL) format have to apply the revised XBRL filing requirements and data elements starting from 1 May 2021. The updated BizFinx preparation tool is available to help companies prepare, validate and file XBRL financial statements based on the revised filing requirements.

Visit website to find out who needs to file financial statements

Reminder to file RORC information by 30 Jun 2021

Chalkboard displaying text “Register of Registrable Controllers” held against blue sky.

All companies and Limited Liability Partnerships, unless exempted, are reminded to file the information maintained in their Register of Registrable Controllers (RORC) with ACRA, by 30 Jun 2021. This can be done at the “Update Register of Registrable Controllers (RORC)” transaction in BizFile+ portal.

Please file by the due date to avoid penalties.

Entities that had already filed their RORC information with ACRA do not need to do so if there are no changes to the information.

Visit website for Register of Registrable Controllers (RORC)

Updating CSPs on Registry and Regulatory Developments

Grid of speakers in virtual dialogue on regulatory updates hosted by ACRA and CSIS.

On 26 Feb 2021, ACRA partnered the Chartered Secretaries Institute of Singapore and the Institute of Singapore Chartered Accountants to organise two virtual outreach sessions for Corporate Service Providers (CSPs). More than 1,600 CSPs joined the online webinar where our officers shared on new and upcoming business registry and regulatory initiatives in 2021.

Find out more about the updates on Business Registry and Regulatory Developments 2021

Appointments to the ACRA Board

On 29 Mar 2021, the Minister for Finance re-appointed Mrs Tan Ching Yee as Chairman of ACRA and also appointed Mr Ong Chong Tee as Deputy Chairman of the ACRA Board. In addition, four new board members have been appointed and eight current board members have been re-appointed to the ACRA Board. The appointments took effect from 1 Apr 2021.

New ACRA Board Members:

  • Mr Glen Francis
    Chief Technology Officer
    Singapore Press Holdings

  • Ms Catherine Lee
    Independent Director
    Far East Hospitality Trust

  • Mr Lam Yi Young
    Chief Executive Officer
    Singapore Business Federation

  • Ms Lock Yin Mei
    Partner
    Allen & Overy LLP

Read press release about appointments to the ACRA Board

Seamless filing project lauded at CRF Innovation Awards Ceremony

ACRA officer holding certificate in front of Accounting and Corporate Regulatory Authority sign.

The ACRA-IRAS seamless filing initiative received the Commendation Award at the inaugural Corporate Registers Forum (CRF) Innovation Awards Ceremony held virtually on 31 Mar 2021. The CRF is an international not-for-profit organisation for administrators of corporate and securities registers, and provides a platform for the sharing of the latest developments, challenges and best practices on corporate registry and regulatory matters.

The award serves to celebrate the spirit of innovation and honour CRF member jurisdictions which have successfully put in place initiatives and solutions that benefit their stakeholders.

The seamless filing initiative seeks to ease the compliance burden of companies, especially the smaller ones, by enabling them to auto-generate filings and tap on APIs to file annual returns and tax returns via their accounting software seamlessly to ACRA and IRAS respectively.

Find out more

ACRA re-elected to the Board of Global Forum of Audit Regulators

Singapore city skyline at Marina Bay with illuminated office buildings at dusk.

ACRA has been re-elected to serve on the Board of the International Forum of Independent Audit Regulators (IFIAR) for another four-year term, at the elections which took place during IFIAR’s annual Plenary meeting held virtually from 19 to 21 Apr 2021. Ms Kuldip Gill, ACRA’s Assistant Chief Executive (Accounting Group) has also been appointed to chair the Human Resources and Governance Committee.

IFIAR is the global forum for audit regulators and comprises 54 audit regulators from jurisdictions in Africa, the Americas, Asia-Pacific, Europe and the Middle East. As one of the founding members of IFIAR, ACRA is committed to serving in IFIAR and looks forward to contributing as a Board member to support IFIAR’s mission to serve public interest by enhancing audit oversight globally.

Read more in the press release

ACRA's e-Newsletter for professional stakeholders

This e-newsletter is intended for general information only and should not be treated as a substitute for specific professional advice for any particular situation. While we endeavour to ensure the contents are correct to the best of our knowledge and belief at the time of writing, we do not warrant their accuracy or completeness nor accept any responsibility for any loss or damage arising from any reliance on them.

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