Applying for Financial Reporting Relief

Key Points

ACRA distinguishes accounting-standard exemptions from form-and-content relief. It generally does not approve IFRS-only reporting where SFRS(I) with simultaneous IFRS compliance can be used. Certain director-interest disclosure relief is available with all-member consent and the required declarations. Other applications cost S$200 and require review. Disclosure relief is not an audit exemption or general permission for one director to sign when two signatures are required.

Select the Relief and Prepare for Its Conditions

Identify whether the problem concerns the accounting framework or disclosure in the financial statements and directors’ statement. These are different applications. An accounting-standard exemption under section 201(12) requires ACRA approval in limited circumstances; using IFRS alone is generally not accepted where simultaneous IFRS compliance can be stated in SFRS(I) statements.

Check the automatic directors’ interest-disclosure relief before preparing a paid application. From 9 December 2024, non-listed public companies and private companies can use that relief when all members consent, the directors’ statement records that consent and the company confirms it in the annual return. Where there are no relevant interests to disclose, ACRA instructs filers to answer Yes to the disclosure question, reflecting that the statement indicates non-applicability.

For an application, choose the applicable section 201(12) or section 202 category and prepare a precise explanation of the requirement for which relief is sought. ACRA lists a S$200 non-refundable fee and 30 working days. Accounting-standard exemption applications should be submitted at least six months before the filing deadline. As practical preparation, build that lead time into the reporting calendar; do not assume approval, an audit exemption or permission to omit a second required director signature.