Board Resolution Approving Financial Statements Template for Singapore
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Key Requirements PROMPT example:
Board Resolution Approving Financial Statements
"Need a Board Resolution Approving Financial Statements for our Singapore-based technology startup, which should include specific references to our Series A funding round and incorporate both our subsidiaries' financial statements for the year ending March 2025."
A Board Resolution Approving Financial Statements is a mandatory corporate document required under Singapore's Companies Act (Cap. 50). It must be executed when the board reviews and approves annual financial statements before their presentation at the Annual General Meeting. The resolution confirms that the directors have reviewed the statements, believe they comply with applicable accounting standards, and present a true and fair view of the company's financial position. This document is crucial for corporate governance and regulatory compliance in Singapore.
Suggested Sections
1. Resolution Header: Company name, registration number, and date of resolution
2. Preamble: States the meeting details and directors present
3. Confirmation of Quorum: Statement confirming meeting quorum requirements are met
4. Review of Financial Statements: Confirmation that the board reviewed the financial statements
5. Resolution Statement: Formal approval of the financial statements
6. Director's Statement: Confirmation of compliance with reporting standards
7. Signatures: Chairman's signature and date
Optional Sections
1. Audit Committee Recommendation: Include when company has an audit committee - typically for listed companies or those with audit committees
2. Dividend Declaration: Include when dividends are being declared alongside financial statements approval
Suggested Schedules
1. Financial Statements: Complete set of financial statements being approved
3. Directors' Statement: Detailed statement by directors regarding the financial statements
Authors
Alex Denne
Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author
Companies Act (Cap. 50) - Financial Statements Requirements: Primary legislation governing financial statements including Section 201 (requirements for financial statements), Section 203 (requirement to lay financial statements at AGM), Section 201B (Directors' statement requirements), and Section 207 (Auditors' requirements)
Singapore Financial Reporting Standards (SFRS): National accounting standards framework requiring compliance with applicable accounting standards and ensuring fair presentation of financial position
SGX Listing Rules: For listed companies: Requirements regarding financial statements disclosure and timing requirements for submission and approval
Singapore Corporate Governance Code: Guidelines on board responsibilities regarding financial oversight and Audit Committee requirements
ACRA Requirements: Regulatory requirements from the Accounting and Corporate Regulatory Authority including filing requirements and XBRL compliance
Teams
Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, Â Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, Â Severance Pay, Governing Law, Entire Agreemen
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