For many Singapore SMEs, ACRA filing feels like the main compliance task. Submit the Annual Return, attach financial statements (in XBRL if required), and you’re done.
But behind every submission lies a deeper obligation:
What level of documentation does ACRA actually expect SMEs to maintain?
The short answer:
ACRA expects SMEs to maintain sufficient accounting and corporate records to support a true and fair view of the company’s financial position — at any time.
Let’s break that down clearly.
Under the Companies Act, every company must keep accounting records that:
This means SMEs should maintain:
✔ Invoices (sales and purchases)
✔ Receipts and payment records
✔ Bank statements
✔ Loan agreements
✔ Payroll records
✔ Asset registers
✔ Supporting documents for major transactions
ACRA does not require monthly submission — but records must exist and be accessible.
If your company prepares financial statements, you must be able to substantiate:
During regulatory review or audit, documentation must support the figures submitted.
Financial statements without underlying documentation are a compliance risk.
Beyond financial data, SMEs must maintain:
ACRA filings must align with these records.
Inconsistencies between corporate records and financial disclosures may trigger review.
Submitting XBRL does not reduce documentation requirements.
XBRL is a structured reporting format — but directors must still:
Structured submission increases transparency, which makes internal documentation even more important.
Accounting records should generally be retained for at least 5 years from the end of the financial year to which they relate.
This applies even if the company becomes dormant later.
ACRA does not expect SMEs to operate like large public companies.
But it does expect:
Poor record-keeping is one of the most common compliance weaknesses in SMEs.
Documentation gaps often surface during:
Most issues stem from irregular bookkeeping or disorganized storage during the year.
AI-powered platforms like ccMonet help SMEs maintain structured documentation by:
When records are maintained continuously, documentation standards are easier to meet.
ACRA expects Singapore SMEs to maintain documentation that:
✔ Accurately records transactions
✔ Supports financial statement figures
✔ Aligns with corporate records
✔ Is retained for statutory periods
✔ Can withstand regulatory review
Compliance isn’t just about filing — it’s about having evidence behind every number.
Strong documentation reduces stress, protects directors, and supports business credibility.
👉 Strengthen your financial record-keeping foundation at https://www.ccmonet.ai/
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