Singapore legislation
Regulation 15
of Presidential Elections (Certificate of Eligibility) Regulations 2017
Regulation 15
Financial statements for other entities
Subregulation 1
An applicant who seeks to satisfy Article 19(4)(a), (b) or (c) in relation to an entity in the following scenarios must submit the financial statements required by this regulation together with his or her application:
the applicant seeks to satisfy Article 19(4)(a), (b) or (c) on the basis of his or her service in a foreign company limited by shares and registered under the Companies Act 1967;
the applicant seeks to satisfy Article 19(4)(b) or (c) on the basis of his or her service in an entity other than a company.
Subregulation 2
Subject to paragraph (3), for each relevant financial year of the entity, the applicant must submit the financial statements (including any audit report, directors’ statement or other material) that are required to be presented, lodged or otherwise prepared by the written law under which the entity is constituted or by the law of the country where the entity is constituted.
Subregulation 3
Paragraph (2) does not apply to the financial statements for a relevant financial year if, at the date of the application —
the financial statements are not available; and
the period within which the financial statements are required to be presented, audited, lodged or otherwise prepared by the written law under which the entity is constituted, or by the law of the country where the entity is constituted, has not expired.
Subregulation 4
If —
the entity is the parent of a group; and
paragraph (2) only requires the applicant to submit the financial statements of the entity (and not the consolidated financial statements of the group) for a relevant financial year,the applicant must nevertheless submit the consolidated financial statements for the group for the relevant financial year, in addition to what is required under paragraph (2).
Subregulation 5
For each relevant financial year of the entity for which the applicant is not required to submit financial statements under paragraph (2), the applicant must submit —
if the entity is listed, whether on a securities exchange in Singapore or elsewhere — all the financial statements relating to that financial year or any period in that financial year that the entity is required, under the listing rules of the securities exchange, to announce or otherwise publish on or before the date of the application;
if the entity is not the parent of a group and not listed —
if the financial year ended 2 or more months before the date of the application — the unaudited annual financial statements of the entity for that financial year; and
if the first 6 months of the financial year ended 2 or more months before the date of the application, and sub‑paragraph (i) does not apply — the interim unaudited financial statements of the entity for those 6 months; and
if the entity is the parent of a group and not listed —
if the financial year ended 2 or more months before the date of the application — the unaudited annual consolidated financial statements of the group for that financial year; and
if the first 6 months of the financial year ended 2 or more months before the date of the application, and sub‑paragraph (i) does not apply — the interim unaudited consolidated financial statements of the group for those 6 months.
Subregulation 6
Each set of financial statements required under paragraph (4) or (5)(b) or (c) must be accompanied by —
a declaration —
signed by 2 members of the governing body of the entity on behalf of all the members of the governing body; and
stating that, to the best of their knowledge and belief, nothing has come to the attention of any director of the entity which may cause the financial statements to be false or misleading in any material aspect; and
any available assurance of the reliability of the financial statements, whether in the form of an audit report or otherwise.
Subregulation 7
Paragraph (6) does not apply to a set of financial statements if a declaration under that paragraph, or a substantially similar declaration, is already part of the financial statements.
Subregulation 8
If any set of financial statements that an applicant is required to submit under paragraph (2), (4) or (5) is not prepared according to any accepted accounting standards, the applicant must submit, for that set of financial statements (called in this paragraph the original financial statements) —
a statement of the financial position of the entity, which must be converted from the original financial statements and prepared according to the Singapore Accounting Standards;
a statement of the financial performance of the entity, which must be converted from the original financial statements and prepared according to the Singapore Accounting Standards;
a reconciliation of the statements required by sub‑paragraphs (a) and (b) to the original financial statements, with a distinct explanation for each reconciling item; and
any available assurance of the reliability the statements required by sub‑paragraphs (a) and (b), whether in the form of an audit report or otherwise.