Singapore legislation
Regulation 15
of Shared Mobility Enterprises (Control and Licensing) Regulations 2020
Regulation 15
Accounts and statements
Subregulation 1
For the purposes of section 21(1)(a) of the Act, a licensee must, in respect of the whole or part (as the case may be) of every financial year, prepare such accounts and statements relating to its shared mobility services during the financial year according to —
the Singapore Accounting Standards;
the International Financial Reporting Standards or any accounting standards that, in the Authority’s opinion, have wholly or substantially converged with the International Financial Reporting Standards; or
the United States Generally Accepted Accounting Principles.
Subregulation 2
For the purposes of section 21(1)(c) of the Act, the period within which a licensee must give to the LTA duly audited accounts and statements required by section 21(1)(a) of the Act is a period ending on a date that is 180 days after the end of the financial year to which the accounts and statements relate.
Subregulation 3
For the purposes of section 21(1)(d) of the Act, the period for which a licensee must keep and retain records that are relevant to the preparation of the accounts and statements of the licensee required by section 21(1)(a) of the Act is 5 years after the end of the financial year to which the accounts or statements relate.