Singapore legislation
Regulation 106
Regulation 106
List of debtors and creditors
Subregulation 1
Not later than 8th May each year or such other date as the secretary may determine, each Head of Department should prepare and submit to the Finance Department a full and complete list of debtors and creditors as at the preceding 31st March.
Subregulation 2
These balances shall be taken into account for the purposes of the annual accounts of the Town Council, and provision shall be made for outstanding commitments so reported.
Subregulation 3
No provision shall be allowed to remain uncleared for more than a year unless there are valid reasons.