Singapore legislation
Regulation 4
Regulation 4
Application of section 100 of VCC Act to revised financial statements, etc.
Subregulation 1
Subject to this regulation and regulations 5, 6, 7, 8, 9 and 10, section 100(1) to (5) of the VCC Act together with section 201(8), (9), (11), (13), (14), (16) and (17) of the Companies Act (as applied by section 100(6) of the VCC Act) apply in relation to the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC as those provisions apply in relation to the original financial statements, or the original consolidated financial statements or balance sheet, of a VCC.
Subregulation 2
For the purposes of paragraph (1) —
a reference in section 100(2) and (4) of the VCC Act and section 201(13) and (14) of the Companies Act to the Accounting Standards is to the Accounting Standards applicable at the time that the original financial statements, or the original consolidated financial statements or balance sheet, of the VCC were prepared, subject to the modification in paragraph (3);
a reference in section 100(3) of the VCC Act and section 201(8), (10), (11) and (16) of the Companies Act to the requirement to lay, or the laying of, the financial statements of a VCC or its consolidated financial statements or balance sheet at the annual general meeting of the VCC is to the requirement to send, or the sending of, the revised financial statements of the VCC or its revised consolidated financial statements or balance sheet, under regulation 7(1)(a);
a reference in section 201(9) and (16) of the Companies Act to Part VI of that Act is to these Regulations;
the reference in section 201(13) of the Companies Act to section 201(1) of the Companies Act is to section 100(1) of the VCC Act as applied by this regulation;
the reference in section 201(13) of the Companies Act to section 201(5) of the Companies Act is to section 100(3) and (4) of the VCC Act as applied by this regulation;
the reference in section 201(13) of the Companies Act to a matter required by section 201 of the Companies Act to be dealt with in the financial statements or consolidated financial statements of a company, is to a matter required to be dealt with under section 100(2)(a) or (4)(a) of the VCC Act (as applied by this regulation) in the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC;
the reference in section 201(16) of the Companies Act to a statement signed on behalf of the directors by 2 directors of the company containing the information set out in the Twelfth Schedule to that Act is to a statement that —
is signed on behalf of the directors of the VCC as at the date of revision, by 2 of those directors;
states whether, in the opinion of the directors —
the revised financial statements, or the revised consolidated financial statements or balance sheet, are drawn up so as to give a true and fair view of the financial position and performance of the VCC and (if applicable) of the financial position and performance of the group, for the period covered by the original financial statements, or the original consolidated financial statements and balance sheet; and
as at the date of the directors’ statement, there were reasonable grounds to believe that the VCC would be able to pay its debts as and when the debts fell due;
states the name of every person who is a director in office at the date of revision;
states the name of every person who was a director of the VCC at any time during the period starting on the date of the original financial statements, or the original consolidated financial statements and balance sheet, and ending on the date of revision, together with the date of appointment and cessation of appointment (if any) of each of the persons; and
contains the information mentioned in paragraphs 2, 3 and 4 of the Second Schedule to the VCC Act; and
the reference in section 201(17) of the Companies Act to the Companies Act is to the VCC Act.
Subregulation 3
The modification mentioned in paragraph (2)(a) is that, where the applicable Accounting Standards provide for a choice between alternative accounting policies, the applicable Accounting Standards are to be read as requiring the accounting policy that was chosen at the time that the original financial statements, or the original consolidated financial statements or balance sheet, of the VCC were prepared.
Subregulation 4
To avoid doubt, for the purposes of paragraph (1) —
the directors of the VCC must take reasonable steps to ascertain the facts mentioned in section 100(5)(a), (b) and (c) of the VCC Act as they existed at the time that the original financial statements, or the original consolidated financial statements and balance sheet, of the VCC were prepared; and
any order of the Minister under section 100(9) of the VCC Act substituting the whole or any part of other accounting standards specified in the order for the whole or any part of the Accounting Standards, as specified in the order, in respect of the original financial statements, or the original consolidated financial statements or balance sheet, applies to the revised financial statements, or the revised consolidated financial statements or balance sheet.