The accounting standards prescribed in Singapore ("Singapore Financial Reporting Standards" or SFRS) are consistent with those of the International Accounting Standards Board.

The Singapore Accounting Standards Board (ASC) formulates, reviews, modifies and approves accounting standards for use by companies, charities, cooperatives and general associations.

With the permission of the securities regulatory authority, listed companies can also use IFRS standards.

Foreign companies whose equity securities are primarily listed in Singapore must adopt SFRS, IFRS standards or US GAAP.

However, Singapore companies can choose the accounting cycle according to their own business and government requirements. Some companies do monthly accounts, while others do quarterly accounts, semi-annual accounts or annual accounts.

Generally speaking, an ordinary international trading company or investment company (with an annual sales volume of less than SGD 1 million) will do annual accounts — once a year.

If the company's local sales in Singapore exceed SGD 1 million a year, the company needs to register as a GST-registered business. As per the requirements on consumption tax declaration (which mandates filing once every three months), the company must do quarterly accounts.