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What is a Statement of Accounts?

Updated by ROS

A Statement of Accounts records the society's income, expenditure, assets and liabilities for the financial year. It comprises:

i) an Income and Expenditure Statement; and

ii) a Balance Sheet.

Under Section 34(1)(g)(i) of the Societies Act, the accounts and financial statements of registered societies must comply with the accounting standards formulated by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007 and applicable to societies, or with any other requirements substituted by the Minister in place of those accounting standards.

For more information, refer to Statement of Accounts .

Topics:

Annual Returns & Accounts

Related questions

What are the obligations under the Societies Act that a registered society has to observe?

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Can my society use internal auditors, or must it appoint a qualified company auditor to audit the accounts?

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My society has no monetary transactions, assets or liabilities for the financial year. What should I submit for the Statement of Accounts when filing the Annual Return?

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My society's accounts are still with the auditors, can the society submit the Annual Returns first without the Statement of Accounts?

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