Statement of accounts

A Statement of Accounts (SOA) 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.

What you should know

A society is required to refer to its constitution for its auditing requirements.

The society’s accounts and financial statements must comply with the applicable accounting standards, in accordance with section 34(1)(g)(i) of the Societies Act.

Under Regulation 4(1)(b) of the Societies Regulations, the society’s accounts for each financial year must be audited by the society’s auditor where its gross income or expenditure does not exceed $500,000, or by a qualified company auditor where its gross income or expenditure exceeds $500,000.

When the Statement of Accounts is submitted with the society’s Annual Return, it must also be duly certified by the appropriate auditor in accordance with Regulation 7(1)(b) of the Societies Regulations.

A society that had no monetary transactions, assets or liabilities during the financial year need not submit a SOA. When filing its Annual Return, the society should upload a written declaration under the Statement of Accounts section stating that it had no monetary transactions, assets or liabilities for that financial year. The declaration must be signed by the President, Secretary and Treasurer.

What information you need

Submitting a SOA through this e-service is not a submission of the Annual Return (AR). Every SOA must correspond to an AR submitted for the same financial year.

Use this e-service only if the SOA was not submitted together with the AR. If the SOA was already submitted with the AR for the same financial year, you do not need to submit it again through this e-service.

Attach the audited and duly certified SOA in .docx, .pdf, .png or .jpg format. Each attachment must not exceed 5MB.

Any one of the President, Secretary or Treasurer must verify the submission online.

Submission for Statement of Accounts user guide [PDF, 869 KB] ↗ (opens in new tab)

What to expect

Upon receipt of the Statement of Accounts, the Registry of Societies will process the submission and, where necessary, seek further clarification from the society.

Applicants can log in to our e-services ↗ (opens in new tab) to check on the status of their application. If the status is reflected as “Filed”, the Statement of Accounts has been successfully processed, and no further action is required.