The Inland Revenue Authority of Singapore (IRAS) has a series of strict requirements for accounting and tax reporting of Singaporean companies. The financial statements of Singaporean companies should truthfully and fairly reflect the company's financial condition and operating results; Financial records should include detailed records of all transactions, receipts, payments, revenues, and expenditures. Singaporean companies must hold an annual general meeting of shareholders within 6 months after the end of each fiscal year and submit financial statements for approval.