Year-End Close for 31 December Companies: The December Checklist Before Your Accountant Asks

Short answer: Before 31 December, reconcile every bank and payment account, count petty cash and stock, review old receivables, update the fixed asset register, list accruals and prepayments, document bonuses and directors’ fees, and agree related-party balances. The deadlines then follow: ECI by 31 March 2027, AGM by 30 June 2027 and annual return by 31 July 2027.

A year-end close is the set of checks that turns a year of bookkeeping into figures your accountant can sign off. This year-end close checklist is for directors of Singapore companies with a 31 December 2026 financial year end. What the financial statements must contain is covered in what a Singapore company actually has to produce at year end; this article covers the work best done in December, while the evidence still exists. A stock or cash count cannot be recreated in March, and section 199(1) of the Companies Act 1967 requires every company to keep records that sufficiently explain its transactions and financial position, even when bookkeeping is outsourced.

Raffles Corporate Services works with a panel of experienced Singapore law firms who offer cost-effective and efficient legal service and advice. This article is general information only and is not legal advice.

What should a year-end close checklist cover for a 31 December company?

For most small and medium-sized companies, ten areas cover almost everything. The table lists the December task in each area and the evidence your accountant or compiler (the person preparing unaudited financial statements) will ask to see.

How should you reconcile bank accounts and petty cash at year end?

Reconcile every account the company holds, not only the main current account, to the statement balance on 31 December, and explain every reconciling item. Count petty cash on the day and have the count signed.

1. Download statements as at 31 December for every bank account, fixed deposit, multi-currency wallet and payment gateway.
2. Match the ledger balance to each statement, and list uncleared cheques and deposits in transit with their dates.
3. Investigate any reconciling item older than a month.
4. Count the petty cash float, compare it with the petty cash book and record any shortfall or surplus.

Our guide to bank reconciliation for Singapore SMEs walks through the mechanics.

How do you deal with receivables, stock and fixed assets before 31 December?

Run an ageing report and document a decision on each debt you do not expect to collect, count the stock on the last day, and make sure the fixed asset register matches what the company actually owns.

IRAS lists bad debts written off from trade debtors as deductible and those from non-trade debtors as not deductible. A specific provision for doubtful debts (tied to identified debtors) is deductible; a general provision (a blanket percentage) is not. The same split applies to obsolete stock. So name the debtors and stock lines you are providing for, and keep the correspondence behind each decision. Our article on provisioning for bad debts and writing off receivables covers the accounting entries.

For the stock count, freeze movements if you can, use pre-numbered count sheets, and record the last delivery order and goods received note numbers so the accountant can check cut-off (that sales and purchases fall in the right year).

For fixed assets, add the year’s purchases with invoices, remove what was sold or scrapped, and confirm that every item on the register still exists. Flag small purchases: under section 19A(10A) of the Income Tax Act 1947, IRAS allows low-value assets costing not more than S$5,000 each to be written off in one year, with the total claim capped at S$30,000 per Year of Assessment.

Which accruals, bonuses and directors’ fees need paperwork?

List every 2026 expense that will be invoiced in 2027, every 2026 payment that covers 2027, and make sure bonuses and directors’ fees are fixed and approved in a way your accountant can rely on.

Typical accruals are December utilities, year-end professional fees, bonuses and unused leave; typical prepayments are insurance, annual software subscriptions and rent paid in advance. IRAS treats an expense as incurred when the legal liability to pay arises, whether or not it has been paid, and lists prepaid expenses that do not relate to the relevant basis period as not deductible.

Directors’ fees need shareholder approval. Section 169 of the Companies Act 1967 says a company must not provide or improve emoluments for a director in respect of the office of director unless the provision is approved by a resolution that is not related to other matters; “emoluments” includes fees and percentages. In practice the board proposes the fees and members approve them, often at the AGM or by written resolution dealing with the fees alone. IRAS lists directors’ fees and directors’ remuneration as deductible. Our article on accrued bonuses, unpaid directors’ fees and AGM approval covers when an accrued amount can be deducted.

Bonuses also carry CPF. A year-end bonus is usually an Additional Wage, and the CPF Additional Wage ceiling is S$102,000 minus the total Ordinary Wages subject to CPF for the year, applied per employee, per employer, per calendar year. We work through the numbers in CPF on bonus and the Additional Wage ceiling for December 2026 payroll. CPF Board has also announced higher contribution rates for senior employees from 1 January 2027, so check which month’s rates your payroll uses.

For related parties, agree every balance with directors, shareholders and group companies in writing. Loans to directors are governed by section 162 of the Companies Act, so flag any amount a director owes the company for review before the financial statements are signed.

Which payroll and GST deadlines come straight after year end?

Employee income forms are due by 1 March 2027 and the October to December GST return by 31 January 2027, so both depend on the December close being finished in January.

Employers must prepare Form IR8A (with Appendix 8A or 8B where relevant) for all employees, including company directors, by 1 March of the following year. Employers under the Auto-Inclusion Scheme (AIS), which is mandatory for employers with 5 or more employees in 2026, submit the data to IRAS electronically by the same date. December payroll and bonus records need to be final first.

For GST, the return and payment are due 1 month after the accounting period ends, so a quarterly filer’s October to December return is due by 31 January 2027. IRAS does not accept year-end closing as a reason for an extension.

Also confirm your InvoiceNow date. Under the GST InvoiceNow Requirement, existing GST-registered businesses join in phases from 1 April 2028 (total annual supplies of S$200,000 or less) to 1 April 2031 (above S$4,000,000).

What is the filing timeline after a 31 December 2026 year end?

For a non-listed company with a 31 December 2026 year end, the key dates run from January to November 2027, assuming no extensions and no overseas branch register.

Filing ECI early has a cash benefit: IRAS’s ECI page explains that companies paying by GIRO receive more monthly instalments the earlier they file. If the company received the YA 2026 CIT Rebate Cash Grant this year, make sure it is booked correctly in the 2026 accounts; see our guide to CIT Rebate Cash Grant accounting.

What changed on 20 October 2026 for the annual return?

The second phase of the Corporate and Accounting Laws (Amendment) Act 2025 commenced on 20 October 2026. The annual return now asks the company to confirm that the particulars ACRA holds are accurate.

ACRA’s announcement of 6 October 2026 lists the particulars: names, identification details, nationality, contact address, appointment dates, registered office address and shareholding details, for directors, chief executive officers, secretaries, auditors and relevant members. The eform also asks whether any individual performs the role of CEO. So compare the Bizfile profile with the company’s registers in December, and fix any outdated address, passport number or unlodged share transfer now rather than in July.

Frequently asked questions

Can I start the year-end close before 31 December?

Yes. Reconciliations to 30 November, the receivables review, the fixed asset check and the Bizfile review can all be done early. Only the stock count, cash count and final bank balances depend on 31 December.

Does a dormant company need a year-end close?

A lighter one. It still files an annual return, so it needs a bank reconciliation, a check of director balances and accurate Bizfile particulars. ACRA exempts a dormant, non-listed private company with total assets of S$500,000 or less from holding an AGM.

Do directors’ fees have to be approved before 31 December?

Section 169 requires approval by a resolution that is not related to other matters; it does not set a December deadline. Many companies accrue the fees at year end and have members approve them at the AGM or by written resolution. Minute the board’s proposal to support the accrual.

What if my company’s revenue is below S$5 million and it made a loss?

If annual revenue is S$5 million or below and ECI is nil, no ECI is needed. The company must still file its Form C-S, Form C-S (Lite) or Form C by 30 November 2027.

Where can I find help with registers and resolutions?

Our sister site Singapore Secretary Services has guides on registers, resolutions and the annual return, and our free tools page calculates your ECI, AGM, annual return and Form C-S dates from your financial year end.

Last reviewed: 23 October 2026. The Editorial Team, Raffles Corporate Services.