In Singapore, the regulation regarding Group Consolidated Accounts is governed primarily by the Singapore Financial Reporting Standards (FRS). The regulation requires companies to prepare consolidated financial statements when they control one or more entities. These statements must provide a comprehensive view of the group’s financial position and performance.

Below are the key details of the regulations:

• Control Requirement: Companies are required to prepare consolidated financial statements when they have control over one or more other entities. Control is generally defined as having the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
• Consolidated Financial Statements: The consolidated financial statements must combine the financial statements of the parent company and its subsidiaries as a single economic entity. This involves eliminating intra-group transactions and balances to reflect the group’s financial position accurately.
• Reporting Standards: The consolidated financial statements must comply with the Singapore Financial Reporting Standards (FRS). These standards provide guidelines for preparing and presenting financial statements, ensuring consistency and transparency in financial reporting.
• Fair Value Measurement: Where applicable, the consolidated financial statements may require fair value measurements for certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
• Disclosure Requirements: The regulations also include extensive disclosure requirements, ensuring that users of the financial statements have access to relevant information about the group’s financial position, performance, risks, and key accounting policies.
• Audit and Compliance: Companies are required to have their consolidated financial statements audited by a qualified auditor to ensure compliance with the FRS and accuracy of the financial information presented.

Overall, the regulation regarding Group Consolidated Accounts aims to provide stakeholders with a comprehensive and accurate view of the financial health and performance of groups of companies operating under common control.

In Singapore, the requirements regarding Group Consolidated Accounts are governed by the Singapore Financial Reporting Standards (FRS). Here are the key details of the requirements:

• Control Requirement: Group Consolidated Accounts are required when a company has control over one or more other entities. Control is defined as having the power to govern financial and operating policies to obtain benefits from activities.
• Preparation of Consolidated Financial Statements: Companies must prepare consolidated financial statements that combine the financial statements of the parent company and its subsidiaries. This involves eliminating intra-group transactions and balances to present a true and fair view of the group’s financial position, performance, and cash flows.
• Compliance with FRS: The consolidated financial statements must comply with the Singapore Financial Reporting Standards (FRS). These standards provide guidelines for recognition, measurement, presentation, and disclosure of various elements in the financial statements.
• Fair Value Measurement: In some cases, fair value measurement is required for certain assets and liabilities in the consolidated financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
• Disclosure Requirements: Extensive disclosure requirements are mandated to provide users with relevant information about the group’s financial position, performance, risks, and key accounting policies. This includes disclosures about subsidiaries, associates, joint ventures, related party transactions, contingent liabilities, and more.
• Audit and Compliance: The consolidated financial statements must be audited by a qualified auditor to ensure compliance with FRS and the accuracy of financial information presented. The auditor’s report provides assurance on whether the financial statements give a true and fair view and comply with applicable accounting standards.

Overall, the requirements for Group Consolidated Accounts aim to ensure transparency, accuracy, and comparability in financial reporting for groups of companies under common control in Singapore.