MND’s Statement on AHPETC's FY2014 Financial Statement
Nov 10, 2016
MND has presented Aljunied-Hougang-Punggol East Town Council (AHPETC)’s updated audited financial statements for FY2014 (for year ending March 2015) to Parliament, as required by law.
AHPETC first submitted its FY2014 audited financial statements on 31 August 2015, which was qualified by the TC’s auditor with disclaimers in the areas of the TC’s opening balances, Service & Conservancy Charge (S&CC) Receivables, and S&CC fees received in advance. However, this set of financial statements was not presented to Parliament then as it contained errors in the notes to the accounts and had not accounted for the FY2014 S&CC operating grant, which should have been reflected as a receivable in the accounts in accordance with the Singapore Financial Reporting Standards.
After some months of iterations with the TC over various errors and reporting inconsistencies as well as clarifications over the accounting treatment for the operating grant, the TC its FY2014 financial statements for presentation to Parliament on 21 October 2016. There are no changes to the disclaimers by the TC’s auditor in the financial statements.