—(1) The Minister may make regulations relating to the financial reporting requirements for charities, including provisions —
allowing the governing board members of specified classes of charities to prepare a receipts and payments account and a statement of assets and liabilities instead of a statement of accounts in respect of any financial year of the charity;
prescribing requirements as to the form and contents of accounts and statements of charities;
requiring the accounts and statements of specified classes of charities to be in compliance with all or any of the following:
specified accounting standards that are made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B);
other accounting standards or requirements specified in the regulations;
providing for relief from the requirements of such accounting standards applicable to charities;
determining the financial years of a charity for the purposes of this Act;
modifying the application of any provisions in the Companies Act (Cap. 50) as to the form and content of a company’s accounts or consolidated accounts being in compliance with the Accounting Standards (as defined in the Companies Act) in respect of a company that is registered as a charity or approved as an institution of a public character under this Act; or
providing that any person who is guilty of an offence under any regulations made under paragraph (c) in respect of a charity which is registered as a company under the Companies Act (Cap. 50) shall be liable on conviction to the same penalty as that provided under section 204(1) or (3)(a), as the case may be, of that Act.
(2) The governing board members of a charity shall preserve any statement of accounts or other account and statement prepared by them for the purposes of regulations made under this section, for at least 5 years from the end of the financial year to which any such statement relates or to which any such account and statement relate, as the case may be.