s 18 Yearly statement of accounts
18.—(1) The Minister must for the purpose of section 8 of the Audit Act 1966, as soon as practicable after the end of every financial year, prepare in respect of that year —(a) a full and particular account of the Consolidated Revenue Account stating under the heads and subheads of the estimates or supplementary estimates laid before Parliament in accordance with Article 146, 147, 148, 148B or 148C of the Constitution in respect of that year the amounts estimated to be received and spent in that year and the amounts actually received and spent in that year; (b) a full and particular statement of receipts and expenditure of moneys accounted in the Consolidated Loan Account; (c) a statement of receipts and expenditure of moneys accounted in any deposit account or class of deposit accounts; (d) a statement of receipts and expenditure of moneys accounted in any advance account or class of advance accounts; (e) a statement of receipts and expenditure of moneys accounted in any Government fund created by any law; (f) so far as is practicable, a statement of the assets and liabilities of Singapore at the end of the financial year, the manner in which those assets are invested or held, and the general heads in respect of which those liabilities are outstanding; (g) so far as is practicable, a statement of outstanding guarantees and other financial liabilities of Singapore at the end of the financial year; and (h) such other statements as the Minister may think fit, and, after the accounts and statements referred to in this section have been audited, present to the President those audited accounts and statements together with another statement stating whether the audited accounts and statements referred to in this section show any drawing on or likelihood of drawing on the reserves of the Government which were not accumulated by the Government during its current term of office as defined in the Constitution. [15/2021] (2) Without limiting subsection (1)(h), where nationally significant infrastructure expenditure incurred has been met from any proceeds of any loan raised under the Significant Infrastructure Government Loan Act 2021 —(a) the nationally significant infrastructure expenditure has to be capitalised in accordance with regulations made under section 24; and (b) if there is a decline in the value of any nationally significant infrastructure for reasons other than depreciation before the end of its useful life, a statement must be made stating —(i) that impairment adjustments have been made with respect to the nationally significant infrastructure concerned; and (ii) whether or not there is any resulting draw on the reserves of the Government which were not accumulated by the Government during its current term of office as defined in the Constitution, because of any such impairment adjustment.[15/2021]