Quarterly Report — a reporting standard applied by the Ministry of Finance to the public listed companies. While for private companies submitting financials annually is enough, the public ones report 4 times a year. This standard has been adopted in Singapore since 2003 and for the companies with a market capitalisation of $20 million or below since 2004. The reason for adoption was to increase transparency and collect financial data in a timely fashion. Preparing and submitting a Quarterly report is a traditionally part of accounting services in Singapore.