Compilation of Financial Statements and Reports Services in Singapore
Every private limited company is required to prepare financial reports in a format regulated by the Singapore Companies Act and the Singapore Financial Reporting Standards (FRSs). Not so sure how it works or need more assistance? Let our professional accountants help you out!
Small company concept for Audit Exemption
A company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for the immediate past two consecutive financial years:
Total revenue not exceeding S$10 million
Total assets not exceeding S$10 million
Number of full time employees not exceeding 5
Compilation of unaudited Financial Statements
Company exempted from the audit requirements is still required to prepare a full set of unaudited Financial Statements.
Unaudited Financial Statements contains:
Statement of Comprehensive Income – Income Statement
Statement of Financial Position – Balance Sheet
Statement Of Changes In Equity
Statement of Cash Flows
Notes to the Financial Statements
Why make yourself busier with this when you can get it done easily at a affordable cost? Talk to an expert today!
Audit Requirements in Singapore
For companies not exempted from audit, they are required to appoint an auditor within three months of incorporation and get prepared to submit audited reports to ACRA. The accounts must be audited annually. And only the accounting firms or public accountants registered and approved by the Accounting and Corporate Regulatory Authority (ACRA) can be appointed to audit the company’s financial statements.
If you need help in auditing, we offer audit service through our associated audit firms. Our associate’s audit services include auditing of financial statements which comply with ACRA’s and IRAS’s statutory requirements. Contact us for more information!