Compilation of Financial Statement
As per the amendments to Singapore Companies Act, Cap 50, which came into effect from 1 July 2015, any Singapore private limited company enjoys audit exemption if it fulfills any 2 of 3 following prerequisite conditions:
- Total Annual Revenue is less than $10 Million
- Total Assets of the business are not more than $ 10 Million
- The number of employees is less than 50
A Singapore private company fulfilling the above criterion is designated as a SMALL COMPANY and qualifies for audit exemptions. Despite this fact, such a SMALL COMPANY must prepare its unaudited financial report as per the guidelines of Singapore Financial Reporting Standards (SFRS) and Companies Act. The final report will be submitted to ACRA.
Compilation of unaudited Financial Statements includes the below-listed files:
- Statement of the Directors
- Comprehensive Income Statement
- Balance Sheet
- Statement showing Changes in the Equity
- Cash Flow Statement
With years of industry-wide experience and knowledge, SBS Consulting offers prompt services related to the compilation of financial statement to its clients, regardless of industry. The expert team is familiar with the requirements and has the expertise to deliver quality services on time.
The professional accountants of SBS stay abreast of the on-going regulations and execute a perfect and compliant-friendly financial report. The process starts with collecting relevant document, assessment of account and finally, ends with delivering a well-researched a financial report to the clients.
However, the exempted companies are still required to prepare their unaudited financial report as per the guidelines of Singapore Financial Reporting Standards (FRSs) and Companies Act. These reports are finally submitted to the local authorities such as ACRA and IRAS. Therefore, the report must be prepared in accordance with the statutory regulations of Singapore Financial Reporting Standards and Singapore Companies Act in order to avoid any penalty.