“In Singapore, all ACRA registered businesses are required to maintain their compilation of financial statement and submit them to ACRA.”
Compilation of Financial Statement Services In Singapore
According to Singapore Companies Act, Cap 50, a company may be exempted from statutory audit if it fulfils certain prerequisite conditions:
- It is an Exempt Private Company (“EPC”). EPC is a private company which has no corporate shareholder (direct or indirect) and the number of shareholders in the company is not more than 20.
- Annual revenue of EPC does not exceed S$5 million for financial year starting on and after 1 June 2004
- Shareholders who represent 5% or more of a company’s ordinary shares do not request for audit
- Banks or other creditors/financial companies do not request for audit
However, the EPCs are still required to prepare their unaudited financial report as per the guidelines of Singapore Financial Reporting Standards (FRSs) and Companies Act before holding Annual General Meeting. 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. It is important that the financial reports are prepared by a Chartered Accountant to ensure compliance with the statutory requirements.
Aspire Accounting Services offers compilation of financial statement services for EPCs in Singapore. We have acquainted with the knowledge and requirements to deliver prompt as well as high quality services. Our professional accountants stay abreast of the updates and changes in the regulations and perform accordingly, to execute a high standard and compliant financial report.
Our compilation of financial statement begins with collating relevant document and information, assessment of accounts and finally, ends with delivering a well-prepared and compliant financial report to our clients.
Reasons to consider outsource compilation of financial statement services to Chartered Accountant
- Too much work to add on existing job of in-house accounts department
- Too little work to justify for recruiting a full-time Chartered Accountant
- Do not have the expertise to prepare the compilation of financial statement