Financial Statement Compilation Services in Singapore
While some companies are exempted from auditing and compiling their financial reports, statements and disclosures, the Companies Act of Singapore provides for Pvt. Ltd. Companies to prepare a compilation of financial statements to be submitted later to the regulatory authorities.
Most companies do have a dedicated department working on the process, throughout the year, however, for those who do not, they should look forward to outsourcing compilation financial statement services in Singapore.
Who better to do it than us?
Bestar provides reliable and efficient compilation financial statement services in Singapore to all enterprises, which comply with the provisions of all regulatory authorities and the Singapore Companies Act and has the capacity to bring down your overhead costs.
What is financial compilation?
Compilation of financial statements refers to the accounting practice of compiling together all the financial statements, unaudited, namely – Profit and Loss statement, balance sheet, etc. together to provide an outlook to the public at large about the financial position, standing and functioning of the company.
The report thus compiled assured the public at large that the financial information put together is true and created with due care and diligence. As per the Companies Act of Singapore, it is mandatory for all Pvt. Ltd. Companies to prepare financial reports in a proper format stated by both the Act and by the Singapore Financial Reporting Standards.
Financial Statement Compilation includes the following
- Income statement
- Cash flow statement
- Balance sheet
- Statement of all equity changes
- Statement of all capital transactions
- Accounting policies implemented
- Explanatory notes
A Pvt. Ltd Company can relish an audit exemption if they are able to fulfill any two of the three criteria mentioned below –
- The total annual revenue of the company is less than S$10 million
- The value of total assets of such company is not more than S$10 million
- The total number of employees is less than 50.
Companies who fulfil these criteria are identified as a small company and in Singapore, as per the rules and regulations set out in the Singapore Companies Act, is exempted from audit. However, even if they are exempted, a small company is required to prepare their unaudited financial reports according to the rules and regulations mentioned by the Singapore Financial Reporting Standards and the Companies Act. The same report shall later be submitted to ACRA.
With years of experience in terms of expertise at our hand, Bestar is the name you want to partner with for compilation financial statement services in Singapore. Our expertise together combined with our technical know-how provides resilient results to all kinds of enterprises.
Our capable and highly experienced team of professional accountants, bookkeepers, management accountants, tax professionals and corporate secretaries know how to navigate the extremely stringent regulatory mechanisms in Singapore. We are well-versed and efficient enough to deliver you with quality services at all times!
Reach out to excellence. Call us today.