Compilation Financial Statements and Reports Services in Singapore
Package Fee for Compilation of Financial Statements and Reports:
- Compilation of Unaudited Financial Statements (Comply with Singapore FRS) – Dormant Company - From S$200
- Compilation of Unaudited Financial Statements (Comply with Singapore FRS) – Active Company - From S$350
Compilation of accounts or reports means compilation of unaudited Financial Statements of a private company. Profit and loss statements, balance sheet and financial statement are compiled to give an outlook on the company’s financial standing.
Company that is exempted from the audit requirement is still required to prepare a full set of unaudited Financial Statements including explanatory notes with Directors’ Statement, and be prepared in compliance with the Singapore Financial Reporting Standards.
You will require the unaudited Financial Statements for the purpose of Annual General Meetings, tax submission and accountability to shareholders of the company. The unaudited Financial Statements can be used to obtain banking facilities, apply for government grants and to meet regulatory requirements in specific industries.
Unaudited Financial Statements contains:
- Directors’ Statement
- 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
Exemption from Audit requirement:
The audit exemption is applicable for financial years beginning on or after the change in the law (1 Jul 2015) if the company qualify as a small company or a company which is part of a small group.
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 immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group” to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.