Compilation of Financial Statement in Singapore

Compilation of financial statements is a service that is provided by professional accounting firms for businesses who need it.

Most Singapore private limited firms no longer need to have their accounts audited if they meet the definition of a small company or belong to a group that qualifies as a small group. All other businesses must appoint an auditor within three months of establishment and be ready to submit audited reports to ACRA. Annual audits of the accounts are required.

What Does Compilation of Financial Statements Mean?

Compilation of financial statements are reports or financial statements that have not been audited. Companies that meet the regulatory criteria may choose non-audit services. Compilation reports are less expensive and provide a better choice for businesses to achieve the same regulatory need for good record keeping.

A compilation is frequently the outcome of write-up work, which is an accounting function. An accountant from a professional accounting firm will translate the data given by the customer into financial statements using compilations, or assembled financial statements, without offering any auditing services.

Compilations enable businesses who do not have an accountant to have financial statements created at a lesser cost than reviewed or audited financial statements. Many companies choose to outsource this function to professional accounting agencies. Not only is this the more cost effective option, it is the easier option too. Our accountants will take care of everything for you so you can focus on running your business without sacrificing compliance.

Company Exemptions for Compilation of Financial Statement in Singapore

According to the changes made to the Singapore Companies Act, Cap 50, which went into effect on 1 July 2015, any Singapore private limited company is exempt from audit if it meets any two of the three precursor requirements listed below:

• The total annual revenue is less than $10 million.
• There are fewer than 50 employees.
• The company’s total assets do not exceed $ 10 million.

What Is Included In Your Compilation Report?

A complete set of compilation reports should include explanatory remarks and be supported by the Directors’ Report and the Directors’ Statement.

The reports that are prepared will be compliant with the Singapore Financial Reporting Standards requirements.

Why Choose Single Point Contact?

Single Point Contact provides its clients with a detailed compilation of financial statement services in Singapore. Our team of experienced professionals is well-versed with the local compliance requirements you need to meet. We have the knowledge to provide excellent services on time and that is why many companies choose to work with us.

For more information about our comprehensive list of services, WhatsApp us today.