Financial statements compilation services

Every company needs to prepare financial statements every year. Financial statements are prepared using the bookkeeping records of the company.

For us to prepare your financial statements, simply provide us the records from your accounting software. If you use alternative ways to track your transactions, we can work with that too.

Apart from preparing financial statements to meet compliance, we can prepare periodic activity and finance reports to provide you with insights into your business.

You can use these reports to gauge how your marketing campaign has fared, plan ahead for new investments and find ways of improving your business performance and cash flows.

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Essential information

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↓ What are financial statements

Financial statements are reports on the company’s financial position and performance for the period. Components of financial statements include the statement of financial position (balance sheet), statement of profit or loss, statement of changes in equity, statement of cash flows and explanatory notes which provide further details on items on the statements.

For us to prepare your financial statements, we require the company’s bookkeeping records to be provided to us. Based on these bookkeeping records, we prepare your financial statements to satisfy compliance requirements.

↓ Frequency of preparation

Financial statements are prepared annually. Some companies also prepare half yearly or quarterly management accounts for planning and decision making purposes.

↓ Uses of financial statements

Every company is required to prepare financial statements. Financial statements need to be presented at your company’s Annual General Meeting (AGM) which is an annual meeting of shareholders that every company is required to hold by law. You also need your financial statements to prepare your corporate income tax returns.

↓ Who needs to appoint an auditor

From 1 July 2015, the "small company" concept is used to determine if a company is exempted from audit.

To qualify as a "small company", the company needs to be a private company and meets at least 2 out of these 3 quantitative criteria for each of the immediate past two financial years:

(a) Total annual revenue ≤ $10 million;
(b) Total assets ≤ $10 million;
(c) No. of employees ≤ 50.

If the company is part of a group, the company needs to qualify as a small company and the entire group must be a "small group" in order to qualify for audit exemption.

A "small group" is a group of companies that meets at least 2 out of the 3 abovementioned quantitative criteria for each of the immediate past two financial years on a group basis.

Companies that do not qualify for audit exemption are required to appoint an auditor within three months from the date of its incorporation. After the annual financial statements are prepared, they will be audited.

↓ What is XBRL

XBRL stands for eXtensible Business Reporting Language. It is the systematic presentation of financial information based on a global standard that improves comparability across companies. ACRA requires companies to file financial statements in XBRL.

↓ Who needs to file XBRL

Public / Private companies (limited/unlimited by shares), except certain specified companies, are required to file full set of XBRL financial statements.

Solvent exempt private companies (EPCs) are exempted from filing financial statements with ACRA, but are encouraged to file either full set of XBRL financial statements or Financial statements highlights (FSH) in XBRL format.

Insolvent EPCs are required to file financial statements with either full set of XBRL financial statements or FSH in XBRL format.

An EPC is a company with not more than 20 shareholders and there are no corporate shareholders.