How do we assist you in the unaudited SFRS Financial Statements service?
Our accountants check the respective account classifications in the management accounts and then draft the SFRS Financial Statements.
The primary objective to assist in drafting the SFRS financial statements is to safeguard the Directors’ interest. In addition, with our understanding of the requirements, we eliminate the concerns over the cost of non-compliance with Singapore Financial Reporting Standards (SFRS), Singapore Companies Act Chapter 50 (Section 201) and the Inland Revenue Authority of Singapore (IRAS).
A complete set of SFRS financial statements has approximate 20 pages. The number of pages increases with the complexity, business nature and industry, and include the following six statements:
1. Directors’ Statements;
2. Statement of Profit or Loss and Other Comprehensive Income;
3. Statement of Financial Position;
4. Statement of Changes in Equity;
5. Statement of Cash Flow; and
6. Notes to the Financial Statements.
Public users can download a copy of the latest illustrative Singapore Financial Reporting Standards (SFRS) financial statements published by the Institute of Singapore Chartered Accountants (ISCA).
To start, we require the year end management accounts (in Excel or PDF) to prepare the SFRS financial statements:
(i) Trial Balance;
(ii) Balance Sheet;
(iii) Profit or Loss Statements; and
(iv) Detailed General Ledgers for all accounts
Accounting software can generate these reports. It is important to note that management accounts are for internal use by business owners. These reports are not meant to be submitted to the ACRA every year.
We help you meet the Singapore company’s annual filing obligations
For small businesses, it is common to hire a freelance bookkeeper or outsource to a local annual compilation services firm to assist in the bookkeeping of business transactions.
As part of their service, they will prepare the Singapore Financial Reporting Standards (SFRS) financial statements for filing with ACRA and IRAS annually.
If your company does not qualify for audit exemption, you must engage a Singapore Audit Firm to conduct the annual audit, and the auditors can assist you in preparing the SFRS financial statements.
There are compliance requirements, and ACRA mandates these.
We help you understand and adhere to ACRA filing requirements
For the financial year commencing 1 July 2015 before
Exempt Private Companies (EPC) is defined as a private limited company with no corporate shareholders and has 20 or lesser shareholders.
a. Small Exempt Private Companies (EPC)
These refer to EPC with annual revenue up to SGD 5 million or less for financial years with effect from 1 June 2004 (SGD 2.5 million or less for financial years between 15 May 2003 and before 1 June 2004).
There is no need to audit the accounts for a solvent company and no requirements to attach accounts. However, the directors are required to complete an online declaration of solvency.
There is no need to audit the accounts for an insolvent company, and the company must attach the accounts when filing annual returns.
b. Normal Exempt Private Companies (EPC)
These refer to EPC with annual revenue more than SGD 5 million for the financial years with effect from 1 June 2004 (or more than SGD 2.5 million for the financial years with effect from 15 May 2003 but before 1 June 2004).
(i) For a solvent company, your company may have to do an annual audit if it does not meet audit exemption criteria. In addition, the directors are required to complete an online declaration of solvency.
(ii) For an insolvent company, the company must attach the accounts when filing annual returns.
c. Dormant Exempt Private Companies (EPC)
These refer to EPC that does not have any accounting transactions for the financial year or has not commenced business since the date of incorporation.
(i) There is no need to audit the accounts for a solvent company and no requirements to attach accounts. However, the directors are required to complete an online declaration of solvency.
(ii) There is no need to audit the accounts for an insolvent company, and the company must attach the accounts when filing annual returns.
d. Private Companies (Non-EPC)
These refer to companies limited by shares up to 50 shareholders (corporations or individual shareholders).
(i) Active company – your company may require an audit, and the company must attach the accounts when filing annual returns.
(ii) Dormant company – there is no need to audit the accounts, and the company must attach the accounts when filing annual returns.
(iii) Insolvent company – your company may require an audit, and the company must attach the accounts when filing annual returns.
2. Compiling of Accounts and Preparation of Unaudited SFRS Financial Statements at end of the financial year
We can prepare the unaudited SFRS financial statements for your business, regardless of business entity types. Our team prepare the financial statements using the regulatory framework of the SFRS and Singapore Companies Act, Chapter 50.
The Accountants take that information from the source documents, organise it, and book them into an accounting system. Our accountant takes care of the stressful aspects of bookkeeping. You will then spend more time interpreting the management reports and make decisions and make projections.
When it is time to file your taxes with IRAS, you will need to submit the tax computations, supporting schedules, tax forms and SFRS financial statements.
If you wish, the Singapore Accountant can take care of this for you as well. For example, when a Singapore Accountant offers a compilation of accounts and unaudited financial statements service, he ensures your business meets the Singapore regulatory reporting requirements.
3. Conduct AGM and file Annual Returns with ACRA on time
To save your time on this administrative process, you should always pass this to the Company Secretary to assist you. As a result, you will have more time overseeing your company, and our team help you to compile records and draft financial statements.
Your employees can focus more on the job at hand—that makes for greater productivity and success. In addition, you can save money by outsourcing the accounting functions to us. The best option regarding productivity and efficiency is to hire a Singapore Accounting firm.
They have the industry knowledge and professional experience to guide you through the annual compliance process.
Contact Accounting Team
Please send through your enquiry via Contact Form. The accounting team will contact you to discuss, understand your concerns and explain the statutory requirements in Singapore.