Compilation of unaudited Financial Statements:

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 “small company” and “small group” concept is effective from 1 July 2015 after the change in the law. The company can be exempted for audit if the company meet the criteria of “small company” or “small group” for the financial years beginning on or after 1 July 2015.

“Small company”
A private company can qualify as a small company if it meets at least 2 of the criterias below for past 2 consecutive financial years

(i) total revenue not exceeding S$10 million
(ii) total assets not exceeding S$10 million
(iii) Number of full time employees not exceeding 50

“Small group”
The company which is part of a group can qualify under “small group” exemption if the company qualify as a “small company”, and it meets at least 2 of the criterias below for past 2 consecutive financial years on a consolidation basis.

(i) total revenue of the group not exceeding S$10 million
(ii) total assets of the group not exceeding S$10 million
(iii) Number of full time employees of the group not exceeding 50

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Order procedures:

Step 1: Place your order online / via email at info@zeglobal.com.sg / contact form
Step 2: Email us your documents
Step 3: Processing
Step 4: Email you draft Financial Statements for approval
Step 5: Further amendment if needed
Step 6: Done

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Financial Statements 2020 Template
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Why outsource to Professional Accounting Firm?

Professional Qualified Staffs

We have a team of professionally qualified accountants and tax agents with professional qualifications from relevant bodies such as ACCA, CPA and CA (Singapore).

COMPLIANCE WITH LATEST STANDARDS AND REGULATIONS

We would keep track of all the changes and implement them as and when required, making sure that our clients are always in the good books of the financial market regulators.

Cost savings

It may be quite costly to have a proper accounting department headed by a professionally qualified accountant teamed with an assistant accountant and several account clerks. Same tasks can be done more cost effectively by outsourced to a professional service provider that can handle the tasks for you.