Compilation of Unaudited Financial Statements

If a Singapore company meets all of the following criteria, it is an Exempt Private Company (EPC) according to Singapore’s Companies Act and it is eligible for enjoying audit exemption:

  • There are no corporate shareholders,
  • The number of shareholders is less than 20, and
  • Turnover of the company is less than S$5 million

However, all Singapore private companies are still required to prepare unaudited financial reports in a format complied with the requirements of Companies Act and FRS (Singapore Financial Reporting Standards). This is for submission to the relevant authorities such as ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore). Therefore, to save time and costs, it is important that the financial reports are prepared by a CA (Chartered Accountant) registered with ISCA (Institute of Singapore Chartered Accountants) to ensure compliance with the requirements of the relevant authorities to minimise any unnecessary subsequent amendments.

We help clients compile the unaudited financial reports to meet the requirements of relevant authorities.

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