Financial statements compilation services
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.
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.
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.
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.
How we help
Financial statements compilation package
Statement of financial position
Statement of profit or loss
Notes to financial statements
Full set of XBRL financial statements; or
Financial statements highlights (FSH) in XBRL format
Comply with the Companies Act and ACRA filing requirements.
Get in touch
Talk to us about your accounting and filing needs. Or if you've a question, drop us a note.