Unaudited Financial Statement
Assuring you that your company’s financial statements are accurately compiled with professional competence and due diligence
Compilation of accounts or reports is the compilation of unaudited Financial Statements of a private company. Profit and loss statements, balance sheets and financial statements are compiled to give an outlook on the company’s financial standing.
Even if your company is exempt from the audit requirement, your company is still required to prepare a complete set of unaudited financial statements in compliance with the Singapore Financial Reporting Standards (International) (SFRS (I)). Your compilation report will include explanatory notes, the Directors’ Report and the Statement of Directors.
The Companies Act stipulates a company is audit exempt if it meets the criteria for qualifying as either a small group or a small company.
Both private companies and small groups have to meet at least 2 of the following criteria for the past 2 consecutive fiscal years to be audit exempt:
- Total annual revenue not exceeding S$10 million;
- Total assets not exceeding S$10m million;
- No. of full-time employees not exceeding 50
Audit exempt companies will require unaudited Financial Statements for annual general meetings, tax filing purposes and accountability to shareholders of the company.
The compilation report consists of:
- Directors’ Report
- Statement of Directors
- Statement of Financial Position (Balance Sheet
- Statement of Comprehensive Income (Income Statement)
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to Financial Statements
By entrusting TnB to compile your financial statements for you, you are entrusting us to help you adhere to statutory regulations and filing requirements stipulated by the authorities. Our team at TnB is adept at preparing financial statements for you according to the SFRS (I) regardless of your business entity type.
You can focus more on overseeing your company while we help you to compile your accounts.