Financial Statements for Singapore SMEs

A Compilation of Financial Statements is a service where a qualified accountant compiles your company’s financial information into a set of financial statements based on the records and information provided by management.

No. A compilation is not a statutory audit. We do not perform audit procedures or provide an audit opinion. The service focuses on preparing financial statements based on information supplied by management.

Compilation services are commonly used by:

• SMEs and startups
• Dormant companies
• Companies applying for bank financing
• Companies preparing annual financial statements
• Businesses that do not require a statutory audit

Typically, we require:

• Accounting records
• General ledger
• Trial balance
• Bank statements
• Supporting schedules
• Previous year’s financial statements (if available)

Yes. We can review your records and advise on any additional information required before preparing the financial statements.

A typical compilation engagement includes:

• Statement of Financial Position
• Statement of Comprehensive Income
• Statement of Changes in Equity
• Statement of Cash Flows (where applicable)
• Notes to the Financial Statements

Yes. Financial statements are prepared in accordance with the applicable Singapore Financial Reporting Standards (SFRS).

The timeframe depends on the completeness and complexity of your records. Most compilation engagements can be completed within a few working days after receiving all required information.

Yes. We can identify and discuss any necessary accounting adjustments to ensure the financial statements are properly presented.

Yes. Many businesses use compiled financial statements when applying for bank facilities, financing or credit reviews, subject to the bank’s specific requirements.

Fees depend on factors such as transaction volume, business complexity, quality of accounting records and reporting requirements. Contact us for a customised quotation.

Yes. We provide a full range of accounting services, including bookkeeping, payroll, taxation, corporate secretarial and audit services.

Bookkeeping involves recording day-to-day transactions throughout the year. Compilation of Financial Statements involves preparing year-end financial statements using the accounting records provided.

Yes. We assist dormant companies with the preparation of financial statements and other annual compliance requirements.

Since 2009, we have helped Singapore businesses prepare professional financial statements accurately and efficiently. Our experienced team focuses on delivering reliable, timely and practical solutions tailored to your business needs.