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Compilation of Financial Statement

A compilation of financial statements report assures that information is put together with professional competence
and due care. Every Singapore private limited company is required to prepare financial reports in a format as required by the Companies Act and the Singapore Financial Reporting Standards (FRSs). This is for submission to the
relevant authorities such as Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). Therefore, it is important that the financial report be prepared by a Certified Public Accountant (C.P.A.) registered with the Institute of Certified Accountants of Singapore to ensure compliance with the requirements of the Singapore Companies Act and the Singapore Financial Reporting Standards to minimize any unnecessary queries and subsequent costly amendments.

We provide Accounts Compilation Service, which will help you fully comply with the new Companies Act and reduce
your business costs tremendously.

Penalty for non-compliance with prescribed accounting standards: With effect from January 2003, the law requires all companies in Singapore to prepare their financial statements in accordance with the prescribed accounting standards. When there is non-compliance with such a legal requirement, there will be a fine of up to $50,000. The fine will be increased to $100,000 and the offender may also be imprisoned for up to 3 years if the offence is committed with an intent to defraud. The criminal sanction provided is intended to send a strong signal that the government takes a serious view of such offences.