All companies incorporated in Singapore must keep proper accounting records to evidence the business transactions that took place during the course of operations. This is stipulated in the Companies Act. Such accounting records must be kept for a period of 5 years after the completion of the transactions.

Financial Reporting

Companies are required to prepare unaudited financial reports (commonly known as “compilation financial statements”) in a format defined by the Companies Act and the Singapore Financial Reporting Standards before holding the Company’s Annual General Meeting. Accordingly, it is essential for the Company to prepare the financial reports to ensure compliance with a statutory requirement.

We assist management in the following monthly/quarterly accounting and book-keeping functions:

  • Setting up the accounting system and its processes to facilitate the month-end closing;
  • Preparation the trial balance, profit or loss statement and balance sheet;
  • Preparation of the audit schedules;
  • Bank reconciliation;
  • Liaise with auditors and address audit queries (optional);
  • We assist management in the annual preparation of the compilation financial reports.

Deliverables include:

  • Statement by Director(s);
  • 4 Statements
  • Significant accounting policies
  • Notes to the accounts