Preparation of Unaudited Financial Statements
Under the Companies Act, Exempt Private Companies* (EPCs) with annual revenue below $2.5 million are not required to have their accounts audited for financial year beginning on or after 15 May 2003. The revenue threshold was raised to $5 million for EPCs with financial year beginning on or after 1 June 2004. Click here for a guide on Audit Exemption.
An EPC will still need to prepare unaudited financial statement in accordance to the Companies Act and Singapore Financial Reporting Standards for the purpose of IRAS' filing requirements to file your tax returns. The format is similar to an audited financial statement except that you do not need an auditor to sign off the report.
We can help you prepare unaudited financial statements in accordance to IRAS' filing requirements, and file your tax returns if desired. We are in constant and close touch with the latest changes and developments in accounting standards, statutory requirements, tax and GST matters impacting businesses, which translates to the value-add we bring to our accounting assignments.
*An exempt private company is a private limited company with no corporate shareholders and has no more than 20 shareholders.