Financial Statement Preparation Singapore. Financial statements are written records that convey the business activities and the financial performance of a company.
Financial Statement Preparation Singapore – Outsource your Financial Statement Compilation
Financial statements are for reports to government agencies etc ACRA, IRAS. Accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.
Financial statements include:
- Balance sheet
- Income statement
- Cash flow statement.
The New Audit Exemption Criteria. Unaudited Financial Statement will apply.
- The total annual revenue of the company must not exceed S$10 million;
- The total assets of the company for the financial year end must not exceed S$10 million;
- The number of full-time employees at the end of the financial year must not exceed 50.
International Financial Reporting Standards (IFRS) are used in Singapore to set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB).