Unaudited Financial Statement Preparation

Ensure that your reports are prepared according to the Singapore Financial Reporting Standards (SFRS) and meets the compliance regulations mandated in the Companies Act.

Why do I need a Compiled
Financial Statement Report?

Mandatory Requirement

Under sections 201(2) and 201(5) of the Companies Act, Directors are responsible to present and lay before the company, at its annual general meeting (AGM)

Government Grants

Prior to getting approval and applying for some government incentives, it may be a requirement to submit your compiled financial report.

Key Stakeholders

Your keys stakeholders such as Directors, Investors, Financiers, Shareholders, and others will need to be provided information pertaining to the Company’s financial position.

In a nutshell​

What is a compiled unaudited financial statement (UFS)?

The UFS is a report consisting of financial statements such as – Profit & Loss statement, Balance Sheet, Statement of Equity, Statement of Cashflows and others. It must also include explanatory notes with the Directors’ Statement, and be prepared in compliance with the Singapore Financial Reporting Standards (SFRS).

The compiled report ultimately provides stakeholders with information pertaining to the financial position, standing and functioning of the company, which is typically presented during the Company’s Annual General Meeting (AGM).

As stipulated by ACRA and IRAS, all Singapore registered companies must prepare a compiled financial statement report. Fines and penalties may be incurred should there be noncompliance.

Your Unaudited Financial Statement Compilation includes

  • Directors’ Report and Statement of Directors
  • Income statement
  • Cash flow statement
  • Balance sheet
  • Statement of all equity changes
  • Accounting policies implemented
  • Explanatory notes

Criteria for exemption from Audit

Meet any 2 of the following 3
  • Total annual revenue less than S$10 million
  • Value of total assets less than S$10 million
  • Less than 50 employees
SIGNALGRYD Pte. Ltd.
5/5

I had a smooth transaction working with Leftright Corporate. They were thorough and took time explaining to me the process as well.

Grace Soh

www.signalgryd.com

Criteria for exemption from Audit

Meet any 2 of the following 3
  • Total annual revenue less than S$10 million
  • Value of total assets less than S$10 million
  • Less than 50 employees
SIGNALGRYD Pte. Ltd.
5/5

I had a smooth transaction working with Leftright Corporate. They were thorough and took time explaining to me the process as well.

Grace Soh

www.signalgryd.com

Prepare your report in
3 simple steps

1

Answer some basic questions

Send us an enquiry or checkout and complete our simple registration form. If you need assistance, call us directly and one of our experts will walk you through the process.

2

We take care of the paperwork

Our financial experts will prepare required documents needed according to a fair and true view for your approval and signing.

3

Signing and Acknowledgement

Talk to us for clarifications, and when you'r ready, sign the documents for presentation.

Singapore registered Private Limited Companies will be exempted from preparing an audited compiled report if it fulfils the exemption criteria above. These small companies must still prepare its unaudited financial report according to the Singapore Financial Reporting Standards (SFRS) and Companies Act.

Prepare your compiled unaudited financial statements from $350

Inclusive of all fees. No Surprises.

  • Directors’ Report and Statement of Directors
  • Income statement
  • Cash flow statement
  • Balance sheet
  • Statement of all equity changes
  • Accounting policies implemented
  • Explanatory notes

Our Compilation Packages

Inclusive of all fees. No surprises.

for
Dormant Companies

$350
  •   No revenue in financial year
  •   Less than $10,000 assets
  •   Directors’ Report and Statement of Directors
  •   Income Statement
  •   Cash Flow Statement
  •   Balance Sheet
  •   Statement of All Equity Changes
  •   SFRS Accounting Compliance
  •   Explanatory Notes

Frequently Asked Questions

Who can prepare the financial report?

The employee within the Company, the director himself, or an in-house accountant. Otherwise you may engage service providers like Leftright Corporate who expertise in these services for your company.

What is Singapore Financial Reporting Standards (SFRS)?

In Singapore, accounting standards are known as Singapore Financial Reporting Standards (SFRS) and are based on the International Financial Reporting Standards (IFRS).  All companies with financial period starting on or after 1 January 2003 have to comply with SFRS.

Singapore Financial Reporting Standard (SFRS) for Small Entities was introduced in November 2010.

The SFRS for Small Entities is an alternative framework to the full SFRS for eligible entities in Singapore.

What is included in my compilation of unaudited financial statements?

Your financial statement compilation report includes:

  • Income Statement
  • Cash Flow Statement
  • Balance Sheet
  • Statement of all Equity Changes
  • Accounting Policies Implemented
  • Explanatory Notes
Does the report needs to audited?

Your compiled financial statement report is exempted from audit only if you are a dormant or Exempt Private Company that meets 2 of the following 3 criteria:

  • Total annual revenue less than SGD $10 million.
  • Value of total assets less than SGD $10 million.
  • Have less than 50 employees.

Read our Guides​

Corporate Compliance

How To File Annual Returns for Singapore Private Limited Companies

Corporate Compliance

How to Change Financial Year End for Singapore Private Companies

Corporate Compliance

Complete Guide to Annual Compliance Requirements for Singapore Companies in 2020

Corporate Compliance

Ultimate Guide to Register of Registrable Controller 2020

Corporate Compliance

Timeline for Annual Returns & AGM Filing

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