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.

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.

Your financial statement compilation report includes:

• Income Statement
• Cash Flow Statement
• Balance Sheet
• Statement of all Equity Changes
• Accounting Policies Implemented
• Explanatory Notes

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.