Compilation of financial statement

& tax

Companies that are exempt from audit and filing requirement are still required to prepare a full set of financial statements including notes to the accounts and must be accompanied by the Directors’ Report and the Statement by Directors.

This report must be prepared in compliance with the Singapore Financial Reporting Standards (“FRS”).

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Preparing unaudited Financial Statement for annual return

As a director of a Singapore incorporated company, you are required to comply with annual filing requirements according to the Singapore Financial Reporting Standards. From 31 December 2018, the timeline to hold Annual General meeting and filing of Annual Return have been aligned with the financial year-end of the companies.

Tips

After an Annual General Meeting (AGM) has held
After Unaudited Financial Statements are sent (if company need not hold AGM)
After the financial year-end, for a private dormant relevant that is exempted from preparing financial statements of that has dispensed with the AGM.
Private Company which has dispensed with an AGM, after financial statements are completed will have to have a resolution prepared.

Financial Statement

Director’s Report: The company’s basic information, such as shareholders’ and directors’ information will be shown here.

Statement of Financial Position: It shows a snapshot of a company’s assets, liabilities, and shareholders’ equity at the end of the reporting period. It does not show the flows into and out of the accounts during the period.

Statement of Comprehensive Income: This should cover comprehensive income, company financing costs, capital gains, and losses as well as revenue.

Statement of Changes of Equity: This statement includes things like transactions among shareholders or amends to classes of shares you’ve issued, as well as any amends to your company’s share capital, dividends declared, and other things that affect equity.

Statement of Cash flow: It includes any cash (or cash equivalents) that flow in or out of the company as a result of any investing, operating, or financing activities. The bottom line of the statements shows changes over the period.

Notes to Financial Statements: Any additional information from auditors or directors that may serve as helpful and/or explanatory. This is an important part of the report as information such as the depreciation method, sales allocations, and foreign currency will be indicated here. A professional accountant would also input the

FINANCIAL STATEMENT ADVICE

Companies with financial year ending before 31 August 2018

Annual Return must be file within 30 days after the general meeting. In case, the companies are having a branch outside Singapore, the Annual Return can be file within 60 days after the general meeting.

Companies with financial year ending after 31 August 2018

5 months (for listed companies) after the financial year
7 months (for non-listed companies) after financial year-end

For Companies having share capital and keeping a branch register outside Singapore, they should file their annual returns within :

6 months (for listed companies) after the financial year
8 months (for non-listed companies) after financial year-end

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AUDIT EXEMPTION

To ease the burden of filing, Singapore exempts certain companies from having their management report audited, these includes :

Small Company & Dormant & Exempt Private Companies (EPC)

A company qualifies as a small company if:
(a) It is a private company in the financial year in question; and
(b) It meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

(i) Total annual revenue ≤ $10m;
(ii) Total assets ≤ $10m;
(iii) No. of employees ≤ 50.

For a company which is part of a group:
(a) The company must qualify as a small company; and
(b) Entire group must be a “small group” to qualify to the audit exemption. For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified.

A small company is disqualified if:

(a) it ceases to be a private company at any time during a financial year; or

(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.

Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.

WHO IS AN EXEMPT PRIVATE COMPANY?

An Exempt Private Company (EPC)is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a Company the Minister has gazetted as an EPC (see section 4(1) of the Companies Act).

Fee – Compilation Of Financial Statement & Tax

Dormant Company with Waiver of Income Tax or Tax Form C/S – From $700
Active Company with Tax Form C/S – From $990

Note : The accounting fee is not included in the above quote.

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