Preparation of Financial Statements
Ensures that your Financial Statements are of the standards required to better help you evaluate business performance.
Scope of Services
Our Preparation of Financial Statements include the following:
DP SME Advisory will prepare (unaudited) Financial Statements in accordance with Financial Report Standards (“FRS”) to give a “true and fair” view on the company's financial position. The Financial Statements includes:
- Directors’ report
- Directors’ statements
- Profit & Loss statements
- Balance Sheet
- Changes in shareholders’ equity
- Notes to Financial Statements
In the case of audited Financial Statements, we will offer audit services through our Partner Audit Firm. Our audit service would include provisions designed specifically to comply with ACRA and IRAS’ statutory requirements.
Requirements
- One director/manager to be present at our office/virtual meeting
- Provide estimated annual sales/turnover of the company
- Management Report consisting of Profit & Loss, Balance Sheet, General Ledger, Accounts Payable/Receivable reports and Bank Reconciliation report for the financial period (if you did not use our book-keeping service)
Details
The preparation of Financial Statements involves the process of aggregating accounting information into a standardised set of financials. The completed Financial Statements are then distributed to management, lenders, creditors, and investors, who use them to evaluate the performance, liquidity, and cash flow of a business.
Under section 201 of the Companies Act, Directors are also required to present at AGM, company’s accounts that comply with the requirements of the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders.
A complete set of Financial Statements comprises the following:
- A Statement of Financial Position as at reporting date;
- Either:
(a) A single Statement of Comprehensive Income for the reporting period, or
(b) A separate Income Statement and a separate Statement of Comprehensive Income for the reporting period - A Statement of Changes in Equity for the reporting period;
- A Statement of Cash Flows for the reporting period;
- Notes, comprising a summary of significant accounting policies and other explanatory information
- A Statement of Financial Position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its Financial Statements, or when it reclassifies items in its Financial Statements (not applicable for Financial Statements prepared in accordance with Singapore Financial Reporting Standards for Small Entities)
Exempt Private Companies (EPCs) that has no corporate shareholder and no more than 20 shareholders, and have a sales/turnover of not more than SDG 10million for the accounting year can prepare UNAUDITED Financial Statements to file Annual Returns with ACRA (Accounting and Corporate Regulatory Authority). Dormant companies are also exempted from filing Audited Financial Statements.
Why engage our Preparation of Financial Statements Service
- We have a team of professionals with comprehensive Financial Statements preparation experience to help provide advice.
- We have a standard approach which ensures that your Financial Statements are prepared consistently so that you have a better picture of your financial position.
- Our understanding of the Singapore local regulatory and statutory requirements enables us to deliver the most updated advice on how to best standardise the preparation of your Financial Statements.
Related FAQs
Preparation of Financial Statements is one of the final steps in the accounting cycle, using information from the previous statements to develop the current Financial Statements. Additionally, based on your needs, we can provide an analysis based on your annual Financial Statements.
There are many benefits of outsourcing the preparation of Financial Statements:
- Highly trained and experienced resources to assist with complex accounting and disclosures in Singapore.
- Streamlined methodology and technology resources to prepare Financial Statements.
- Scalable approach to support improvement of your Financial Statements preparation process.
- Assistance with achieving regulatory compliance in making required Financial Statements disclosures, including consideration of new accounting standards.
Generally, Financial Statements provide information about the results of operations, financial position, and cash flow of a company or business. This information is usually used by the readers of Financial Statements to make decisions regarding the allocation of resources.
Related Services
Speak with us
If you still require assistance, we are here to help and answer any questions you might have. We look forward to hearing from you.
