Financial Reporting

If your company qualifies for audit exemption, you will be required to prepare unaudited financial statements in accordance with the Companies Act and Singapore Financial Reporting Standards (“SFRS”), for the purpose of filing the Company's annual tax returns with IRAS and annual returns with ACRA.

We prepare Unaudited Financial Statements (UFS) in accordance with Singapore Financial Reporting Standards (“SFRS”) or International Financial Reporting Standards (“IFRS”) for companies eligible for audit exemption.

These financial statements include:

• A statement by directors,
• A statement of financial position,
• A statement of profit or loss and other comprehensive income,
• A statement of changes in equity,
• A statement of cash flows, and
• A summary of significant accounting policies and other explanatory information.

These Unaudited Financial Statements are prepared with professional competence and due care, incorporating value-added procedures, including:

• Financial position and performance analysis
• Identification of key accounting matters, if applicable.

Companies eligible for audit exemption can engage a professional accountant in public practice to assist with the preparation and presentation of financial information.

A compilation engagement, performed in accordance with Singapore Standard on Related Services 4410 (Revised) Compilation Engagements, leverages the practitioner’s professional expertise in accounting, financial reporting and compliance with professional standards, including relevant ethical requirements.

Such engagements involve the clear communication of the nature and extent of the practitioner’s involvement with the compiled financial information. They help companies improve the quality of their financial reporting, reduce the risk of errors or misstatements, enhance credibility with stakeholders and ensure compliance with regulatory requirements.

A compilation report typically comprises contents listed under UFS+ and The Practitioner's Report.

We prepare a complete set of mock financial statements based on your trial balance and supporting records—so you can identify gaps early and avoid last-minute surprises.

What we help with:

• Drafting key primary financial statements and notes/disclosures
• Highlighting missing information and areas requiring clarification
• Ensuring consistency in presentation and disclosure requirements
• Coordinating adjustments and reclassifications prior to audit

We assist groups with multiple subsidiaries in preparing consolidated accounts and financial statements that provide a clear and comprehensive view of the group’s financial position and performance.

Our services include:

• Setting up consolidation worksheets
• Preparing group consolidated accounts
• Preparing group unaudited consolidated financial statements in accordance with Singapore Financial Reporting Standards (“SFRS”) or International Financial Reporting Standards (“IFRS”)

Consolidation accounting involves the process of combining the financial results of several subsidiary companies with those of the parent company to present financial performance and position of the group as a single economic entity.

Consolidated accounts provide stakeholders with a comprehensive view of the group’s overall financial position and performance, offering valuable insights for investors and supporting informed business decisions. We also assist with the preparation of consolidated accounts following mergers, acquisitions, or group restructuring exercises.

We review your accounting records and balances to identify gaps, unusual movements, and potential compliance issues before the audit — ensuring your accounts are accurate, complete, and audit-ready.

What we help with:

• Reviewing the general ledger, trial balance and key balance sheet accounts for accuracy and completeness
• Identifying unusual fluctuations, missing accruals or provisions, and potential misclassifications
• Checking supporting documentation and resolving inconsistencies in schedules and reconciliations
• Highlighting areas that may trigger audit queries and recommending corrective actions early
• Reviewing accounting treatments for significant or non-routine transactions (e.g., related-party items, impairments, disposals)
• Ensuring appropriate year-end cut-off and that balances are properly supported
• Providing a clear summary of findings and a practical action plan to close gaps before the audit

XBRL (eXtensible Business Reporting Language) is a computer-readable format used to present financial statements in a structured manner. This allows financial information to be easily retrieved from online records and efficiently shared with users such as auditors, regulators and financial analysts for various purposes. Click here for more information.

The Accounting & Corporate Regulatory Authority (ACRA) introduced a filing requirement for Singapore-incorporated companies to submit their financial statements (FS) in full XBRL format.

ACRA implemented this requirement to facilitate the conduct of business in Singapore, enhance the regulatory environment and improve transparency through the timely dissemination of structured and value-added financial information.

Frequently Asked Questions