- Compiled to SFRS · From $350
Unaudited financial statement compilation in Singapore
Most Singapore-incorporated companies must prepare financial statements for each financial year. Audit exemption removes the audit requirement, not the accounts. We compile yours to the Singapore Financial Reporting Standards, ready for the directors to approve and for presentation to members, with ACRA filing where required.
Not sure whether you need an audit? Check the small company test first.
Audit exemption changes whether an auditor is required.
It does not remove the need to prepare financial statements.
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In a nutshell
What a compiled unaudited financial statement actually is
A compilation is a complete set of financial statements assembled from your accounting records by an accountant, with no audit opinion attached. The figures are yours. Our job is to arrange them into the form the Companies Act and the Singapore Financial Reporting Standards require, and to make sure the set holds together and balances.
The set is reviewed and approved by the directors and presented to members as part of the company’s annual financial reporting. It also provides the accounting figures used to prepare the corporate tax computation. Banks, investors and some grant applications may ask for recent financial statements.
What is in the set
01
Directors’ Statement
The Directors’ Statement records key declarations required under the Companies Act, including whether the financial statements give a true and fair view and whether there are reasonable grounds to believe the company can pay its debts as they fall due.
02
Statement of comprehensive income
The income statement. Revenue, costs and the result for the financial year.
03
Statement of financial position
The balance sheet as at your financial year end.
04
Statement of changes in equity
Share capital, reserves and retained earnings, and how each of them moved during the year.
05
Statement of cash flows
Where cash came from and where it went, split across operating, investing and financing activities.
06
Accounting policies and notes
The basis of preparation and the explanatory notes that support every figure above.
Prepared under the full SFRS or under SFRS for Small Entities, whichever framework your company is eligible for.
Who needs one
Who needs to prepare financial statements?
Preparing financial statements is a separate duty from auditing them, from filing them with ACRA, and from holding an AGM. Relief from one is not relief from the others.
It is a directors’ duty
Under section 201 of the Companies Act, directors are responsible for presenting financial statements that comply with the prescribed Accounting Standards and give a true and fair view. Directors remain responsible even when preparation is outsourced.
Small companies too
Audit exemption removes the auditor, not the accounts. A company that passes the small company test still prepares a full set to SFRS every year.
Companies exempt from the AGM
If your company is exempt from holding an AGM, the financial statements still have to reach every member within five months of the financial year end.
Your tax return depends on it
Your tax computation starts from the accounting profit or loss in the financial statements, then applies the required tax adjustments. The financial statements and tax computation should be prepared before filing Form C-S, Form C-S (Lite) or Form C.
Banks, investors and grants
Banks, investors and some grant applications may ask for recent financial statements when assessing a company. Having a completed set also gives directors and shareholders a clearer view of the company's financial position.
Dormant companies may still need them
Being inactive or having no revenue does not automatically remove the requirement. A company is exempt from preparing financial statements only if it qualifies as a dormant relevant company under section 201A of the Companies Act.
Pricing
From $350 for a complete compiled set
Compilation starts from $350 per financial year. No GST is added. We confirm the applicable fee before starting based on the size and complexity of the accounts.
Compilation
Unaudited financial statements
$350 from / financial year
The fee follows the size and complexity of the accounts. Dormant-company compilations start at $350, while our standard SME compilation starts at $500.
No GST is added. We confirm the applicable fee before starting.
Every compiled set includes
- Directors’ Statement
- Statement of comprehensive income
- Statement of financial position
- Statement of changes in equity
- Statement of cash flows
- Accounting policies applied
- Explanatory notes
- Prepared under SFRS or SFRS for Small Entities
| Package | Fee | Who it fits |
|---|---|---|
| Dormant-company compilation | $350 | No revenue in the financial year and under $10,000 in total assets. |
| Standard SME compilation | $500 | Under S$5 million in revenue and under S$5 million in total assets. Includes the supporting schedules for payables, property, plant and equipment, intangible assets and finance lease liabilities. |
These are our service pricing categories. They do not determine whether a company is a small company for audit exemption or a dormant relevant company under the Companies Act. Larger or more complex companies are quoted after we have reviewed the trial balance, and we confirm the fee before you commit.
XBRL filing is separate
Where ACRA requires your financial statements in XBRL, conversion and filing is $250 per filing. The table above shows which companies are affected.
Bookkeeping is not included
Compilation starts from a completed set of accounts. If the books are not ready, our bookkeeping service starts at $320 a year.
Cheaper inside a package
Compilation already sits inside Standard Company Compliance at $990 a year and Complete Company Compliance from $1,310 a year. See all pricing.
How it works
Three steps to a signed set
Most compilations run start to finish in a few working days once the accounts are complete. Nothing is signed or filed without your approval.
1
Send us your accounts
Complete the short registration form, or call us and we will walk you through it. We confirm your financial year end, your entity type, and whether the company qualifies for audit exemption.
2
We compile the statements
Our accountants prepare the full set in SFRS format, including the Directors’ Statement and the explanatory notes, and come back to you on anything in the numbers that needs a decision.
3
You review and sign
We take you through the draft, make any corrections, and issue the final set for the directors to sign and for the annual general meeting.
What to have ready
- A trial balance, or the full accounting records for the financial year
- Bank statements covering the whole period
- Last year’s signed financial statements, if the company has traded before
- Fixed asset, loan and lease schedules where they apply
- Your company’s UEN and confirmed financial year end
Ready to get your financial statements compiled?
Send us the accounts, or just tell us where they are. We will confirm what is needed and what it costs before you commit to anything.
Compilation or audit
Do your financial statements need an audit?
Many Singapore private companies qualify for audit exemption under the small company test. Check the test before arranging an audit, because audit exemption and financial statement preparation are separate requirements.
Compilation
Unaudited
We prepare the statements. No opinion is given.
An accountant assembles the financial statements from your records into SFRS format. Nothing is independently tested or verified, and no audit opinion is attached. This is the usual route for a private company that qualifies for audit exemption.
- Available to companies that pass the small company test
- Full SFRS or SFRS for Small Entities format
- Signed Directors’ Statement included
- Usually days rather than weeks
Statutory audit
Audited
A public accountant tests them and gives an opinion.
A registered public accounting entity examines the records, gathers evidence and issues a formal audit opinion. Required once the company stops qualifying as small, and for companies in regulated sectors.
- Required when the small company test is failed
- Carried out by a registered public accountant
- A separate engagement with a separate fee
- We can point you to an audit firm
The small company test
A company is small if it was a private company throughout the financial year and met at least two of these three thresholds in each of the immediate past two consecutive financial years.
01
Revenue
Total annual revenue of S$10 million or less.
02
Assets
Total assets of S$10 million or less.
03
Employees
Fifty employees or fewer.
If the company belongs to a group, the group has to meet at least two of the same three thresholds on a consolidated basis as well. Being an Exempt Private Company does not by itself make a company audit exempt. The regime has applied since 1 July 2015.
Filing with ACRA
What you file, and whether it has to be in XBRL
Preparing the statements and filing them are two different questions. What ACRA wants from you depends on whether your company is an Exempt Private Company and whether it is solvent.
| Company / filing category | Financial statements filed with ACRA | Format |
|---|---|---|
| Qualifying dormant relevant company | Not required | Not applicable |
| Solvent Exempt Private Company | Not required. An online solvency declaration is made with the annual return. Voluntary filing is allowed. | If filed voluntarily: the applicable XBRL template or a directors-authorised PDF copy |
| Smaller and non-publicly accountable company that is required to file | Required | Simplified XBRL plus a directors-authorised PDF copy |
| Bank, finance or insurance company regulated by MAS | Required | XBRL FSH (Banks) or XBRL FSH (Insurance), plus a directors-authorised PDF copy |
| Company limited by guarantee, or company approved by ACRA to use other accounting standards | Required | Directors-authorised PDF copy |
| Other Singapore-incorporated company that is required to file | Required | Full XBRL |
ACRA’s smaller company test for Simplified XBRL is separate from the Companies Act small company test for audit exemption. For Simplified XBRL, revenue and total assets for the current financial year must each not exceed S$500,000, and the company must also be non-publicly accountable. XBRL conversion and filing is quoted separately at $250 per filing.
Audit exemption, AGM exemption and the ACRA filing exemption are three separate reliefs.
These reliefs do different things. A company can be exempt from audit or from filing its financial statements with ACRA and still be required to prepare them. A company relying on the AGM exemption must still provide the financial statements to its members within the required timeline. The separate dormant relevant company exemption under section 201A can remove the requirement to prepare financial statements altogether.
When it is due
Where compilation sits in your compliance year
The financial statements come first. Almost everything else at year end is built on top of them, so a late set delays the AGM, the annual return and the tax computation together.
FYE
Financial year end
The date your accounting period closes. The books are ruled off and handed over from here.
Day 0
+3 months
Estimated chargeable income
ECI is due to IRAS within three months of the financial year end, unless the company qualifies for the waiver.
IRAS
+5 months
Statements sent to members
A private company relying on the AGM exemption has to send the financial statements to every member within five months of the financial year end.
ACRA
+6 months
Annual general meeting
Most private companies hold the AGM within six months of the financial year end, and the financial statements are what is laid before it.
ACRA
+7 months
Annual return
The annual return is filed with ACRA within seven months of the financial year end, after the AGM, with the financial statements attached where filing is required.
ACRA
30 Nov
Corporate tax return
Form C-S, Form C-S Lite or Form C is due by 30 November, computed from the same set of financial statements.
IRAS
A 31 December year end, in practice
ECI by 31 March. Financial statements to members by 31 May if you rely on the AGM exemption. AGM by 30 June. Annual return by 31 July. Form C-S by 30 November. To hold that sequence, the compiled set needs to be signed off around May.
FAQs
Financial statement questions, answered
What is a compiled unaudited financial statement?
It is a complete set of financial statements prepared from the company’s accounting records, without an audit opinion attached. The set covers the Directors’ Statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows, the accounting policies applied and the explanatory notes.
It is prepared under the applicable Singapore Financial Reporting Standards and is presented to members as part of the company’s annual financial reporting.
What is included in my compilation?
Every set includes the Directors’ Statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows, the accounting policies applied and the explanatory notes.
Our Standard SME compilation also includes supporting schedules for payables, property, plant and equipment, intangible assets and finance lease liabilities where applicable.
Who can prepare the financial statements?
The financial statements can be prepared internally or outsourced to a professional accounting service provider. The directors remain responsible for reviewing and approving the financial statements even when the preparation work is outsourced.
What is SFRS, and what is SFRS for Small Entities?
Singapore Financial Reporting Standards are the accounting standards used in Singapore. They are based on the International Financial Reporting Standards, and every company with a financial period beginning on or after 1 January 2003 has to comply with them.
SFRS for Small Entities was introduced in November 2010 as a lighter alternative framework for eligible smaller entities. We will tell you which one your company should be reporting under.
Do my financial statements have to be audited?
Not if your company qualifies as small. A company is small when it was private throughout the financial year and met at least two of three thresholds in each of the immediate past two consecutive financial years: revenue of S$10 million or less, total assets of S$10 million or less, and 50 employees or fewer.
If the company is part of a group, the group has to meet at least two of the same thresholds on a consolidated basis as well.
Is an Exempt Private Company automatically audit exempt?
No. Those are two different tests. Exempt Private Company status is about who your shareholders are and how many there are. Audit exemption is about the small company test. An EPC that fails the small company test still needs an audit.
Does audit exemption mean I do not have to prepare financial statements?
No. Audit exemption removes the auditor, not the accounts. A small, audit-exempt company still has to prepare a full set of financial statements to SFRS, and the directors still have to lay them before the company.
What happens if the company grows out of the small company test?
A company stops being small if it ceases to be private, or if it fails to meet at least two of the three thresholds for two consecutive financial years. From that point the financial statements need to be audited by a registered public accountant. We will flag it when we see it coming and can point you to an audit firm.
Do I have to file my financial statements with ACRA?
It depends on the company’s filing category. A qualifying dormant relevant company does not need to prepare or file financial statements. A solvent Exempt Private Company does not need to file them, although voluntary filing is allowed. Other Singapore-incorporated companies generally file financial statements with ACRA in the format that applies to their company type and size.
The filing table on this page sets out the main categories.
What is XBRL, and do I need it?
XBRL is the structured data format ACRA uses for financial information. A smaller and non-publicly accountable company that is required to file uses Simplified XBRL together with a directors-authorised PDF copy. Other companies required to file generally use Full XBRL, while banks, finance and insurance companies regulated by MAS use the applicable XBRL FSH template.
For Simplified XBRL, revenue and total assets for the current financial year must each not exceed S$500,000. This is separate from the S$10 million / S$10 million / 50-employee small company test for audit exemption. We quote XBRL conversion and filing separately at $250 per filing.
When do I need my financial statements ready?
Work backwards from the annual return, which is due within seven months of your financial year end. The AGM comes before that, within six months, and the financial statements are what is laid before it. If you rely on the AGM exemption, the statements have to reach every member within five months of the financial year end.
For a 31 December year end, that means having the set signed off around May.
My company is dormant. Do I still need a compiled set?
Being dormant does not automatically remove the requirement to prepare financial statements. The exemption applies only if the company qualifies as a dormant relevant company under section 201A of the Companies Act. A company that is inactive but does not meet that exemption still prepares a set.
Our dormant company compliance package can bundle the financial statements with the related secretarial and filing work where a compiled set is required.
What do you need from me?
A trial balance or your full accounting records for the year, bank statements covering the whole period, last year’s signed financial statements if the company has traded before, any fixed asset, loan or lease schedules that apply, and your UEN and confirmed financial year end.
How long does it take?
Most compilations are drafted within a few working days of receiving complete accounts. The time that varies is the review: if the records raise questions, we come back to you before finalising rather than guessing.
What if my books are not up to date?
We can bring them up to date first. Our bookkeeping service starts at $320 a year, and catch-up work for prior periods is quoted once we have seen what is outstanding. Compilation then runs off the completed accounts.
Can you handle the tax filing and the annual return too?
Yes. Corporate tax filing and computation is $500 per Year of Assessment and ACRA annual return filing is $200 per filing. If you want the whole year-end handled together, the compliance packages work out cheaper than buying each piece on its own.
Client feedback
Trusted by the companies we file for
Verified Google reviews from clients we still file for, quoted in full.
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out of 5 on Google
★★★★★
I recently used their service to incorporate my new company, and I was very impressed with their service. They were fast and responsive, and they made the whole process very easy for me. They answered all of my questions in a clear and concise way, and they helped me to understand the entire incorporation process.
I would highly recommend their service to anyone who is looking to incorporate a business. They are fast, responsive, and knowledgeable, and they will make the whole process as easy as possible for you.
Timothy Jurn
· Google review
★★★★★
I just switch over to Left-Right from another secretary firm. Lisa is patience & easy to get in touch with in helping me to make a smooth switch.
For SME company like mine, we need someone dedicated to hear our issue and provide professional opinion, so far, Lisa had deliver it to me.
Thanks to Lisa.
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· Google review
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Had been using their services all along and would continue to use them as they are professional.
Clarence Chua
· Google review
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A great company with speed respond. All questions answer and add on bonus information to allow business owners to plan well and accurate for annual filing. Which is always the most critical and important for any business.
Highly recommended for their services.
Fair priced and efficient work!
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· Google review
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Lisa is very attentive to details and prompt with replies and follow up. So far it has been a pleasant sign up experience with them and I’m already glad we switch over to them for our Corporate Secretary services.
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· Google review
Guides
Read our guides
Plain-English explanations of the rules behind the numbers.
Next step
Get your financial statements compiled
Start online and we will confirm the scope once we have your trial balance. Not sure whether your set needs an audit, or whether you file in XBRL? Talk to us first — we reply within 24 hours, usually much sooner.
Email [email protected] · Call +65 3159 4755 · Weekdays 10am – 6pm