What are financial statements?

Financial statements are reports that provide detailed and crucial information about a company’s financial position, performance, cash flows, and any pertinent changes that help users make economic decisions.

Why do i need to prepare financial statements?

All Private Limited Companies in Singapore are legally obligated to prepare their Financial Statements yearly (either Audited or Unaudited).

How can we help?

Apsolute Services can assist you with the following: 

• Full Accounting Services
• Drafting of unaudited financial statements for exempt companies & audited financial statements

Our audit services comply with ACRA’s and IRAS’s statutory requirements.

Which companies are exempt from preparing audited financial statements?

A company is exempt from auditing their financial statements if: 

• it is a private company in the financial year in question; and
• total annual revenue does not exceed S$10m; or
• total assets does not exceed S$10m; or
• total number of employees does not exceed 50.

For a company which is part of a group:

• the company must qualify as a small company; and
• the 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.

Please reach out if you have any questions. We would love to hear from you!