Do you own a private limited company in Singapore?

Then you should be familiar with the Singapore Companies Act which stipulates any private limited company in Singapore will enjoy an audit exemption if they fulfil certain prerequisite conditions.

Essentially, an audit exemption applies to businesses which have registered as a “private company”. In addition, companies must fall under these conditions for the past two successive years before submitting the exemption claim:

• The company has an overall Annual Revenue of less than S$10 million
• The company’s total assets do not exceed S$10 million
• With less than 50 active employees

NOTE: At least two out of three of these criteria is necessary to qualify.

If a Singapore private limited company fulfils the above conditions, they are considered a small company and thus, they qualify for audit exemptions. However, small companies are also required to prepare their unaudited financial reports or financial statement in Singapore as per the guidelines of the Singapore Financial Reporting Standards (SFRS) and the Companies Act for the purpose of ACRA submission.

ACRA – the Accounting and Corporate Regulatory Authority in Singapore – is a statutory board under the Ministry of Finance of the Singaporean Government. ACRA is Singapore’s national regulator for all business entities, public accountants and corporate service providers in Singapore, as well as playing the role of facilitator for the development of business entities. ACRA is also the facilitator for the accountancy profession.

Companies which have been exempted will still be required to produce an unaudited financial report (included statement of financial position and statement of comprehensive income), which must be in accordance with the guidelines set forth by the Singapore Financial Reporting Standards, Singapore accounting standards and the Companies Act. These reports will be submitted to ACRA and IRAS, and because of that, they must be prepared in accordance with the Singapore Financial Reporting Standards, Singapore accounting standards and Singapore Companies Act’s statutory regulations if companies wish to avoid facing a penalty.

And that is exactly why companies like you need the services of AI Accountant for preparing financial statement in Singapore.

Chai Chung Hoong, Account Manager of AI Accountant will assist you in financial statement in Singapore.

How ai accountant can help you with financial statement in Singapore

The preparation and compilation of a company’s financial statements (included statement of financial position and statement of comprehensive income) can be a tedious and troublesome affair, especially when there are so many other aspects of a business that need taking care of. That is where AI Accountant steps in.

Years of industry-wide professional experience, knowledge and combined with the latest technology, AI Accountant will handle your financial statement compilation affairs in a prompt and efficient manner. Our experienced and highly capable team of industry experts are well-versed with the requirements needed and they have both the knowledge and the expertise needed to deliver quality services on time.

AI Accountant makes it its business to stay on top of the on-going regulations in the business. This way, we can provide our clients with the perfect compliant-friendly financial report to ensure the entire process is handle smoothly from start to finish.

At AI Accountant, we provide you with a full-service range from start to finish. What we will provide include the drafting of unaudited financial reports, and taxation services which are designed to comply with ACRA and IRAS’s statutory requirements specifically.

At AI Accountant, we aim to revolutionize the world of accounting and in the process, help your business focus on your core business functions.

We are the business that keeps getting smarter.