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Financial Statements

The Companies Act (amendments) 2014 has introduced the concept of “small company” for the purpose of audit exemption. A company is defined as a small company if it meets two of the following three criteria:

  • Revenue less than S$10.0 million;
  • Gross asset less than S$10.0 million; and
  • Less than 50 employees at year-end date

If the company is part of a group, the above criteria would apply on a group basis.

For the private limited companies in Singapore which meet two of the above three criteria, it is no longer necessary to have the accounts audited. Such companies are required to prepare a full set of financial statements (un-audited financial statements) which includes explanatory notes and the Directors’ Statements.

Enston offers a complete range of accounting services, including drafting unaudited financial statements required to meet the statutory conditions laid down by the Accounting and Corporate Regulatory Authority and Inland Revenue Authority of Singapore.

Please feel free to call us at +65 6871 4272 or drop us an email to info@enstoncorp.com.sg for a quote. For further inquiries, please contact us for a non-obligatory consultation.