Company owners in Singapore are required to observe the ongoing provisions of the Financial Reporting Standards, according to their type of legal entity. These accounting standards are set by the Accounting Standards Council in Singapore.
Financial statement preparation in Singapore takes place as per these rules and regulations. Our accounting firm in Singapore is able to provide you with complete details on these requirements and much more, including special statement reparation services.
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Requirements for preparing and presenting financial statements
According to the Companies Act, company directors in Singapore are the ones who must present the financial statements before the Annual General Meeting. These documents are drawn up as per the Accounting Standards set forth by the Accounting Standards Council.
The financial statements have an important value for the overall valuation of the company as they provide a truthful view on the company’s profits, losses, position and performance during the financial year.
Companies that observe good practices for accounting in Singapore will maintain an internal system that allows for proper accounting statement preparation and control.
Directors in Singapore are advised to seek professional external help for the reparation of the annual financial statements. For most companies, outsourcing the accounting services and even services like bookkeeping and payroll is a very suitable and efficient option. Before you can handle payroll, you must have access to information about your employees, such as their name, address, national insurance number, and income. It can be challenging to remember so much information, though. Due to the need to streamline the procedure, many businesses utilize the services offered by our specialists in payroll in Singapore.
Services for preparing financial statements in Singapore
Our accountants in Singapore can provide a complete financial statements package that contains the director’s reports and statements and the following:
- the profit and loss statement;
- the balance sheet;
- changes in shareholder’s equity;
- any needed notes to the financial statements.
In addition, our team of financial experts can provide audit services as needed.
Contact us for complete accounting services in Singapore. We can help you prepare the annual financial statements and comply with the general accounting standards in place for your type of business in Singapore.