Financial Statement Preparation
Under section 201 of the Companies Act, Directors are also required to present at AGM, company’s accounts that comply with the requirements of the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders.
Financial statements provide information to stakeholders such as creditors, shareholders, employees and the public. The information in the financial statements reflects the company’s financial position, performance and cash flow to help stakeholders make decisions in their dealings with the company.A complete set of financial statement comprises the following:
- A statement of financial position as at reporting date;
- (a) A single statement of comprehensive income for the reporting period, or
- (b) A separate income statement and a separate statement of comprehensive income for the reporting period
- A statement of changes in equity for the reporting period;
- A statement of cash flows for the reporting period;
- Notes, comprising a summary of significant accounting policies and other explanatory information, and
- A statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements (not applicable for financial statements prepared in accordance with Singapore Financial Reporting Standards for Small Entities)
Exempt Private Companies (EPCs) that has no corporate shareholder and no more than 20 shareholders, and have a turnover of not more than S$5million for the accounting year can prepare UNAUDITED financial statement to file Annual Returns with ACRA (Accounting and Corporate Regulatory Authority). Dormant companies are also exempted from filing audited financial statements.
- directors’ report,
- directors’ statements,
- profit/loss statement,
- balance sheet statement,
- change in shareholders’ equity,
- notes to financial statements
In the case of audited financial statement, we will offer audit services through our Partner Audit Firm. Our audit service would include provisions designed specifically to comply with ACRA’s and IRAS’ statutory requirements.
- One directors/ manager to be present at our office: 10 Kallang Avenue, #14-10 Aperia Tower 2, Singapore 339510, personally.
- Provide Estimated Annual Sales Turnover of Company;
- Management Report consisting of Profit & Loss, Balance Sheet, General Ledger, Accounts Payable/Receivable Reports and Bank Reconciliation Report for Financial Period; (if you did not use our book-keeping service);
If you are unable to visit our office, or have further enquiries/ require a quotation, email us now!
- Book-Keeping/ Accounting Service: EVERY company registered in Singapore is required to keep proper accounts. If you want to focus on your core business, reduce your business cost and meet deadlines for statutory requirements, check out our Book-Keeping/ Accounting Service.
- GST Computation & Submission: If you are a GST-registered trader, you would need to submit quarterly GST returns to IRAS (Inland Revenue Authority of Singapore). If you need assistance with computations and to avoid missing filing deadlines, check out our GST Computation & Submission Service.
- Tax Computation/ Filing: All companies/ individuals are required to pay corporate tax or income tax to IRAS (Inland Revenue Authority of Singapore) for all income earned or received in Singapore. If you need to understand how to reduce your tax liabilities legally, to compute and file your tax returns on time to avoid penalties, check out our Tax Computation/ Filing Service.
- Payroll Service: In Singapore, the process of payroll management can be tedious and complicated, as it involves remittance of CPF contributions of employees, filing of employees’ earnings, computation of levies, etc. If you are unfamiliar with Singapore’s Labour Laws, and require assistance, check out our Payroll Service.
DP SME Advisory gives very accurate and reliable information regarding business setups and corporate secretarial services. The staff are professional and warm. We have been with DP SME Advisory for several years now and the quality and reliability of the service is the reason why we chose DP SME Advisory.
DP SME Advisory is a one stop center for our business needs.
- Mr. Lim, Director
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Had seen DP SME Advisory employees shown a high level of professionalism and patience in attending all my enquiries with immediate attention and given explanation on how to handle it. Would definitely recommend my local or overseas business associates to use this company service without hassles or doubts faced.
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