PREPARATION OF FINANCIAL REPORTS IN XBRL FORMAT
All Singapore incorporated companies are required to file their financial reports in XBRL format to the (ACRA) of Singapore, unless they are exempted of filing their financial statements. Companies are required to use the FS manager through the Bizfile website to file either full set of statutory accounts in XBRL format or partial XBRL (Only some documents such as the balance sheets, income statements and some other mandatory information in XBRL format and rest of the financial detail in PDF format).
Let our team of experienced staff help you prepare your financial reports in XBRL format ready for filing to ACRA (Accounting & Corporate Regulatory Authority). It is more cost & time efficient to outsource the preparation of XBRL financial statements. We are professionally trained in preparing the statements according to filing requirements and you can relieve your time in doing this tedious and time-consuming job.
COMPILATION OF UNAUDITED FINANCIAL REPORTS
A company may be exempted for audit if it meets the following criteria:
- It is a Private Exempt Company (“EPC”), which means there is no corporate shareholder in the company and the number of shareholders in the company is less than 20
- Annual revenue does not exceed S$5 million for the financing years starting on or after 1 June 2004
No request for audit by shareholders who represent 5% or more of a company’s ordinary shares
- Banker or creditors/financial companies do not request for audit
Company that is exempted from audit and filing requirement is still required to prepare a full set of financial statements (compilation report) including explanatory notes and must be accompanied by the Directors’ Report and the Statement by Directors. All these must be prepared in compliance with the Financial Reporting Standards (“FRS”).
A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is also sufficient for income tax filing purpose. However, a Compilation Engagement is not as “Stringent” as an audit. The fee for a Compilation Engagement is lower than the audit fee.