• Can I Prepare My Own Company Financial Statement in Singapore?

  Preparing a company’s financial statement is a complex process that only qualified accountants should undertake. If you are not familiar with the accounting and financial reporting standards in Singapore, it is best to engage the services of an accountant, like Swiftly, to ensure compliance with ACRA & IRAS requirements.Few readers

• Do I need to prepare Financial Statement if ACRA states that my company don't need to submit it?

  Even though you are not required to file the financial statements, you will still be required to prepare it. Under sections 201(2) and 201(5) of the Companies Act (the ""Act""), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that: comply with Accounting Standards1 issued by the Accounting Standards Council; and give a true and fair view of the financial position and performance of the company. In addition, direcFew readers

• Why Prepare Financial Statements when management accounts will do just fine?

  You need to prepare financial statements simply because It is required by the law to do so. The Companies Act states in S201 that the directors of the company need to prepare the accounts that complies with the “Accounting Standards”. Accounting Standards is interpreted in the Act as “made or formulated by the Accounting Standards Council under Part III of the Accounting Standards Act 2007”. Therefore, the Accounts mentioned in the Act means Accounts prepared in accordance to the FinanFew readers

• What services are included in the Preparation of Financial Statement?

  Preparation of Financial Statement includes: Reviewing the accounts provided to assess the necessary adjustments needed Reviewing and classification of accounts into respective classes of accounts Notes to accounts preparation - required for financial report FS disclosure - required for financial report Preparation of full final financial reportFew readers