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Accounting & Auditing in Singapore

Accounting & Auditing in Singapore

Accounting & Bookkeeping services

Singapore companies
Singapore companies are required to maintain proper bookkeeping records and accounting documents in accordance with the Singapore Financial Reporting Standards (SFRS)
Accounting & Bookkeeping services 2
Our dedicated accounting team will assist in preparing full sets of management accounts through our accounting software system Accounting fee is calculated based on the number of transactions

Bookkeeping

Amount (Transactions) Fee
Below 30 US$ 650
30 to 59 US$ 720
60 to 99 US$ 1050
100 to 119 US$ 1210
120 to 199 US$ 1450
200 to 249 US$ 1520
250 to 349 US$ 2025
350 to 449 US$ 2830
450 and above To be confirmed

Financial Statement Compilation Services

Compilation report by a professional firm will ensure all due diligence and fulfill all required technical competence
Companies that are exempt from audit and filing requirement are still required to prepare a full set of financial statements including notes to the accounts and must be accompanied by the Directors’ Statement

XBRL Services

  • XBRL (eXtensible Business Reporting Language) is a reporting format which allows the system to read and analyse relevant financial data
  • Most companies would be required to file their financial statements in XBRL via new BizFinx system
  • We will assist in converting soft-copy financial statements into XBRL format as well as resolving genuine and possible errors detected by BizFinx system
Services fee of Financial Statement Compilation and XBRL Services
from US$ 495

Singapore Auditing Services

ACRA does not require small private companies to submit audited financial statements if they meet two of the three following criteria:
  • Total annual revenue from the past fiscal year is less than S$10 million
  • Total assets from the past fiscal year are less than S$10 million
  • Total employees in the past fiscal year are fewer than 50

FAQs FAQs

1. What is Annual General Meeting (AG?).

An AGM is a mandatory annual meeting of shareholders. At the AGM, your company will present its financial statements (also known as "accounts") before the shareholders (also known as "members") so that they can raise any queries regarding the financial position of the company.

2. Is it necessary to file financial reports in full XBRL format?

All companies incorporated in Singapore which are either limited or unlimited by shares (except exempted companies) are required to file their full set of financial statements in XBRL format according to the recent guidelines released by ACRA (Accounting and Corporate Regulatory Authority) Singapore June 2013.

3. How is XBRL filing useful?

XBRL is an acronym for eXtensible Business Reporting Language. Financial information is converted to XBRL format then, sent to and fro between business entities. Singapore government has mandated it for each Singapore company to file its financial statements only in XBRL format. The analysis of the data, thus, accumulated gives accurate information about the trends in finance.

4. What is the Financial Year End (FYE) of Singapore?

The financial year end (FYE) of Singapore is the end of the fiscal accounting period of a company which is up to 12 months.

5. When AGM is held since the date of incorporation?

Generally, a private limited company is required under the Companies Act (“CA”) to hold its AGM once in every calendar year and not more than 15 months (18 months for a new company from the date of its incorporation).

6. How long Financial statement reports are laid at AGM?

Financial statements no more than 6 months old must be laid at the AGM (section 201 CA) for Private limited companies.

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