Compilation of

Unaudited Financial Statements

Compilation of Unaudited Financial Statements

Non-Audit Services – a viable option

Under certain circumstance it becomes a very viable choice to opt for a Non-Audit Service. Instead of having their annual accounts audited by an independent auditor (which can cost up to S$10,000 and take 2-3 months depending on the complexity) many SMEs are choosing to go the route of a Compilation Report, which covers all of the compliance requirements, but is less intrusive, costs between S$300 and S$1,000, and can take as little as 3 days to compile.

What is a Compilation Report?

It is a complete set of financial statements that is prepared in compliance with the Singapore Financial Reporting Standards (SFRS) and includes the following:

  1. Directors’ Statements
  2. Statement of Comprehensive Income
  3. Statement of Financial Position
  4. Statement of Changes in Equity
  5. Accounting Policies
  6. Notes to Financial Statements
  7. Detailed Income Statement

A compilation report produced by OS1 Enterprise will be compiled by specialists, to professional standards. It will conform fully to all SFRS requirements, and is perfect for income tax and annual return filing purposes.

Is My Company Exempt for Audits?

Your company may be exempted from audit requirements (and can file unaudited accounts) and become classified as an Exempt Private Company (EPC) if it meets any of the following conditions:

  1. For the financial period commencing on or after 1 June 2014 it is a company with no corporate shareholders and not more than 20 individual shareholders, and with annual revenues of less than S$5 million. (Where the financial year is less than 12 months, the amount must be apportioned pro-rata).
  2. It is a dormant company with a financial period commencing on or after 15 May 2013
  3. An audit is not required by:

Shareholders holding not less than 5% interest in the company’s share capital; or ACRA; or other government authorities/financial institutions/ creditors.

OS1 Enterprise offers the most cost-effective method of preparing your Compilation Report.

Dormant / Inactive Companies

From S$300.00

per year

  • NIL sales during the accounting period
  • No Corporate Shareholders
  • Less than 10 expenses transactions

Active Companies

From S$400.00

per year

  • Sales & Assets less than S$10 million during the accounting period
  • Number of employees is less than 50
  • No Corporate Shareholders
  • No Subsidiary
  • Not a construction or Share investment trading company

Additional Fees Associated with Compilation Report

S$50.00

  • Fixed assets (Excluding Property disclosure)

S$100.00

  • Property / Investment Property disclosure
  • Bank borrowings &/ Hire Purchase disclosure
  • Investment in shares disclosure

S$50.00 to S$200.00

  • Any other unusual or complex disclosure requirements

From S$500.00

  • Translation of Compilation Report to XBRL Format (Full set)

Kindly take note of the followings:

  1. Bookkeeping service is not covered under the aforesaid packages. For more information on our bookkeeping services, please go to here.
  2. If XBRL service is required, the aforesaid charges will apply.

We welcome inquiries. Please allow us to get in touch within 2 working days after submitting any inquiries.

Alternatively, you can call +65 6873-2886 or Call/SMS +65 9889-4776 to speak with our friendly   accountant.

O.S.1 Pte. Ltd.
2 Leng Kee Road
#04-09 Thye Hong Centre
Singapore 159086

T +65 6873-2886
M (+65) 9889-4776

hello@os1.com.sg
https://enterprise.os1.com.sg

Transportation details
Nearest MRT station – Redhill MRT (EW18) Walking is 5 to 7 mins to our office
Nearest Bus Stop – Bus 32, 33, 64, 120, 132, 145 Walking is 5 to 7 mins to our office
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