Singapore’s taxation environment and financial reporting requirements are constantly changing. Not keeping abreast of these changes could result in penalties, composition fines or even a prison sentence. Ignorance and being “too busy” running your business are not acceptable reasons for non-compliance. Therefore, it is very important that you work with an external accounting firm like Aspri Associates to help your Company and its directors keep up-to-date with your statutory obligations and reporting deadlines.
Our role is to work closely with your in-house accountant(s) to review your Company’s monthly accounting records and to accurately compile the year-end financial statements/report. For small ventures, we can prepare your year-end accounting and financial statements from scratch (even if that entails sorting through bags of receipts, invoices, receipts and bank statements)! Our objective is to make sure that your accounting records are in order, and to deliver a detailed set of financial statements that not only meet ACRA and IRAS requirements, but can also provide you with exceptional clarity about your Company’s financial position and performance.
Our team of qualified and engaged accountants can be fully relied on to look after your compliance accounting, financial reporting and taxation matters.
Every Singapore Company is required to submit a set of financial statements to IRAS and ACRA, prepared in accordance with Singapore’s Financial Reporting Standards (FRS). To ensure that your accounts have been prepared accurately and in proper compliance with Singapore’s FRS, it is always advisable to engage a professional accounting firm like Aspri Associates.
Whilst a professionally-prepared set of financial statements comes with a fee attached, this service has recently become far more affordable. Under the “Small Company” concept introduced in July 2015, many small and medium sized companies are now exempt from audit – even those with corporate shareholders/or part of a Group*, provided they meet the eligibility criteria below:
To be eligible to be considered a Small Company, a Company must meet 2 out of 3 of the following criteria:
For a Company which is part of a Group, to qualify for audit exemption: