Compilation of Unaudited Financial Statements

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Why First Legacy?

The Cheapest & Effective Accounting packages

$60

$ 40 per month
(billed annually)

Director Statement
Balance Sheet
Income Statement
Cash Flow statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

$80

$ 60 per month
(billed annually)

Director statement
Balance Sheet
Income Statement
Cash Flow Statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

$ 120 per month
(billed annually)

Director statement
Balance Sheet
Income Statement
Cash Flow Statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

$ 140 per month
(billed annually)

Director statement
Balance Sheet
Income Statement
Cash Flow Statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

$ 160 per month
(billed annually)

Director statement
Balance Sheet
Income Statement
Cash Flow Statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

$ 180 per month
(billed annually)

Director statement
Balance Sheet
Income Statement
Cash Flow Statement
Equity Statement
Basic Explanatory notes
SFRS Accounting Compliance

FAQs

What is a Compiled Unaudited Financial Statement (UFS)?

The UFS is a report consisting of financial statements such as – Profit & Loss statement, Balance Sheet, Statement of Equity, Statement of Cashflows and others. It must also include explanatory notes with the Directors’ Statement, and be prepared in compliance with the Singapore Financial Reporting Standards (SFRS).

The compiled report ultimately provides stakeholders with information pertaining to the financial position, standing and functioning of the company, which is typically presented during the Company’s Annual General Meeting (AGM).

As stipulated by ACRA and IRAS, all Singapore registered companies must prepare a compiled financial statement report. Fines and penalties may be incurred should there be noncompliance.

What does Basic Explanatory Notes include?

This includes :

1. Trade and other receivables
2. Cash and cash equivalents
3. Trade and other payable
4. Equity

I need more than Basic Explanatory Notes. What can i do?

We are able to provide the following additional.
Please check with us for the pricing:

1. Property, plant and equipment
2. Intangible assets
3. Lease liabilities
4. Corporate tax paybles
5. Investment properties
6. Investments
7. Borrowings
8. Provision

Why do I need a Compiled Financial Statement Report?

Mandatory Requirement
Under sections 201(2) and 201(5) of the Companies Act, Directors are responsible to present and lay before the company, at its annual general meeting (AGM)

Government Grants
Prior to getting approval and applying for some government incentives, it may be a requirement to submit your compiled financial report.

Key Stakeholders
Your keys stakeholders such as Directors, Investors, Financiers, Shareholders, and others will need to be provided information pertaining to the Company’s financial position.

Who can prepare the financial report?

The employee within the Company, the director himself, or an in-house accountant.

Otherwise you may engage service providers like First Legacy who expertise in these services for your company.

What is included in my Compilation of Unaudited Financial Statements?

Your financial statement compilation report includes:

Income Statement
Cash Flow Statement
Balance Sheet
Statement of all Equity Changes
Accounting Policies Implemented
Explanatory Notes

Criteria for exemption from Audit

Your compiled financial statement report is exempted from audit only if you are a dormant or Exempt Private Company. And also meet any 2 of the following 3:

1. Total annual revenue less than S$10 million
2. Value of total assets less than S$10 million
3. Less than 50 employees

How does accounting work?

Accounting tracks all your business activities and assets. Whenever you spend, lose or make money, your bookkeeper adds it to your records. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.

Why is accounting important?

First of all, you have an obligation to report your accounts to the government: that’s how your tax is calculated. Secondly, accounting is crucial for internal planning and management. Mistakes could be costly: the government will fine business owners for inaccurate reports. You will also probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.

What are the accounting standards in Singapore?

Singapore has its own system called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. This means transactions are recognised when they occur and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.

What do i need to provide for you to start the service?

Please provide our team with the below:

1. Finalised Financial Statement (Balance Sheet, Profit & Loss)
Example : Year End 2024 (Balance Sheet and Profit & Loss)

2. Unaudited Report from previous year (our team might request further schedule based on Financial Statement provided)
Example : Year End 2023 Unaudited Report

3. Latest Bizfile (to check shareholder, director, registered address)

Can I switch from another accounting firm to First Legacy?

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We offer ongoing advice about relevant tax exemptions, helping you navigate the tax system smartly. Now that your accounting is in good hands, you can focus on what you do best: running your business.