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Transaction and Audit

Compilation and XBRL Report

Professionally prepared. Turnaround time in just 2 days!

Compilation Report Services

Our compilation report services are designed to give your company precise financial statements that adhere to Singapore Financial Reporting Standards (SFRS). Our knowledgeable staff will collaborate closely with you to acquire the required financial data and create the report in line with the SFRS. This report can be utilized internally or distributed to outside parties like lenders or investors.

Why Do You Need a Compilation Report?

Financial statement is a crucial compliance requirement for all Singapore incorporated companies. It’s mandatory for companies to file their financial statements (“FS”) with ACRA, unless they are exempted.

At Provisor Corporate Service, we assist businesses in applying for audit exemption and prepare compilation reports as a part of our reliable financial statement services in compliance with the Singapore Financial Reporting Standards.

Compilation And XBRL Report

We help business to apply audit exemption

Small companies may be exempted for audit requirement, however they need to prepare a compilation report in compliance with the Singapore Financial Reporting Standards, for their tax and annual return filing, as well as for the purpose of Annual General Meetings and accountability to shareholders.

Contact us to find out more on our Audit Exemption requirement as a part of our trusted financial statement services. (link to Q&A 33).

We can delivery report in just 2 days

Compilation Report, which is an unaudited financial statementis generally used for the purpose of Annual General Meetings, tax submission and accountability to shareholders of the company. The unaudited financial statements can be used to obtain banking facilities, apply for government grants and to meet regulatory requirements in specific industries.

Since we understand that every business has unique financial requirements, we are committed to providing efficient and reliable financial statement services to our clients in Singapore, allowing them to not only focus on growing their business but also maximize their financial potential while staying compliant with regulatory requirements.

Contact us today to find out more about our financial statement services and how we can assist your business.

The filing process can be time-consuming, let us handle this to save your time

All Singapore incorporated companies are required to file financial statements with ACRA, except for those which are exempted. As directors are responsible for the correct representation and accuracy of the information filed

Outsourcing the filing to a professional accounting services firm allows directors and business owners to allocate valuable resources to focus on their business.

Common questions on compilation and XBRL report

A compilation report is an unaudited financial statement. A full set of compilation reports should include explanatory notes and accompanied by the Directors’ Report and the Statement by Directors. The report is prepared in compliance with the Singapore Financial Reporting Standards. Today, many companies opt for compilation of financial statements.  

Yes, a compilation report is sufficient for income tax filing to IRAS and annual return filing to the Accounting and Corporate Regulatory Authority (ACRA).

A small company can be exempted from statutory audit if it is a private company and meets at least two out of three criteria below:

  • Total revenue ≤ S$10 million
  • Total assets ≤ S$10 million
  • Number of employees is ≤ 50

 

A small group is one that meets at least two out of the three quantitative criteria mentioned above on a consolidated basis, for the last two consecutive financial years.

XBRL represents for Xtensible Business Reporting Language. It is an internationally recognised language for the electronic communication of business information. 

The online filing process can be time-consuming and difficult for someone who does not do this every day. Outsourcing this to a professional firm helps to eliminate the hassle of figuring out how to use the online filing system and the potential filing errors.

All Singapore (SG) incorporated companies are required to file financial statements (FS) with ACRA, except for those which are exempted. Some companies will file a full set of FS in XBRL format, while some others will file key financial data in XBRL format and a full set of signed copy of the FS in PDF. Only the following companies are exempted to file XBRL report:

  • Solvent Singapore incorporated Exempt Private Companies (EPCs)
  • Singapore incorporated companies limited by guarantee
  • Foreign companies with Singapore branches

Tell Us Your Needs

For a quick response, please fill out the form below. We will reply to your inquiry promptly.

Tell Us Your Needs

For a quick response, please fill out the form below. We will reply to your inquiry promptly.

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