Unaudited Financial Statement
A Financial statement is a formal record of the financial activities of a business or other entity. The relevant financial information needs to present in a structured manner, and in a form which is easy to understand. It typically include basic financial statements, accompanied by a management discussion and analysis. The standard format derive by the governance authority of Singapore for this purpose is term as Unaudited Financial Statement.
In Singapore, most companies are no longer required to have their accounts audited if they satisfy the below conditions:
- The Company’s annual turnover is less than S$10 million
- The Company total Assets is less than 10 million
- The company no of employee less than 50
Companies are required to submit their unaudited financial statements as specified in Section 201 of the Companies Act. The Unaudited financial statement only need to validate by the company director, and it do not need to be audited by external auditor.
Singapore Accounting and Business Services Pte Ltd provides full accounting services, which includes preparing of unaudited financial reports for companies exempted from audit as per ACRA’s and IRAS’s regulatory.