Compilation Report Services for AGM, Income tax filing with IRAS or Annual Return Filing with ACRA

A compilation report is the result of accounting service of company’s financial statements being compiled by outside accountant who are not from the same company or organisation. There is no opinion, assurances or auditing services conducted by the outside accountant as he or she only convert the company’s data into financial statements.

Exemption for audit

Your company may be exempted for audit requirement if:

• It is a Private Company; and
• meeting at least 2 of 3 following criteria for the immediate past two financial periods:
  • Total revenue for the financial period does not exceed S$10 million
  • Total assets at the financial period date does not exceed S$10 million
  • No of employees at the financial period does not exceed 50

Compilation of financial statement requirement

A company that is exempt from audit and filing requirement still needs to prepare a full set of financial statements (Compilation Report) in accordance with the Financial Reporting Standards (“FRS”), including explanatory notes and must be accompanied by the Directors’ Report and the Statement by Directors.

A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is also sufficient for income tax filing purpose.