Whereas some companies may be exempted from the audit of financial statements, the Companies Act has not exempted companies from preparation of financial statements. In general companies may have in house accountant who prepares the accounts that lead to Balance Sheet and Profit or Loss. The question is, do they make financial statements? Yes, they are components of financial statements but balance sheet and profit or loss statements alone do not make complete financial statements.

Complete financial statements shall on top of balance sheet and profit or loss, include statement of changes in equity, statement of cashfows, notes to financial statements comprising a summary of significant accounting policies and other explanatory information, comparative figures and balance sheet at the beginning of previous year if needed be. It may sound daunting at first, but from your record, we will compile the full set of financial statements in accordance with Singapore Financial Reporting Standards together with directors’ statements, directors’ report and accountant report signed by us.