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Compilation of Financial Reports
Why do you need Compilation?
Your company may be exempted from audit but you are still required to comply with the Financial Reporting Standards ("FRS"), to prepare a full set of financial statements including explanatory notes, accompanied by the directors' report and statement by directors.
Your company is exempted from an audit if :
  • It is an Exempt Private Company ("EPC"), which means, it has no corporate shareholder in the company, and the number of shareholders in the company is not more than 20.
  • Annual revenue of the company does not exceed S$5 million for financial years starting on and after 1 June 2004.
  • Shareholders who represent 5% or more of a company's ordinary shares do not request for an audit.
At LTN, we ensure that we keep up to date with the FRS to assist our clients in complying with the relevant standards.