Arguably, the Singapore Accounting Standards have been internationally acclaimed as an exemplar of accounting best practices. In most cases, companies that are classified as small companies are permitted to prepare accounts under SFRS for Small Entities (SFRS SE), which is closely aligned with IFRS for Small Entities. Master the language of business and accelerate your career in accounting and finance with Singapore’s first and most established accounting school, and gain direct access to the Professional Programme of the Singapore Chartered Accountant qualification.
Our Services
We provide a broad spectrum of corporate advisories and accounting solutions such as auditing, corporate financing, tax, and payroll. We are one of the only accounting companies in Singapore that covers EVERY outsourced business need. With our team of highly experienced accounting professionals, we can provide services to our clients while keeping up with evolving business trends.
Not only does SFRS allow for great flexibility that befits Singapore’s unique ecosystem, but it also inherits the universality and prudence of its groundwork – the IFRS. Back in the day, each country devised and adopted a different approach to financial accounting, which, needless to say, stemmed from the uniqueness of their cultural, political, and economic climates. If the cash receipts journal example Singapore company is part of a corporate group (whether onshore or offshore), then the tests above are measured by reference to the group, rather than the company in Singapore. This can mean that a company with limited operations in Singapore may still need to be audited, because of the activities in the rest of the group.
Our Clients by Industry
Our goal is to provide an all-encompassing solution to meet all your business needs, ensuring you have a seamless experience and access to expert advice across various domains. The products of bookkeeping are a comprehensive general ledger, a record of receivables and payables, a reconciliation of cash generated and used by the business. Ultimately the result is a profit and loss statement, balance sheet and cash flow statement which can be produced monthly, quarterly or public accounting mba annually. The building blocks of reliable financial statements are accurate bookkeeping records.
They give an up-to-date picture of the is goodwill considered a form of capital asset financial health of a company at any time, as well as allowing compliance obligations to be satisfied efficiently. When a business is seeking to expand, either through borrowed funds or additional equity, financial statements are vital to an assessment of the creditworthiness of a business and its future growth prospects. Some authorities have stated that, with which we entirely concur, SFRS for SE is best suited for start-ups and small to medium-sized companies who find the full set of SFRS a financial burden and who do not distribute their statements to the public. Meanwhile, SMEs are ubiquitous in Singapore; they dot much of the island and also account for the lion’s share of employment here.
- A reliable outsourced accounting company such as AG Assurance Pac can adequately manage your business’ end-of-month balance sheet profit and loss statement and ensure regular account reconciliation.
- At first glance, ASC eliminated or simplified a great deal of unnecessary and hassle-laden requirements, whilst leaving enough to ensure the reliability and integrity of the accounting standards.
- Yet this scheme could influence, for better or for worse, your reporting practices and your system as a whole.
- In most cases, companies that are classified as small companies are permitted to prepare accounts under SFRS for Small Entities (SFRS SE), which is closely aligned with IFRS for Small Entities.
Looking through their list of past clients gives you a better idea of the accounting company’s reputation. Keeping track of financial and operational health is crucial for any organisation, small or large. The ability to interpret and analyse your company’s financial results is made possible by maintaining accurate records of your company’s profit and loss statement and balance sheet. Your business objectives can then be set according to the gathered information, and you will be able to make intelligent decisions for your company’s future.
Audit requirements for Singapore companies
Even in our name Ackenting Group, ‘Ackenting’ is a combination of the two words accounting and innovation.
Graduates from the General Track can advance directly to the Professional Programme of the Singapore CA Qualification. The School’s strong connections with the international accounting bodies such as ICAEW, CPA Australia, ACCA, CIMA, to name a few, allows our graduates to fast track their professional accounting qualification journey. NUS High and polytechnic graduates may be granted course exemptions for a relevant accountancy or business core courses based on their qualifications. As we mentioned above, a subsidiary of a foreign company is within the sphere of eligible entities, so you are allowed to apply for SFRS for SE provided that it meets all the criteria. Underpinned by the fundamental principles of IFRS, the Singapore Financial Report Standard (SFRS) is established and, ever since, has been recognized as the official accounting standard of Singapore.
