Contents of financial statements-01
It is a general misconception that once book keeping is completed to obtain balance sheet and profit and loss of accounts of the company, the Financial Statement requirements has been completed. Singapore companies are required to prepare a set of Financial Statements in accordance with Singapore Financial Reporting Standards (SFRS).

Once the book keeping has been completed, a complete set of financial statements containing below are required to be completed:

  • Report of the Directors
  • Statement by Directors
  • Report of the Auditors– needed only if the accounts are audited. If the company is exempt from audit and account have not been audited, it will not be required. You may click here to know more about Audit exemption for Small Companies.
  • Statement of Comprehensive Income– also known as Profit and Loss accounts (P&L accounts).
  • Statement of Financial Position– also known as Balance Sheet.
  • Statement of Changes in Equity
  • Statement of Cash Flow– also known as Cash Flow Statement.
  • Notes to the Financial Statements

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