Singapore’s taxation environment and financial reporting requirements are constantly changing. Not keeping abreast of these changes could result in penalties, composition fines or even a prison sentence. Ignorance and being “too busy” running your business are not acceptable reasons for non-compliance. Therefore, it is very important that you work with an external accounting firm like Aspri Associates to help your Company and its directors keep up-to-date with your statutory obligations and reporting deadlines.
Our role is to work closely with your in-house accountant(s) to review your Company’s monthly accounting records and to accurately compile the year-end financial statements/report. We are flexible – whether it is monthly accounting service, financial management engagement or “once a year” accounting service (for startups and owner-managed enterprises), we can tailor solutions according to your needs.
Our key service objective is to make sure that your accounting records are properly maintained, and to prepare a detailed set of financial statements that not only meets ACRA and IRAS requirements, but also can be relied upon for your strategic business decisions (in terms of your Company’s financial position and performance).
We believe that high-quality professional accounting services should not only be accessible and available to the large companies who pay top dollars. At affordable prices, our team of suitably qualified and highly skilled accountants can be fully relied on to look after all your accounting, financial reporting and taxation matters, leaving you with a peace of mind to focus on building your business.
FRS FINANCIAL STATEMENTS
Every Singapore Company is required to submit a set of financial statements to IRAS and ACRA, prepared in accordance with Singapore’s Financial Reporting Standards (FRS). To ensure that your accounts have been prepared accurately and in proper compliance with Singapore’s FRS, it is always advisable to engage a professional accounting firm like Aspri Associates.
Whilst a professionally-prepared set of financial statements comes with a fee attached, this service has recently become far more affordable. Under the “Small Company” concept introduced in July 2015, many small and medium sized companies are now exempt from audit – even those with corporate shareholders/or part of a Group*, provided they meet the eligibility criteria below: