Financial reports are critical since they contain significant information about the financial health of a business. These reports allow business owners to make an informed decision as they highlight which companies’ areas offer the best return-on-investment. Unless exempted, companies in Singapore are mandated to file their financial reports or statements with ACRA. The reports must abide by the Singapore Financial Reporting Standards or SFRS that the Accounting Standards Council issued.
Other benefits of financial reporting include:
Business entities exempted from the financial report filing are as follows:
To ensure accurate and legally compliant financial reporting, business owners should seek assistance from reputable Singapore accounting services. When selecting accounting services in Singapore, be sure to consider factors like the agency’s credibility, reliability, industry expertise, pricing model, and extra services.