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Accounting Services
a) Routine Accounting
At AccVisory, we will understand the nature of your business and operations, and key business concerns. With your inputs, we will design your accounting system to generate reports which meet your business needs and allow you to make informed operational and business decisions.
We will also provide you with a perspective of the current and future implications of your financial numbers. This is to assist you in managing your financial, operational and regulatory risks arising from your business environment.
Our routine accounting services include:
b) Preparation of Unaudited Financial Statements
The following exempt private companies (EPCs) are not required to have their accounts audited under the Singapore Companies Act:
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Annual revenue of below $2.5 million and financial year beginning on or after 15 May 2003
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Annual revenue of below S$5 million and the financial year beginning on or after 1 June 2004
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EPCs are private limited companies with no corporate shareholders and have no more than 20 shareholders.However, EPCs are still required to prepare unaudited financial statements, complying with the requirements of the Singapore Companies Act and the Singapore Financial Reporting Standards for tax filling purpose with the Singapore tax authorities.
The directors of the companies are responsible for the unaudited financial statements lodged with the tax authorities. As business personnel, the directors may not be conversant to ensure that such unaudited financial statements are prepared in an appropriate manner. At AccVisory, we can provide this service to assist the directors to ensure that the proper unaudited financial statements are available.
c) XBRL Filing
XBRL is a filing requirement for Singapore incorporated companies to file their financial statements ('FS') in a prescribed format and this was implemented by the Accounting & Corporate Regulatory Authority ('ACRA') with effect from 1 November 2007.
XBRL is a computing language to present financial statements and this language allows financial information to be retrieved on an online basis to your stakeholders and other interested parties for various purposes.
The directors of companies are responsible for the accuracy of the FS in XBRL format filed with ACRA. As business personnel, the directors may not be conversant to ensure that this responsibility is discharged appropriately. The directors may not understand the changes on the preparation of the XBRL FS targeted to be implemented by mid-2013. At AccVisory, we can provide this service to assist the directors in discharging this regulatory duty properly.
Corporate Secretarial Services
a) Acting as company secretary
It is a statutory requirement for a company to have a corporate secretary who is a resident in Singapore. At AccVisory, we can provide this service if the officers of the company do not want to assume such role.
b) Providing assistance on corporate secretarial matters
The company may wish to engage assistance on corporate secretarial matters, in the instance of the company's secretary either not being conversant with the applicable requirement on the Singapore Companies Act or not wishing to be subject to the laborious tasks of understanding such requirements.
At AccVisory, we can provide assistance on routine statutory compliance tasks. This includes the maintenance of the company's statutory registers, minutes of board meetings and/or board resolutions, and lodgement of the annual returns with the Accounting & Corporate Regulatory Authority ('ACRA').
We can also provide assistance on ad-hoc compliance work at short notice.
Audit Services*
a) Statutory Audit
At AccAssurance, we will understand the nature of your business and operations, and key business concerns. With your input, we will tailor our audit approach based on your operations to perform statutory audit based on the requirements of the Singapore Companies' Act, Chapter 40. Our approach to statutory audit is two pronged. We will perform an audit efficient and effective to ensure that your company is able to comply with requirements. Secondly, we will also inform you, if we noted any areas of improvement in your company's operations, financial process and risk management as a result of our audit work.
The deliverables from statutory audit is an audited financial statements of the company.
b) Special Audit
We will be able to provide an independent opinion to meet your specific requirements, which we will issue in the form of special audit reports.
This includes:
1) Financial due diligence work to support your company's mergers and acquisitions
2) Verification of specific areas of financial statement
3) Special purpose audit reports to support your various needs such as partnership accounts.
4) Special purpose audit reports to support grant or license application with agencies such as Inland Revenue Authority of Singapore for Major Exporter Scheme
5) Special purpose audit reports for rental income certification
6) Special purpose audit reports relating to donation or proceeds from charity fund raising certification
7) Special purpose audit reports relating to paid up capital / retained earnings certification
c) Review / Performing Agree Upon Procedures
We will be able to assist management to perform agreed upon procedures or review of financial statements. We will understand the needs of your company or need of the specific transactions, before tailoring a specific set of procedures to meet the company's objective for the work. This includes procedures such as verification of specific assets, performing procedures to test the existence of certain classes of sales.
Tax Services*
a) GST Compliance Services
Companies making taxable supplies of goods and/or services in Singapore with annual revenues exceeding or likely to exceed S$1 million are required to register with the Comptroller of GST.
Companies may wish be GST-registered on a voluntary basis, in the instances where the amount of GST input tax paid is expected to be significantly higher than the amount of GST output tax collected.
At AccVisory, we can assist in GST registration, and preparation and submission of the GST Form 5 on a quarterly basis.
b) Tax Compliance Services
The income of any person accruing in or derived from Singapore or received in Singapore from outside Singapore, are subject to income tax. This key tax requirement is supplemented by further detailed and complex tax requirements prescribed in the Singapore Income Tax Act and circulars issued by the Inland Revenue Authority of Singapore ('IRAS').
The definition of 'person' under the Singapore Income Tax Act includes individual persons and the various types of business entities. These parties are required to file tax returns with IRAS based on prescribed forms and the numbers included in these returns are to be derived based on detailed tax requirements outlined in the Singapore Income Tax Act.
At AccVisory, we can assist in the tax computations, and preparation and submission of the appropriate tax returns based on the Singapore Income Tax Act.
*Audit and Tax services are provided by AccAssurance LLP, an associated firm.
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