Companies meeting all of the following criteria are not required to have their accounts audited and can file unaudited accounts:
• Total number of shareholders is less than 20;
• Annual revenue does not exceed S$10 million;
• Value of company’s total assets does not exceed S$10 million;
• Number of employees does not exceed 50.
Companies that do not meet the above criteria are required to file audited accounts.
The unaudited financial statements include Directors’ Statements, Compilation Report, Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Unaudited Financial Statements.
It shall be prepared in accordance with Companies Acts and Singapore Financial Report Standards (“SFRS”).
It shall be signed by company directors and lay before the company AGM. A company must submit its unaudited financial statements to ACRA for its annual return filing and submit it with Form C or Form C-S (Tax Return) to IRAS for tax purposes.