Compilation of accounts or reports means compilation of unaudited Financial Statements of a private company. Profit and loss statements, balance sheet and financial statement are compiled to give an outlook on the company’s financial standing.

Company that is exempted from the audit requirement is still required to prepare a full set of unaudited Financial Statements including explanatory notes with Directors’ Statement, and be prepared in compliance with the Singapore Financial Reporting Standards.

You will require the unaudited Financial Statements for the purpose of Annual General Meetings, tax submission and accountability to shareholders of the company. The unaudited Financial Statements can be used to obtain banking facilities, apply for government grants and to meet regulatory requirements in specific industries.