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Management accounts
• Preparation of management accounts (balance sheet, income statement and schedules e.g. bank reconciliation)
• Generally for management to have an idea on their financial position in terms of cash expenses and net profit etc
• Specific purpose e.g. agencies funding grants e.g. SPRING, EDB or financing (banks or potential investors)
Compilation Accounts:
• To be completed for purpose of ACRA filing*.
• Directors to declare compilation accounts prepared in accordance with Companies Act.
• Draft compilation accounts to be approved at Annual General Meeting (“AGM”)*
• In accordance with Singapore Financial Reporting Standards (“SFRS”)
Taxation
• Filing of Estimated Chargeable Income (“ECI”) – based on latest management accounts and directors’ estimate of income for the year
• Filing of Form C - Based on final compilation accounts
