Asiabizservices Provides Singapore Accounting Services

Beginning January 1, 2011, the Singapore Financial Reporting Standards (SFRS) for Small Entities issued by the Singapore Accounting Standards Council (ASC) on December 1, 2010 shall take effect and serve as the standard guideline in financial reporting.

Modeled after the International Reporting Standard (IFRS) for Small and Medium-sized Entities, the SFRS is an alternative framework to the complete SFRS for eligible entities in Singapore. It seeks to mitigate the compliance costs for small entities in financial reporting and training requirements.

The SFRS for Small Entities is founded on sound principles of the complete IFRS. It is a strong standard that can stand on its own and able to meet the needs of non-publicly accountable entities with smaller operations, and benefit them in reduced financial reporting burden and more cost savings.”

Accuracy of data is what Singapore expects from its accounting system. To maintain its reputation being among the dynamic economies to beat challenges, the government sees the need to replace set of standards and prepare training programs to further enhance the skills and knowledge of its public accountants.

Each year, companies are required to submit financial statements which shall comprised of “Director’s Report, Shareholder’s Report, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and Cash Flow Statement,” cites Chi Han, a business consultant in Singapore and who through Asiabiz Services, has helped many companies in their compliance requirements.

“The financial reporting must be ready and forwarded to ACRA and IRAS within 6 months before the company starts with its Annual General Meeting,” Han adds, “the Director’s Report shall compose of a declaration of solvency and capacity of the company to pay its debts upon due.” It also attests that the data included in all statements are true and accurate.

Within one month after the Annual General Meeting, the company must submit to ACRA its annual return. Also, within three months of the Financial Year End, the company should “submit its Estimated Chargeable Income (ECI) with Inland Revenue Authority of Singapore.”

Many companies outsource their accounting needs. Asiabiz Services believes a company may save time and resources when they opt for accounting firm. Han claims the company has rendered its accounting services to many companies since 1995. Among its specializations include bookkeeping, financial analysis, management reporting, and preparation of financial statements and reports for monthly, quarterly, and year-end review.

“Depending upon which category a company belongs to, we can handle the financial statements prepared in PDF and XBL files,” Han says in conclusion emphasizing that Asiabiz Services’ team of accountants are given skill enhancement training and refresher course every now and then.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
email: sales@asiabizservices.com
website: http://www.asiabizservices.com/

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