{"id":352,"date":"2022-11-29T07:45:04","date_gmt":"2022-11-29T07:45:04","guid":{"rendered":"https:\/\/pace.com.sg\/?page_id=352"},"modified":"2026-03-07T18:17:06","modified_gmt":"2026-03-07T10:17:06","slug":"financial-statements","status":"publish","type":"page","link":"https:\/\/pace.com.sg\/?page_id=352","title":{"rendered":"Financial Statements"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"352\" class=\"elementor elementor-352\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-374ceb59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"374ceb59\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-16bee76c\" data-id=\"16bee76c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-880ef78 elementor-widget elementor-widget-spacer\" data-id=\"880ef78\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25e6be52 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25e6be52\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5088293e\" data-id=\"5088293e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-22e5a05c elementor-widget elementor-widget-heading\" data-id=\"22e5a05c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FINANCIAL STATEMENTS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f3c01df elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f3c01df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10a1c54d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10a1c54d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-30ba042b\" data-id=\"30ba042b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-307a7a8 elementor-widget elementor-widget-text-editor\" data-id=\"307a7a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tIs it mandatory to prepare Financial Statements?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cef5794 elementor-widget elementor-widget-text-editor\" data-id=\"3cef5794\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAll active Private Limited Companies in Singapore are legally obligated to prepare their Financial Statements yearly (either Audited or Unaudited). Financial statements provide detailed and crucial information about a company&#8217;s financial position, performance, cash flows, and any pertinent changes that help users make economic decisions.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c234dbd elementor-widget elementor-widget-text-editor\" data-id=\"c234dbd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tHow can we assist you?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7933431a elementor-widget elementor-widget-text-editor\" data-id=\"7933431a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>PACE Professional<\/strong> offers a wide range of services, including:<\/p><ul><li>Full Accounting Services<\/li><li>Drafting of unaudited financial statements for exempt companies, as well as audited financial statements through our associated audit partners.<\/li><\/ul><p>Our audit services comply with <a href=\"https:\/\/www.acra.gov.sg\/home\/\" target=\"_blank\" rel=\"noopener\">ACRA\u2019s<\/a> and <a href=\"https:\/\/www.iras.gov.sg\/irashome\/default.aspx\" target=\"_blank\" rel=\"noopener\">IRAS\u2019s<\/a> statutory requirements.<\/p><p>*Please note that fees may vary depending on the complexity of the accounts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f83bcf6 elementor-widget elementor-widget-image\" data-id=\"f83bcf6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/pace.com.sg\/wp-content\/uploads\/2023\/05\/Nominee-Director-services-2.jpg\" class=\"attachment-large size-large wp-image-1211\" alt=\"\" srcset=\"https:\/\/pace.com.sg\/wp-content\/uploads\/2023\/05\/Nominee-Director-services-2.jpg 1024w, https:\/\/pace.com.sg\/wp-content\/uploads\/2023\/05\/Nominee-Director-services-2-300x200.jpg 300w, https:\/\/pace.com.sg\/wp-content\/uploads\/2023\/05\/Nominee-Director-services-2-768x512.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-697ec61 elementor-widget elementor-widget-text-editor\" data-id=\"697ec61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tWhen is my company required to prepare an audited financial statement?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-815cc2a elementor-widget elementor-widget-text-editor\" data-id=\"815cc2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tYour company is required to prepare an audited financial statement if it meets any of the following criteria for the financial year:\n<ol>\n \t<li>Company&#8217;s total annual revenue exceeds S$10 million.<\/li>\n \t<li>Company&#8217;s total assets exceed S$10 million.<\/li>\n \t<li>Company has more than 50 shareholders.<\/li>\n<\/ol>\n\nIn addition, if your company is a subsidiary of a company incorporated outside of Singapore, it must prepare audited financial statements if it meets any of the above criteria and the holding company is required to prepare audited financial statements under the laws of its country of incorporation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a2d8aab elementor-widget elementor-widget-text-editor\" data-id=\"2a2d8aab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified.<\/p><p>A small company may be disqualified if:<\/p><ul><li>it ceases to be a private company at any time during a financial year;<\/li><li>or it fails to meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.<\/li><\/ul><p><span style=\"font-weight: 400;\">Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.<\/span><\/p><p><span style=\"font-size: 11.5pt; font-family: Verdana; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; vertical-align: baseline; white-space: pre-wrap;\">To add on, the 3 quantitative criteria to qualify as a small company are:<\/span><\/p><ol><li><span style=\"background-color: transparent; color: #000000; font-family: Verdana; font-size: 11.5pt; white-space: pre-wrap;\">Total annual revenue of not more than SGD 10 million for the financial year<\/span><\/li><li><span style=\"background-color: transparent; color: #000000; font-family: Verdana; font-size: 11.5pt; white-space: pre-wrap;\">Total assets of not more than SGD 10 million as of the end of the financial year<\/span><\/li><li><span style=\"background-color: transparent; color: #000000; font-family: Verdana; font-size: 11.5pt; white-space: pre-wrap;\">The number of employees must be fewer than or equal to 50 employees at the end of the financial year.<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">If a company meets 2 out of the 3 criteria for the immediate past two consecutive financial years, it will qualify as a small company and be exempted from having to prepare audited financial statements.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-62f5c422\" data-id=\"62f5c422\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5667b0e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5667b0e4\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_offset&quot;:105,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;],&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4f983c3d\" data-id=\"4f983c3d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8955a90 e-transform elementor-cta--skin-classic elementor-animated-content elementor-widget elementor-widget-call-to-action\" data-id=\"8955a90\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_transform_scale_effect_hover&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.97,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRelieve yourself of accounting worries with our expert team of accountants.\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tWe will work closely with your team to ensure your complete satisfaction. Trust us to handle your accounting needs with professionalism and expertise.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"#elementor-action%3Aaction%3Dpopup%3Aopen%26settings%3DeyJpZCI6IjEzODUiLCJ0b2dnbGUiOmZhbHNlfQ%3D%3D\">\n\t\t\t\t\t\tRequest a Callback\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a506475 e-transform elementor-cta--skin-classic elementor-animated-content elementor-widget elementor-widget-call-to-action\" data-id=\"a506475\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_transform_scale_effect_hover&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.97,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tFINANCIAL STATEMENT SERVICES\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tNeed help in preparing Financial Statements in compliance with Singapore Accounting Standards?\nOur competitive prices start from just S$400 per year!\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<a class=\"elementor-cta__button elementor-button elementor-size-\" href=\"https:\/\/pace.com.sg\/financial-statements\/\">\n\t\t\t\t\t\tREAD MORE\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c6e55e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5c6e55e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FINANCIAL STATEMENTS Is it mandatory to prepare Financial Statements?All active Private Limited Companies in Singapore are legally obligated to prepare their Financial Statements yearly (either Audited or Unaudited). Financial statements provide detailed and crucial information about a company&#8217;s financial position, performance, cash flows, and any pertinent changes that help users make economic decisions. How can [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-352","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/pages\/352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/pace.com.sg\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=352"}],"version-history":[{"count":38,"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/pages\/352\/revisions"}],"predecessor-version":[{"id":6314,"href":"https:\/\/pace.com.sg\/index.php?rest_route=\/wp\/v2\/pages\/352\/revisions\/6314"}],"wp:attachment":[{"href":"https:\/\/pace.com.sg\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}