Preparation of Financial Statements


Can a company be exempted from the preparation of financial statements?



A dormant non-listed company (other than a subsidiary of a listed company) is exempt from requirement to prepare financial statements, if: 

 

(a) the company fulfils the substantial assets test; and 


(b) the company has been dormant from the time of formation or since the end of the previous financial year. 


The substantial assets test is that the total assets of the company at any time within the financial year must not exceed $500,000.


For a parent company, the consolidated total assets of group at any time within the financial year must not exceed $500,000




What is a dormant company?


A dormant company is one that does not carry on business and has no income for the accounting period.




What if my company did not fulfil the above criteria (a) and (b)?


Dormant unlisted companies which do not fulfil the substantial asset test must prepare financial statements but are exempt from audit.


Dormant listed companies and their subsidiaries which do not fulfil the substantial asset test must prepare financial statements. Audit exemption may or may not be applicable.



Preparation of Financial statements Service


We can prepare financial statements completed with Balance Sheet, Profit & Loss Statement, Statement of Equities, Statement of Cash Flows and the accompanying notes to the accounts (commonly known as compilation service) by our professional staff.



Fees for compilation services


$500

 Prepare Compilation Report for Company with low volume of transactions

$500 to $800

 Prepare Compilation Report for Company with medium volume of transactions

$800 to $1,500

 Prepare Compilation Report for Company with high volume of transactions


Contact us

We can assist you today. Contact us at admin@facassurance.com


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