Accounting Firms In Singapore Are Experts In Accounting Standards
Business units and companies confirm their financial performance through financial reporting. If we look back in history, the format of financial reports usually varied from country to country. But now, in the recent years, because of the opening of development of global markets, financial reporting has become more standardised across countries worldwide.
Accounting standards are set of principles and practices for financial transactions. Companies prepare financial reports regularly. This prepared accounting information is crucial in a business because they give important information on company performance. These are significant in making financial decisions for the company in the long run.
Accounting Firms In Singapore Know The Standards In International Accounting
Singapore accounting standards are known as Singapore Financial reporting Standards (SFRS) and are based on the International Financial Reporting Standard (IFRS). The IFRS is used as the international yardstick in measuring the financial strength of businesses.
One of the main principals of Singapore accounting standards is accrual-based. Financial statements are prepared on the accrual basis of accounting. Meanwhile, small entities in Singapore have the SFRS for Small Entities as an alternate framework for accounting. It provides optional financial reporting standards for small businesses and ventures.
Accounting Firms In Singapore Have Comprehensive Knowledge In Accounting Standards
With the various developments in the global market, companies around the world are always looking for healthy, effective, reliable, cost-saving and business-friendly options to make financial operations more efficient. When it comes to accounting and preparing financial reports and statements, companies now depend on outsourcing accounting preparations. Outsourcing accounting preparation can be of great help to a company. For one, this can help the company save up on costs of salaries of personnel who are tasked in doing in-house accounting. Instead of spending on salaries, a company can re-align the fund for more important operational needs of the business. Accounting firms have expert accountants who are knowledgeable in accounting standards. They also have a better understanding on the comprehensive preparation of account. Thus, you are assured of accurate and meticulous financial reports. It is therefore best to hire an accounting firm for it has great benefits.