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Epica FAQ Series

Why companies outsource their accounting?

Others

Why companies outsource their accounting?

Most of the Singapore-incorporated companies must annually prepare their financial accounts in compliance with the SFRS (Singapore Financial Reporting Standards).

ACS (Accounting Standards Council) has introduced SFRS for SE (Singapore Financial Reporting Standards for Small Entities) on 1 Jan 2011.

SFRS for SE was introduced to provide relief to small entities, so they do not need to comply with complete SFRS without compromising transparency, compatibility, and quality.

It is hard for the companies to ensure that their accounting records comply with both full SFRS and SFRS for SE. It is best to seek the service and advice of a professionally accredited accountant. Before hiring an accountant, a company must make sure the accountant is registered with the ISCA (Institute of Singapore Chartered Accountant).

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