Most companies incorporated in Singapore are required to prepare their financial accounts annually in accordance with the Singapore Financial Reporting Standards (SFRS). On 1 Jan 2011, the SFRS for Small Entities (SFRS for SE) was introduced by the Accounting Standards Council (ASC) of Singapore. The purpose of SFRS for SE was to provide some relief to small entities from compliance with full SFRS while still ensuring quality, transparency and comparability. In order to ensure full compliance of accounting records with both full SFRS and SFRS for SE, companies are encouraged to seek the professional services and advice from professionally-accredited accountants registered with the Institute of Singapore Chartered Accountants (ISCA). Rikvin is one such accountant.
