Financial statements are prepared at least annually to provide information of the company to its users to help them make informed decisions. The users include present and potential investors, lenders, creditors, customers, governments agencies and the public (for listed companies).  Financial statements are prepared in accordance with Singapore Financial Reporting Standards (SFRS). A complete set of financial statements includes a statement of comprehensive income, statement of financial position, statement of changes in equity, statement of changes in cash flow and notes.   Do note that under the Companies Act, directors are responsible to maintain proper accounting records to enable the preparations of true and fair financial statements. Failure to comply may result in a composition sum payable to ACRA or court prosecution. Whether you’re looking to save time or meet important filing deadlines, Chartsworth’s financial statement services can be an invaluable tool to ensure accuracy and compliance with regulations.