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Compilation of Unaudited Financial Statements in Malaysia
Some private limited companies in Malaysia might qualify to be exempted to have their accounts audited, subject to the guideline soon released by SSM (Suruhanjaya Syarikat Malaysia).
3E provides full account services, drafting of unaudited financial reports for exempt companies and offering audit service through our associated audit firms. Our audit services include all financial statements designed specifically to comply with SSM’s and IRB’s statutory requirements.
You will receive all the following, when we prepare you unaudited financial statements:
- Director’s Report and Statement
- Detailed Profit and Loss Statement for the Year End
- Detailed Balance Sheet as at a certain date
- Company Compliance Notes to Financial Statement
Profit and Loss Statement (also known as the statement of financial performance) provides you information about your sales, expenses and profit. In addition, it will give you a clearer picture of your company status for a period of time. For instance, One (1) year.
Balance Sheet (also known as the statement of financial position) provides you information about Assets, Liabilities and Equity. It tells you the position of your company as at a particular point of time.
For a small and medium enterprise which qualifies for exemption, with the Director’s Report and Statement, Profit and Loss, Balance Sheet, Compliance Notes, it will be sufficient to be compliant with Malaysia laws and regulations. You will be able to file your company’s annual return to SSM (Suruhanjaya Syarikat Malaysia) as well as the lodgement and filing for yearly tax returns to IRB (Inland Revenue Board of Malaysia).