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Consolidating financial statements across multiple entities, currencies, or business units is one of the most error-prone tasks in group reporting. Outsourcing Wise provides financial statement consolidation services for groups with multiple subsidiaries, branches, or joint ventures, ensuring intercompany eliminations, currency translations, and minority interest calculations are handled accurately and consistently.
Our team prepares consolidated financial statements in line with SFRS and IFRS standards, giving management and auditors a single, reliable set of group accounts. We work directly with your existing finance team and systems, reducing the manual reconciliation work that typically accompanies group close.
Statutory financial statements and XBRL filing for a multi-entity food and commodity group
A food commodity distributor with operations across the Indo-China region required full statutory financial statements and XBRL conversion for ACRA filing across multiple Singapore-incorporated entities. Outsourcing Wise managed the end-to-end process: reviewing and reconciling the underlying bookkeeping records, preparing standalone SFRS(I)-compliant financial statements for each entity, and completing XBRL tagging and iXBRL conversion for regulatory submission.
The client had previously managed this process internally with ad hoc support from their external auditors, which led to delays and late filings in some years. By bringing the preparation and XBRL conversion work in-house under a single engagement, filing timelines became predictable and the audit process was materially smoother — with auditors receiving clean, reconciled statements rather than draft accounts requiring significant adjustment.
Outsourcing Wise has prepared statutory financial statements for clients across sectors including professional services, technology, non-profit, energy, and financial services, covering both Singapore-incorporated entities and branches of foreign companies operating in Singapore.
Yes. We prepare statutory financial statements for ACRA filing, including XBRL tagging and iXBRL conversion where required. Our statements are prepared in line with SFRS(I) and the disclosure requirements of the Singapore Companies Act, so they are audit-ready and filing-ready.
Yes. This is a common situation. We begin by reviewing and cleaning up the underlying bookkeeping records before preparing the financial statements, so the output is based on accurate figures rather than unreconciled data. We’ll scope the remediation work alongside the statement preparation, so you know what’s involved upfront.
Yes. Our team has experience applying SFRS standards for a wide range of complex transactions, including lease accounting under SFRS 116, related party disclosures under
FRS 24, share-based payment disclosures under SFRS 102, and financial instrument classification and measurement under SFRS 109. If a transaction needs technical analysis before it can be properly presented, we flag it and work through it with you.
Yes. We routinely liaise with external auditors during the audit process — responding to queries, providing supporting schedules, and resolving any issues that arise on the financial statement presentation. Having the same team that prepared the statements also handle audit support typically reduces the time the audit takes and the queries it generates.
We prepare financial statements for a range of entity types, including private limited companies, branches, holding companies, and non-profit organisations. Where an entity has specific reporting requirements — such as a charity with IPC status, or a regulated entity with sector-specific disclosure requirements — we scope the engagement around those requirements from the start.