Financial Statement Preparation
Annual Financial statements are formal records of the financial activities and position of a business or person at financial year-end.
They at a minimum will include the following:
- A balance sheet or statement of financial position. reports on a company’s assets, liabilities, and owners’ equity at the financial year-end date.
- An income statement—or profit and loss report (P&L report), or statement of comprehensive income reports on a company’s income, expenses, and profits over the reporting period.
- A statement of changes in equity reports on the changes in equity of the company over a stated period. This includes the accumulated profits after tax, distributions made, for instance dividends declared and relevant changes to shareholding.
- A cash flow statement reports on a company’s cash flow This is to indicate whether the company generated cash or not, what was done with the cash and what financing or investing was done with the cash over the reporting period.
Section 30 of the Companies Act, Act 71 of 2008, requires a company to prepare annual financial statements within six months after the end of its financial year.
Depending on the company structure and size the company might require an Audit, Independent review or just have the financials drafted and signed off. For guidance on this please contact us.
Preparation of Annual Financial Statements based on the latest South African Statements of Generally Accepted Accounting Standards, IFRS for SME’s or other relevant disclosure frameworks which are formulated according to international trends and standards.
We offer a professional service, whereby we prepare or assist clients with the preparation of annual financial statements and other financial information necessary to comply with the company’s act requirements as well as applying for finance, tenders or similar. As part of this service, we can also assist in liaising with the financial institution and ensuring that all relevant information is submitted in the appropriate format.