Financial statements compilation
The objective of a financial statements compilation is to apply accounting and financial reporting expertise to assist management in the presentation of financial statements, without providing any assurance on those financial statements. We are not required to make inquiries or perform other procedures to corroborate the accuracy of the information provided by the management. However, it is our obligation to ask further information if we feel that some information is missing or inaccurate. When an entity seeks a timely and professional compilation of financial statements to represent it in a professional way to the owners, board of directors, banks or for any external purpose then our team of professional people converts converts the data provided by the organization into the financial statements. Our services of financial statements compilation are given bellow:
- Compilation of financial statements from the information provided by the management.
- To ensure that all year period end/year end accounting entries are incorporated
- Disclosures of financial statements are updated with reference to the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
- Calculations of deferred tax assets or liabilities in accordance with the International Accounting Standards and local laws.
- Calculation of Financial instruments and their disclosures in the financial statements.
- Staff retirement benefits provisions in the financial statements and their disclosure requirements.
- Accounting policies are updated with reference to the accounting treatment of transactions in the financial statements.
- VAT transactions are properly updated in the financial statements and sales and purchases are matched with the amounts declared with the taxation authorities.
- A separate report containing the variance analysis of current period with the previous period along with the ratio analysis of financial statements compilation.