Annual Financial statements

In terms of tax and company legislation, every business, from a sole proprietor to large companies, has to draft annual financial statements to disclose its results to SARS. In this respect, not all individuals are qualified to carry out this function. For example, bookkeepers cannot legally sign off close corporation annual financial statements.

Due to changes in the Companies Act an Auditor may no longer perform both the statutory audit service and the preparation of the Annual Financial Statements for an entity. If your entity is subject to a statutory audit function, you will need to ensure that you have IFRS or IFRS for SME’s compliant Annual Financial Statements that are prepared by an independent and academically qualified Accountant.

We offer a full outsourced solution and can assist in drafting of financial statements as follows:

  • Drafting of Annual and Interim Financial Statements in compliance with International Financial Reporting Standards, the Companies Act and the requirements of the JSE Limited.
  • Drafting of Annual Financial Statements in compliance with International Financial Reporting Standards for Small and Medium-Sized Enterprises and the Companies Act.

Our financial statement drafting services can minimise the pressure on your in house team by helping you in:

  • Selecting and applying suitable accounting policies
  • Preparation of annual financial statements and reports in accordance with the applicable financial reporting standards
  • Providing additional disclosures to enable clear understanding of transactions, other events and conditions on the entities financial position and financial performance

We can draft the following financial statements:

  • Body Corporate
  • Close Corporation
  • IFRS
  • IFRS Consolidation
  • IFRS SME Consolidated
  • Non-Profit Organisation
  • Partnership
  • Sole Proprietor
  • Trust
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