Financial Statements
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Financial statements are written records that convey the business activities and the financial performance of a company.
- Compilation Engagement
A compilation engagement is a type of engagement where a company engages an outside accountant to prepare and present financial statements. It is not designed to express an opinion or provide assurance regarding the information contained in the financial statement.
A complete set of financial statements include a Statement of Financial Position, Statement of Comprehensive Income (IFRS) and Income Statement (ASPE), Statement of Changes in Equity, Statement of Cash Flows and appropriate note disclosure.
Financial statements includes:
The Balance Sheet, also known as the statement of financial position It provides an overview of assets, liabilities, and shareholders’ equity as a snapshot in time.
The Income Statement, also known as the statement of financial results, Statement of Comprehensive Income, profit and loss account, or P&L
The income statement primarily focuses on a company’s revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces a company’s profit figure called net income.
The Cash Flow Statement, It measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.
The Statement of Changes in Equity, also known as the statement of total recognised gains and losses It records how profits are retained within a company for future growth or distributed to external parties.
To Provide Compilation Engagement, We Reconcile Following Accounts:
- Bank Accounts
- Fixed Assets Accounts
- Intercompany Accounts
- Loan Accounts
- Capital Leases Accounts
- Shareholder Accounts
- Payroll Accounts
- GST/PST Accounts