Getting your prepared company accounts to a finalised statutory reporting stage, which will then be at a stage for submission. We like to talk through with clients at their Year end when accounts have been finalised and go through future goals and potential growth, where costs could be better allocated and evaluating their balance sheet and P&L individually.
At the end of a company’s financial year a company must prepare financial statements. The required formats for published company financial statements are provided by IAS1. This requires the following components to be presented, a statement of financial position, a statement of profit or loss, a statement of profit or loss and other comprehensive income, a statement of changes in equity, notes to the accounts and a statement of cash flows.
A statement of financial position summarises the assets, liability and equity balances at the end of the accounting period. The statement of profit or loss which summarises the incomes earned, and expenses incurred during the financial period. The statement of profit or loss other comprehensive income, this is simply an extension of the statement of profit or loss. The reason for this is that some gains the business makes during the year are not realised gains, for example the revaluation of tangible assets.
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