Financial Reporting Services
Keeping your finger on the pulse of your business
Financial reporting shows the financial health and performance of a business entity over a specific period of time.
The information is vital for management to make business decisions and for investors/ lenders to assess your financial stability.
What we can do for You
Preparation of Financial Statements
Financial statements are like the financial dashboard of your business, summarising how your business was doing. They must be prepared in accordance with generally accepted accounting principles (GAAP) to ensure consistency and comparability.
The complete set of financial statements contains 5 elements:
(or Statement of Financial Position)
shows what your business owns and what it owes as well your business’s worth, at a particular point in time
(or Statement of Profit and loss)
shows how much you made (revenue) and how much you spent (costs), over a particular period
Statement of Changes in Equity
shows the changes in your business’s net worth, over a particular period
Statement of Cash flows
shows where money came from and where it went, over a particular period
Notes to Financial Statements
discloses additional information on accounting policies, future events and the numbers reported on the above statements
Under Malaysia’s Companies Act, the Directors of a company have a statutory responsibility to prepare Financial Statements each year. This is regardless whether the Company is exempted from having its accounts audited.
Business owners often under estimate the importance of their financial statements. The purpose of preparing financial statements:
- Making smart financial decisions
- Filing income tax – Financial statements tell you how much income to declare
- Applying for loan facilities or renewing loan facilities
- Applying for government grants/incentives
- Assessing your company value – when you intend to sell or seek funding from investors