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Annual Financial Statements
Annual Financial Statements is a legal requirement and must comply with prescribed standards in accordance with the International Financial Reporting Standards (IFRS) or IFRS for SME’s. This is a worldwide reporting tool that enables third parties such as Banks and SARS to determine how well a business has performed over a period.
Financial statements are also a tool that you, as the business owner can use to measure your business performance. As a business owner you want to know if your business is making a profit and is solvent. All major banks and independent lenders would require Annual Financial Statements when they consider funding in the form of either an overdraft or a business loan which can be used to either expand your business or as short term working capital.
When preparing Financial Statements, we collate information that has been processed into a trial balance. We also confirm all the balances in the Balance Sheet with supporting schedules such as bank statements, stock sheets, loan accounts and asset registers of the company. Compliance with the tax authority (SARS) is also confirmed and the balances shown in the Financial statements.
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As with any industry, our business activities are regulated by SARS. In order to remain compliant with SARS and to ensure that we provide a service that is based on the rules and legislations as set out in the Republic of South Africa, we belong to the following professional bodies:
South African Institute of Business Accountants (SAIBA)
South African Institute of Taxation
South African Institute of Professional Accountants (SAIPA)
Sage Pastel Bookkeepers Forum
Our financial statements are prepared in accordance with the business’s public interest score (PIS). We also act as Accounting Officers for Close Corporations, Trusts and Companies as prescribed in the Close Corporation and Companies Act.
Our accountants are registered members of South African Institute of Professional Accountants (SAIPA) and South African Institute of Business Accountants (SAIBA). Both these professional bodies are approved professional bodies to act as Accounting Officers for all Companies, Trusts, Sole Proprietors and Close Corporations
It is a legal requirement to submit as supporting documents, with your business tax return (ITR14) to SARS a signed off set of Financials.
As from July 2018 it will be compulsory to submit a signed set of Annual Financial Statements to CIPC when submitting your Annual Return.
Private or personal liability companies that are required to be audited by the Companies Act, 2008 or regulation 28, must file a copy of the latest approved Audited Financial Statements on the date that they file their annual return with the CIPC.
We retain the services of registered Auditors registered with South African Institute of Chartered Accountants (SAICA), should our clients require their Financial Statements to be Audited or qualified.
Financial Statements for a period of less than 12 months is also known as a set of Management Accounts. Some lending houses and banks only accept Annual Financial Statements is they are issued within 3 months of the business’s year end. Should the period be longer the bank or lending house may ask for Management Accounts and with this we can assist our clients.