Financial Statement Preparation
We turn your accounting records into well-structured financial statements prepared under the standards endorsed in Saudi Arabia. They reflect the position of your business, and we prepare them to suit the party they will be submitted to, such as banks or partners.
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What is this service?
Financial statements are the official picture of a business's performance and financial position for the financial year. Several parties rely on them, including banks when reviewing financing applications, and they are the basis for calculating the zakat base. We prepare them under International Financial Reporting Standards (IFRS) or IFRS for SMEs (the standard for small and medium-sized entities), as endorsed in Saudi Arabia, depending on the nature of your business.
Who is it for?
- Companies and establishments that need annual financial statements
- Businesses applying for financing or bank facilities
- Partners and investors who need a clear financial picture
- Businesses getting ready to prepare their zakat return
Scope of work
- Reviewing accounting records and reconciling the main accounts
- Statement of financial position
- Statement of comprehensive income
- Statement of cash flows
- Statement of changes in equity
- Notes to the financial statements
What you receive
- A complete set of financial statements with notes
- A written summary explaining the key figures and changes compared with the previous year
- A list of observations on the records, if any, and how to address them
What we need from you to start
- Bank statements for the financial year
- Sales and purchase invoices and expense records
- Fixed asset register, and lease and loan agreements, if any
- Prior-year financial statements, if any
- Trial balance or accounting system file, if available
How we work with you
- 1Enquiry
- 2Initial review
- 3Written proposal
- 4Execution
- 5Delivery and explanation
Frequently asked questions
Which standards are the statements prepared under?
Under the standards endorsed in Saudi Arabia by the Saudi Organization for Chartered and Professional Accountants (SOCPA): International Financial Reporting Standards (IFRS), or IFRS for SMEs as endorsed in Saudi Arabia, for entities to which it applies. We identify the appropriate standard once we understand your business.
Is preparing financial statements the same as auditing them?
No. Preparation means putting the statements together from your records. Auditing the statements and giving an independent opinion on them is a different service with its own regulatory requirements. Tell us which party you will submit the statements to, and we will explain exactly what it requires.
How long does preparation take?
It depends on the size of the business and how ready the records are. We set a clear timeline in the written proposal after reviewing your data.
My records are incomplete. Can you still start?
In most cases, yes. We first review what you have, then explain what is missing and how it can be completed before we prepare the statements.
Related reading
Ready to start?
Send the details of your request, and we will get back to you with specific questions or a written proposal.