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Notes to Financial Statements

Balance Sheet

Statement of Comprehensive Income






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Annual Report and Notes to Financial Statements

Balance Sheet

Statement of Comprehensive Income

Statement of Cash Flow

Statement of Changes in Equity



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Annual Report and Notes to Financial Statements

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Statement of Comprehensive Income

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What is Compilation? What is Full Set Financial Statements?

A full set of Financial Statements comprises the following components:

1) Balance Sheet
2) Income Statement (or Statement of Comprehensive Income)
3) Statement of Cash Flows
4) Statement of Changes In Shareholders' Equity
5) Notes to the Financial Statements

In our compilation service, we will request for the accounting records of the period in scope (usually one year of accounting data). These include the General Ledger, which is a logbook of all accounting entries entered by the client, the Trial Balance, a summation of all accounts of the client, as well as any supporting schedules the client might have.

If these are not available, we will carry out the bookkeeping service for our clients before doing the compilation.

Other specialized services are available upon request.

These include financial analysis of the accounting records for business development, management reporting or even ERP system implementation.

Components of a Full Set of Financial Statements

Balance Sheet
A balance sheet is a snapshot of the company's assets, liabilities and equity position at a certain point in time. This is an extremely versatile report. Investors use it to gauge how liquid the company is, and also how much the company's net assets are worth. Bankers use it to determine whether the company is already heavily in debt before deciding to approve more loans. Suppliers can use it to assess whether a company tends to delay payments. And many more!

Statement of Comprehensive Income
Equally important is the Statement of Comprehensive Income, or what is commonly referred to as the Income Statement. Unlike the balance sheet, an income statement is not a snapshot, but is a summation of income and expenses over a period of time. This is usually done annually. However corporations and MNCs tend to do this monthly, to assess how their business is doing, and make timely decisions. Investors use it to gauge how profitable a company is, while bankers use it to determine whether a company could make enough profits to repay interest on debt, among many more uses that cannot be explained at one go.

Statement of Cash Flows
While the income statement shows the profit made during a period of time, it is the Cash Flow Statement that shows how much CASH is generation (or consumed) by the company during the same period. As the saying goes, cash is king, and ultimately a business is judged on its ability to generate solid recurring cash flow. Having a cash flow statement does what both balance sheet and the income statement cannot. As such it is also an integral part of the financial statements.

Statement of Changes in Shareholders' Equity
The Shareholders' Equity statement tracks changes and movement in the company's equity, reserves, and retained earnings during a period of time (also usually a year). Any increase in shares, net income, dividends, revaluation reserves and more are documented here.

Notes to the Financial Statements
A very commonly overlooked component, yet possibly the most important one. If the four statements above are like a book cover, the notes to the financial statements is the contents of the book. It contains detailed information about the accounts shown in the first four statements, including how certain transactions are accounted for. For all users, reading the notes to the financial statements would usually provide new insights beyond reading just the other four statements.

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