Every company in South Africa must prepare annual financial statements (AFS) after its financial year-end, as required by the Companies Act, 71 of 2008. Your AFS are also needed for your company income tax return, and banks, funders and tender committees regularly ask for them.
We compile your annual financial statements from your accounting records in line with the financial reporting framework that applies to your business – for most small and medium-sized companies, IFRS for SMEs.
What’s included
- Year-end review and adjustment of your accounting records
- Compilation of the statement of financial position, statement of comprehensive income, statement of changes in equity and cash flow statement, with notes
- Directors’ report and supporting schedules
- Fixed asset and depreciation schedules (see our fixed asset register service)
- Figures ready for your company income tax return (ITR14)
Who it’s for
Private companies and growing businesses that need reliable year-end financial statements for compliance, tax, banking or funding purposes.
How it helps your business
- Meets your statutory obligation to prepare annual financial statements
- Gives lenders, investors and clients credible financial information
- Provides a clear view of your business’s performance and position
Whether your company also needs an audit or an independent review depends on its public interest score and Memorandum of Incorporation. If either is required, we prepare well-organised records and statements to support the process.