Every year-end presents a stressful time for most businesses, as it often coincides with the need to prepare an annual set of financial statements.
Preparing financial statements is a tricky endeavour and most entities are reliant on software to complete the process. For those that don’t have the advantage of software, where would the compilation process even start?
Truthfully, there is a lot of work that goes into preparing the accounting records before financial statements are compiled, regardless of using software or not.
Accordingly, ProBeta Training has prepared a training session aiming to answer the following questions:
• What type of entities need to prepare financial statements?
• Which accounting framework can I, or should I use?
• Can I prepare the financial statements myself, or do I have to outsource?
• Do I always need a balance sheet, income statement and a cash flow statement?
• What best practice guidance is available for preparing financial statements, e.g. ISRS 4410?
• What preliminary work needs to take place before the financial statements are prepared?
• What are the specific year-end adjustments that I should look out for?
The objective of this course is to:
1. Simplify the legislation affecting compilations, so that you will know
your rights and responsibilities
2. Empower you through understanding what is required to be done prior
to compiling the actual statements, so as to make the overall financial
statement preparation process a success
3. Explore the compilation standard, ISRS 4410’s, basic requirements to
ensure you are performing compilations using best practice
During this session, we will:
• Help you understand the legislation that affects the financial statement
preparation process, so that you will know your rights and responsibilities
• Draw your attention to the work that needs to take place before the
financial statements are compiled; and
• Consider the implications of the best practice guidance, being ISRS
4410, when undertaking Compilation engagements on behalf of clients.
The following individuals will benefit from attending this course:
• Accounting / finance department staff members involved in the financial
reporting process
• Trainee accountants / auditors who are assisting clients with compilation
engagements
