Services
Financial statements are only useful when they follow the right framework and agree to the underlying records. We help businesses work out which reporting framework applies to them and prepare statements and supporting schedules consistently.
The problem
What you get
A discussion of which framework is likely to apply, such as IFRS as adopted in Pakistan, IFRS for SMEs or the standard for small-sized entities and who requires your statements.
Statement of financial position, profit or loss, cash flows and changes in equity prepared from reconciled ledgers.
Fixed assets, receivables, payables, borrowings and similar schedules that agree to the ledger.
Notes to the accounts drafted for review by management and the auditor.
A timetable of what is needed, from whom and by when, so reporting is not left to the end.
Who it suits
Process
The exact steps depend on your business. This is the general shape.
Who needs the statements, under which framework and for which period.
Trial balance, reconciliations and cut-off are reviewed so statements start from reliable numbers.
Statements and supporting schedules are prepared in line with the agreed framework.
Notes are drafted and open questions are listed for management.
Statements are reviewed with you and organised for the auditor or other recipient.
Benefits
Statements follow one framework and tie to the books.
Supported schedules and clear notes reduce back-and-forth.
You see what the statements say about performance and position.
FAQ
Both are sets of rules for preparing financial statements. IFRS Standards are issued by the IFRS Foundation and used in many countries. GAAP refers to a country's generally accepted accounting principles and is most often associated with the United States. The right one depends on who requires your statements.
According to the IFRS Foundation's Pakistan profile, listed, public-interest and large non-listed companies use IFRS Standards as adopted in Pakistan, medium-sized entities use IFRS for SMEs and small entities use ICAP's standard for small-sized entities. Our article on IFRS in Pakistan has the details and a reminder to check current thresholds.
No. Reporting support helps you prepare statements. An audit opinion is issued by an independent auditor.
Share a few details and we will outline a practical way forward. No obligation.
Please note: The reporting framework that applies to an entity depends on its legal form, size and public-interest status and the criteria can change. Confirm with the Securities and Exchange Commission of Pakistan, ICAP or your auditor.
