Financial statements supply the necessary financial information to the users of financial statements viz. shareholders, creditors, investors, social investigators, government and other organizations for their own interest.
The financial statements provide the summary of income and expenses in the form of income statement for a particular period and assets, liabilities and net worth of the organization as on a particular date in the form of statement of financial position (Balance sheet). Since the financial statements show even the common purposes of the users of accounting information, they are considered as useful tools in their hands.
The financial statement consists of
Income statement or Profit and Loss Account,
Statement of financial position or Balance Sheet,
Statement of cash flows
Statement of changes in equity
Other supporting schedules in preparation of above statements
How Spectrum can help you?
It is the business that is expected to prepare financial statements in general. If the employees of the company do not have time or expertise to prepare the financial statements in line with International Financial Reporting Standards (IFRSs), an expert accounts and audit firm like Spectrum Accounting with hundreds of clients and thousands of man hours can make a huge difference in helping any firm of any size in solving the most complex problems in the preparation of financial statements in the best possible way.
Spectrum Accounting team can review the accounts to make sure that the accounting is done properly by following the IFRSs and prepare the financial statements based on the requirements of IFRSs. This review process helps the client to rely on the financial information of the company without any doubt and it becomes easy to handle the audits. Spectrum Accounting has been helping organizations fulfill its major financial tasks by guiding and recommending the best practices for an efficient management while addressing the solution.
Spectrum Accounts & Auditing is one of the leading audit, accounting and service provider in UAE.
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