Financial Statement Compilation and Year End Accounting
Financial statement compilation and year end accounting.
Year end accounting and tax services is a financial statement compilation along with corporate and personal tax returns and it is normally for tax filing and owner management use. It has no assurance given and always a “Notice to Reader” report attached detailing the limited work performed. It is necessary for all businesses to file corporate tax returns every year.
All corporations need to prepare annual financial statement in accordance with Business Corporations Act in Ontario. Some of the industries we help include:
- Private businesses
- Medical clinics, dentists, other medical professionals
- Business owners , investors , and management companies Not for profit organizations
- Investors, self-employees
- And more…
If you are a owner of a corporation, please feel free to contact us to Get a Quote.
It requires you maintain a proper bookkeeping including accounts reconciliations periodically before each fiscal year end for financial statements compilation and tax filings. Our bookkeeping services can help you to meet this requirement.
We adopt the compilation procedures defined in the Section 9200 of CAS in regard to compilation engagement and primarily take the following steps:
- Understand your business
- Discuss the terms in compilation engagement Perform compilation procedures
- Communicate you about your financial statements
Generally speaking, a notice to reader financial statements is for business owners to keep corporate annual financial records, file corporate tax return and optimize corporate and personal tax planning opportunities. Every corporation is required to have annual financial statements in accordance with the Business Corporations Act of Ontario, and every corporation is required to file corporate tax return annually in accordance with Income Tax Act.