MGT Accounting and Consulting Inc
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MGT Accounting & Consulting’s mission is to provide bookkeeping, accounting & consulting services of a high standard to our clients at competitive price.
Annual financial statements are a formal record of the financial activities and position of a business, person, or other entity financial reports based on a 12-month consecutive time period and are presented in a structured manner, should be understandable, relevant, reliable and comparable to different users of financial statements.
It includes the following statement of financial position (former Balance Sheet), statement of comprehensive income (former Income Statement), statement of changes in equity, statement of cash flows & accompanying notes & analysis.
Why you need Annual Financial Statements?
1. The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.
2. Annual Financial Statements are the basis for submitting annual returns to the CIPC, SARS, Department of Labour among others.
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