Financial Statements

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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.

Annual Financial Statements are presented in a structured manner and in a form easy to understand and include 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.
Financial statements should be understandable, relevant, reliable and comparable to different users of financial statements.

Why 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.

What MGT Does

1. We independently compile annual financial statements & issue an accompanying report
2. We independently review annual financial statements & issue an accompanying report
3. We perform annual submissions to the CIPC, SARS, Department of Labour based on the annual financial statements.