Compilation of Financial Statements

Service Overview

Compilation of financial statements refers to preparation of unaudited financial statements in accordance with applicable IFRS. These financial statements are required –

For submitting to external auditors during audit,
For submitting to FTA during corporate tax deregistration,
While submitting full corporate tax return to FTA where revenue is less than AED 50 million,
By management for a specific period for internal review,

Organizations may encounter challenges in preparing financial statements due to change in accounting personnel during the year, inexperienced accounting staff, or complex transactions requiring professional expertise

Service Scope

MBK Accounting & Tax Consultancy LLC discusses the purpose for compilation of Financial Statements with the client and will prepare Statement of Financial position, Statement of Profit or loss and other Comprehensive income, Statement of changes in equity, statement of Cash flows and notes to financial statements.

Benefits to Clients

Accelerated and smooth Audit Procedures: Significantly reduces time required for year-end audit procedures through pre-audit preparation and issue resolution.
Facilitates Tax Computation : Ensures books of account are properly prepared to facilitate accurate corporate tax computation and compliance.
Accurate Financial Reporting: Ensures financial statements accurately reflect the organization's financial position and performance.
Independent Professional Review : Provides high-level independent review of the accountant's work by qualified professionals, identifying errors and omissions.

Affiliations and Certifications

MBK Accounting & Tax Consultancy LLC is certified Zoho Advisor.
Our Managing Director, Mr. Nandan Bendarkar is a certified Zoho trainer.
MBK also works with other software providers like Tally, Payment and Petty Cash solutions providers to provide seamless accounting solutions.
MBK Accounting & Tax Consultancy LLC is a member of GMNI , an association of legally independent accounting firms worldwide.