Financial Statements
Overview
Financial statements are a vital component of a business’s financial reporting framework, offering a clear, standardised snapshot of financial health and performance over a given period. For companies and certain partnerships, the preparation of financial statements is not merely a best practice; it is a statutory obligation that must be fulfilled with accuracy, precision, and in compliance with applicable standards.
Our financial statements service focuses exclusively on the preparation of these essential documents. Built upon accurately maintained financial records, financial statements serve as the official record of business operations, enabling stakeholders to assess profitability, liquidity, solvency, and long-term sustainability. They are critical for a wide range of stakeholders, including management, shareholders, investors, creditors, and regulatory bodies, each relying on these statements to make informed decisions.
At Busuttil Assurance, we approach the preparation of financial statements with a commitment to detail, regulatory knowledge, and professional integrity. We ensure that every document we prepare reflects the true and fair view of our clients’ financial position, following all relevant financial reporting frameworks applicable in Malta. Our expertise allows companies and partnerships to meet their statutory obligations confidently, while also benefiting from transparent and reliable financial reporting.
Moreover, properly prepared financial statements lay the groundwork for various financial processes, such as audits, tax filings, and financial planning. Ensuring these statements are accurate and complete provides peace of mind and promotes confidence among all interested parties.
Scope
Our financial statements service covers the full preparation and presentation of statutory financial statements based on the financial records provided. In performing this service, we:
- review and analyse the financial data to ensure completeness and consistency,
- prepare the statement of financial position (balance sheet) detailing assets, liabilities, and equity,
- prepare the statement of comprehensive income (profit and loss account) reflecting revenues and expenses,
- prepare the statement of changes in equity, tracking movements in capital and reserves,
- prepare the statement of cash flows, detailing cash inflows and outflows from operating, investing, and financing activities, and
- compile accompanying notes to the financial statements providing detailed disclosures as required.
As part of the financial statements preparation process, we carry out several additional tasks to ensure completeness and accuracy. In doing so, we:
- ensure correct classification and presentation in accordance with applicable financial reporting standards,
- verify compliance with statutory disclosure requirements,
- ensure consistency across reporting periods,
- coordinate with auditors and other stakeholders where necessary, and
- address any queries or adjustments that may arise during the preparation process.
Our financial statements service is specifically designed for companies and certain partnerships, ensuring that the financial statements are tailored to meet the structural and regulatory obligations relevant to each entity type.
Benefit
Accurately prepared financial statements offer a multitude of benefits to businesses. By engaging our financial statements service, you:
- ensure compliance with statutory reporting obligations,
- provide stakeholders with a clear and transparent view of financial performance,
- enhance the credibility and reliability of financial reporting,
- support informed decision-making by management and investors,
- facilitate smoother audit processes by providing complete and accurate documentation,
- improve access to financing by presenting professionally prepared financial information,
- identify trends and areas requiring management attention, and
- establish a foundation for effective long-term business planning.
With our expertise, companies and partnerships can rely on high-quality financial statements that not only meet legal obligations but also add value to the organisation’s financial governance.
Regulatory Compliance
In Malta, the preparation and filing of financial statements are governed by strict regulatory frameworks, ensuring that businesses present a true and fair view of their financial position. Our financial statements service ensures full compliance with these legal and professional requirements. In fulfilling our obligations, we:
- adhere to relevant legislation applicable to companies and partnerships,
- prepare financial statements in accordance with IFRS or GAPSME, as applicable,
- ensure inclusion of all mandatory disclosures required by law,
- maintain consistency with prior period reporting for comparability,
- remain up to date with changes in financial reporting standards and incorporate these into the preparation process,
- ensure proper presentation of any contingent liabilities, post-balance sheet events, or related party transactions, and
- liaise with auditors and regulatory authorities to address compliance matters as needed.
By ensuring regulatory compliance, we help protect our clients from penalties and reputational risks while upholding the integrity of their financial reporting.
Related Services
In addition to our financial statements service, we offer several complementary services to support your business’s financial and reporting needs. These include:
- Accounting — recording, classifying, and maintaining all financial transactions to provide accurate financial records,
- Management Accounts — preparation of internal financial reports to aid management in monitoring performance and making strategic decisions, and
- Financial Audit — independent examination of financial statements to verify their accuracy and compliance with applicable standards.
By offering these related services, we provide our clients with a comprehensive suite of solutions that meet their ongoing financial and regulatory needs.
More Information
If you would like to receive more information or get in touch with us, kindly contact us now.