Step 1. Choose basis of presentation of reports

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

Management accounting

One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers (Burns, Quinn, Warren & Oliveira, Management Accounting, McGraw-Hill, London, 2013). Managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions.

Differences

Management accounting information differs from financial accounting (namely, IFRS) information in several ways:
• while financial accounting information is computed by reference to general financial accounting standards (IFRS, US GAAP, etc), management accounting information is computed by reference to the needs of managers, often using management information systems;
• while shareholders, creditors, and public regulators use publicly reported financial accounting information, only managers within the organization use the normally confidential management accounting information;
• while financial accounting information is historical, management accounting information is primarily forward-looking.

Step 2. Choose financial reports you need

Main reports:

May be prepared for group of companies, for single organization, for separate devision/ department/ segment/ etc.

Balance Sheet

Alternative names: Statement of financial position. Balance sheet (BS) is prepared AS OF the date (called “reporting date”) and shows:

  • Your assets: what you have.
  • Your equity and liabilities: what are the sources of what you have,

namely:

  • liabilities: what your debts, what you owe;
  • equity: own capital.
View simple example

Profit & Loss Statement

Alternative names: Statement of profit or loss (PL), Statement of income and expense, Income statement, Statement of comprehensive income. Is prepared FOR the period, which is called “reporting period” and shows:

  • Your income and expense for the period.
  • Your final result — profit or loss.

Two forms of presentation are possible:

  • by nature;
  • by function.
View simple example

Other reports:

Management accounting. Examples of management accounting reports that may be prepared upon request:

  • Historical data reports and analysis:
    fixed costs and variable costs analysis, sales analytics (sales by department, sales by product, sales trends, sales and sales returns analysis, etc), bad bebts report, ageing of accounts receivable, cost of sales by elements analysis, other.

  • Calculations:
    calculation of break-even point (BEP), cash call calculation, other.

  • Forecasts:
    cash flow forecast, fixed and variable costs forecasts, budgets and other forecasts.

IFRS. Full set of financial statements in accordance with IFRS comprises:
1) a statement of financial position,
2) a statement of profit or loss and other comprehensive income,
3) a statement of changes in equity,
4) a statement of cash flows and
5) respective notes to abovementioned statements.

View other examples:

Statement of comprehensive income
Statement of cash flows

Step 3. Choose your package

No of transactions
(for single company)		 up to 50 up to 100 up to 200 up to 500 up to 1000
PL report $20 $40 $80 $200 $400
PL+BS reports $30 $60 $120 $300 $600
Timing, working days 2 3 4 5 5

Get your discount!

Order Discount, %
3 months order 10%
6 months order 30%

Get individual offer!

Please, contact us for individual price proposal in case when:

  • you have more than 1000 transactions;
  • you require specific management reports;
  • you need daily or weekly reports.

Step 4. Start the process

1. Submit your request. 2. Receive NDA. Get your invoice. 3. Make  a prepayment. 4. Submit your bank statement and other data (if applicable). 5. Answer some questions. 6. Receive your reports. 7. Ask your questions. 8. Process final payment.

Step 5. Become one of our happy clients!

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