Statutory Accounts Services
Annual Accounts/Statutory Account
Navigating the requirements for statutory accounts can be challenging for any business. Our expert team of chartered accountants is here to simplify the process, ensuring that your company meets all regulatory obligations with ease.
What Are Statutory Accounts?
Statutory accounts, also known as annual financial statements, are a legal requirement for all businesses in the United States. These accounts must be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and filed with the appropriate regulatory authorities, such as the Internal Revenue Service (IRS) and state agencies, typically within a specified timeframe after the end of the financial year.
Annual Accounts/Statutory Account
- Balance Sheet Provides a snapshot of your company’s financial position at a specific point in time, detailing assets, liabilities, and equity.
- Income Statement (Profit and Loss Statement) Summarizes the company’s revenues and expenses over a period, highlighting net profit or loss.
- Statement of Cash Flow Illustrates the flow of cash in and out of the business, classified into operating, investing, and financing activities.
- Notes to Financial Statements Offers additional context and detail about the figures in the financial statements, including accounting policies and significant estimates.
- Management Discussion and Analysis (MD&A) A narrative explaining the financial results and the company’s performance, strategies, and risks.
- Independent Auditor’s Report For businesses that require an audit, this report provides assurance that the financial statements are free from material misstatement.
Our Services
Our team specializes in the preparation and filing of statutory accounts in compliance with U.S. GAAP. We offer comprehensive support, including:
- Gathering and organizing financial data
- Preparing and submitting accurate financial statements
- Navigating the regulatory filing process
- Rectifying errors and ensuring compliance
Our team specializes in the preparation and filing of statutory accounts in compliance with U.S. GAAP. We offer comprehensive support, including:
