Introduction
Accounting bookkeeping services in Canada are important for any business that needs to file with the government and investors. A company must maintain accurate records of all transactions with its employees, suppliers, and customers. This information is necessary to know how much money is coming into the company or going out of it.
Preparation of statutory financial statements that are compliant with IFRS and ASPE requirements
Preparing statutory financial statements that comply with IFRS and ASPE requirements is a very common activity for accounting firms.
Statutory financial statements include:
- The balance sheet.
- Income statement (also referred to as the profit and loss statement or P&L).
- Cash flow statement.
- Notes to the financial statements.
These reports are required by law to provide information on how well a company is doing financially.
The International Financial Reporting Standards (IFRS) are an international accounting standard created by the International Accounting Standards Board (IASB). The Province of Alberta uses IFRS as its primary source for financial reporting when preparing statutory financial statements for publicly traded companies within its borders.
Company Income Tax preparation, filing, and payment
Filing and paying taxes for your business is an important part of accounting bookkeeping services. This article will help you understand how Canadian companies file their taxes and what you should expect from a professional accountant regarding tax filing.
Income tax is an important consideration for any business, especially for companies operating in multiple countries. To avoid being audited by the CRA or having penalties applied, you must consult trusted professionals who can assist you in navigating the complex maze of federal, provincial, and municipal regulations related to income taxes. You must also be aware of all relevant deadlines; ignoring them could result in fines or jail time!
How does my accountant prepare my corporate income tax return?
The first step in preparing your corporate income tax return involves determining which forms must be completed based on your company’s specific circumstances (e.g., whether it has employees). Some common types include:
Preparation of General Ledger and Financial Statement packages for management reporting
Financial statements are prepared by the accounting department and submitted to management. Four financial statements are prepared:
- The balance sheet lists assets, liabilities, and owner’s equity at a given point in the time
- income statement, which shows revenues and expenses for an accounting period
- cash flow statement, which summarizes the cash inflows and outflows during an accounting period. It also shows how much cash is available after paying all expenses and debts.
- Notes to the financial statements provide detailed information about specific items listed on the balance sheet or income statement if they’re unusual or otherwise require an explanation
Conclusion
The four financial statements are the foundation of external reporting. They provide investors, creditors, and other stakeholders with a clear picture of a company’s financial health. The primary purpose of these statements is to help readers decide whether to invest in your company and what type of investment might be appropriate for them.
