Annual Financial Statements

All South African entities created through legislation (companies, close corporations, NGOs, etc.) must produce Annual Financial Statements (AFS). Louw Cooper Rasool advises our clients on the relevant requirements and we assist with the preparation of AFS that typically consists of:

  • A balance sheet reporting the financial position (assets, liabilities and equity)
  • An income statement depicting annual company performance
  • A cash flow statement to track cash reserve movements
  • Policies of the entity to indicate which accounting policies and standards are being used
  • Notes to the AFS which provides invaluable contextual information
  • A report by an independent party can also form part of the AFS and may, in some cases, be required by law