Financial reporting is the production and transmission of information that discloses the financial activities of an organisation. Unlike management accounting, which provides information for internal management review and use, financial reporting is done for review by third party entities that have a financial interest in the organisation. These include current and potential shareholders, creditors such as banks and vendors, financial analysts, economists and government agencies.
The information is presented as financial statements that reveal, in monetary terms, the economic resources under management control. It is imperative that this information is presented clearly and concisely, leaving no room for misinterpretation.
Financial reporting is highly structured in the presentation of statements, and subject to far more rules than management accounting. The body of rules that governs financial accounting in a given jurisdiction is called International Financial Reporting Standards (IFRS) or IFRS for SMEs (Small and Medium Enterprises).
WHAT OUR CLIENTS SAY
“Ever since we started working with Optima, all our financial stress disappeared. Service excellence and fastest service I have ever had, the team gets it done prompt, fast and accurate.”
“We are extremely blessed that we have such professional and competent accountants as Optima in our business and personal lives. They really go “the extra mile”. Their team strive for client satisfaction, and nothing is too big or small for them. We can relax knowing that our business is in good hands.”
“Our relationship with Optima is priceless. They get back to me with answers that are accurate and appropriate for our business relationship. They take a personal interest in our business, and treat our business as if it is their own.”