Preparation of Statutory Financial Statements
Statutory Financial Statements and their preparation are key to businesses with entities operating outside of the US. In the dynamic landscape of financial reporting, businesses are required to adhere to industry and country-specific standards when preparing statutory financial statements. At CKH Group, our expert team of professionals recognizes the significance of each component within these statements and ensures that your financial statements are not only compliant but also reflective of your business’s true financial health.
As a leading CPA firm based in Atlanta, we take pride in offering Compliance Services designed to:
- Maintain global statutory compliance
- Reduce risk or costly errors
- Provide cost-effective, timely, and efficient results
What Are Statutory Financial Statements?
Statutory financial statements encompass your company’s consolidated financial records, appearing annually, quarterly, or bi-annually. These statements offer insights into income, expenses, balance sheets, and budgets, subject to review by a statutory auditor. The preparation and specifications of these statements differ based on jurisdictional and industry-specific considerations. This varies from financial statements in the sense that statutory financial statements are prepared with these local jurisdictional regulations in mind. The preparation of a financial statement in the US will be different from that in Germany, the UK, etc.
Preparing statutory financial statements in accordance with local law is not usually considered a core business activity for most companies. Despite this, extensive preparation requirements will still be required, which is why CKH Group can assist with our dedicated team of experts.
What is the Importance of Statutory Reporting?
Aside from being required for compliance reasons, preparing statutory financial statements and maintaining financial reporting specific to local laws will help correct mistakes and avoid errors. Having a firm like CKH Group handle these complicated reporting standards can improve internal oversight and operations, all while saving you time and effort.
What Accounting Standards Does My Business Need to Adhere to?
Most businesses in the United States only have to adhere to US GAAP standards, but for those businesses with multiple entities who operate outside the US, different standards must be adhered to. Usually, this will be IFRS (International Financial Reporting Standards), but each country or jurisdiction within a country might have additional regulations and standards that should be considered when preparing local financial statements.
Why Choose CKH Group?
CKH Group’s Outsourcing Solutions are designed to support businesses where they need it most, empowering them to focus on their core competencies instead.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful outsourcing partnership for you. Contact us today to explore how our outsourcing services can add value to your organization.