Compilations, annual financial report

Compilations are services done by professional accountants, and they present the preparation of financial reports on the basis of accounting and other data of the clients. The purpose of a compilation is to gather, sort and unite, through accounting expertise,financial information relevant to present the business actions of the client in the form of business reports. The compilation procedure includes the familiarizing with the issues of business dealings, accounting principles and practice, the types of transactions, accounting records and bases on which the information is shown.

The annual financial report is one of the services thatis possible to schedule within a compilation. The annual financial report is prescribed by the Book of Regulations on the Structure and Content of Annual Financial Reports, and it comprises of an annual financial report, profit and loss account, report on the changes of capital, cash flow report, statement on comprehensive profit, notes with financial reports, and the annual report. Smaller entrepreneurs have to assemble only the annual financial report, a profit and loss account and notes with financial reports within a framework of the annual financial report.

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