Financial Statements Durban covers the preparation of annual financial statements for companies, close corporations, trusts, body corporates and non-profits, usually to the IFRS for SMEs framework.
They are needed for the company tax return, for banks and funders, for CIPC where XBRL filing applies, and for any sale or valuation of the business.
Your entity type, year end, turnover and whether the bookkeeping is up to date. Firms will quote per set.
Get Quotes From Accountants in DurbanWhat A Set Contains
| Component | Purpose |
|---|---|
| Directors' or members' report | Confirms the state of affairs and going concern |
| Statement of financial position | Assets, liabilities and equity at year end |
| Statement of comprehensive income | Revenue, expenses and profit for the year |
| Statement of changes in equity | Movements in share capital and reserves |
| Statement of cash flows | Operating, investing and financing cash movements |
| Accounting policies | The framework applied, usually IFRS for SMEs |
| Notes to the statements | Detail behind each line item |
| Detailed income statement | Unaudited schedule used for the tax computation |
| Audit or review report | Where assurance is required |
Statements must be prepared within six months of financial year end under the Companies Act. The ITR14 cannot be completed without them.
Who Prepares Them And Who Signs
- Preparation. An accountant compiles the statements from your ledgers. Compilation is not assurance.
- Independent compilation matters. If your public interest score is between 100 and 349, having statements independently compiled means an independent review rather than an audit.
- Approval. The directors approve and sign the statements, and remain responsible for them.
- Assurance. An audit or review report is added by a separate, independent firm where required.
What Slows The Process Down
- Unreconciled bank accounts. The most common delay.
- Loan accounts with no supporting documentation. Director and shareholder loans need agreements and a movement schedule.
- Missing fixed asset register. Depreciation and wear and tear cannot be calculated without one.
- Stock counts not performed. No count at year end means an estimate, which weakens the statements and the tax return.
- Unresolved prior year queries. Opening balances that were never agreed.
Statements are only as reliable as the bookkeeping underneath. See Accountants Durban for firms that handle the monthly work as well.
Financial Statements Durban Prices
Indicative Durban ranges, excluding VAT, per set.
| Entity | Indicative fee | Notes |
|---|---|---|
| Dormant company | R2,500 - R5,000 | Nil statements plus the tax return |
| Small company, under R5m turnover | R4,500 - R12,000 | Records current |
| Company, R5m - R20m turnover | R10,000 - R25,000 | More disclosure |
| Company, R20m - R50m turnover | R22,000 - R50,000 | Complexity driven |
| Group consolidation | From R35,000 | Per group |
| Close corporation | R4,000 - R10,000 | Simpler disclosure |
| Trust | R5,000 - R18,000 | Per trust |
| Body corporate | R6,000 - R18,000 | Per scheme |
| Prior year catch-up, per year | R4,500 - R18,000 | Plus bookkeeping if needed |
| XBRL conversion and CIPC filing | R1,500 - R6,000 | Where CIPC requires iXBRL |
Indicative Durban ranges, not a quotation. If the bookkeeping is not current, the firm has to complete that first and it is quoted separately.
Send your year end and turnover, and compare fixed quotes per set.
Compare Financial Statement QuotesFrequently Asked Questions
Who must prepare annual financial statements?
Every company and close corporation, most trusts depending on the deed, body corporates under the STSM Act and non-profits under their governing documents. They must be prepared within six months of financial year end.
How much do annual financial statements cost in Durban?
A small company typically pays R4,500 to R12,000 excluding VAT. Between R5 million and R20 million turnover expect R10,000 to R25,000. Dormant companies are usually R2,500 to R5,000.
What accounting framework applies?
Most South African SMEs use IFRS for SMEs. Full IFRS applies to public and state-owned companies and to some larger private companies. Your public interest score and MOI determine which framework applies.
Do financial statements have to be audited?
Only if your public interest score, your MOI or your governing legislation requires it. Many companies need only an independent review, and owner-managed companies are often exempt from both.
Does CIPC need a copy?
Companies required to have audited statements must file them with CIPC in iXBRL format alongside the annual return. Others complete a Financial Accountability Supplement instead.
Related Accounting Services in Durban
Accountants Durban is a free quote-comparison service. The accounting, tax and audit work is carried out by the independent firms and practitioners that quote you, and your engagement is with the firm you appoint. Ask each firm for its registration details, professional body membership and a written engagement letter before appointing anyone.
Financial Statements Durban. Compare fixed quotes per set from accounting firms covering Durban.
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Send your entity type, year end and turnover, and firms will quote per set.
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