Everything you need to know about General Purpose Financial Reports (GPFR)

When it comes to General Purpose Financial Reports (GPFR) you need an accountant with vast experience that can prepare the report according to the principles of good governance. They should be familiar with AASBs and have a strong understanding of what the auditor of the entity will be looking for over the course of the audit.

For this reason, General Purpose Financial Reports (GPFR) are beyond the capabilities of smaller accounting firms. Either they lack the resourcing to commit the thorough report that your organisation needs or they lack the heritage and understanding to ensure that the GPFR meeds and exceeds the standards required of it. Accentor, however, has a long history in producing leading, successful GPFR reports for each of our clients.

Why do I need General Purpose Financial Reports (GPFR)?

Businesses find GPFR useful for a number of reasons, both regulatory and as part of doing business. These reports include a set of general purpose financial statements, such as a balance sheet, income statement, statement of owner’s equity/retained earnings, and statement of cash flows, and are used for:

  • Seeking investment by accurately reporting on the health of the company to potential investors.
  • Making decisions about the operation and ongoing direction of the business.
  • Communicating company performance to people outside of the organisation.
  • Fulfilling compliance requirements with business authorities.
  • ATO’s reporting compliance for a significant global entity.

The secret to our success

One of the reasons that Accentor is earning the fame in the creation of General Purpose Financial Reports (GPFR) is that we take the time to fully understand each business that we work with. Our senior team takes a personal interest and oversight role into every client to ensure that everyone gets the benefit of the many years of our international experience and expertise.

In addition, we using the leading software solutions available. CaseWare is accounting software used in the creation of GPFR by large and big four accounting firms in Australia. By coming to Accentor you gain the peace of mind that your reports will be produced to exacting standards, while also benefitting from the personalised service that isn’t available with the larger accounting practices.

Finally, Accentor has a rich history in engaging with the Chinese business community and many of our key specialists had work experience in China.  We can translate all reports into Mandarin and we can communicate with your headquarter in China in your language. For Chinese businesses, this is an invaluable service, not available thought most other accountants.

When do I need to get General Purpose Financial Reports (GPFR) made?

It’s useful to get regular reports made, as a GPFR is an invaluable tool for understanding the health of a business, identifying areas of concern, and highlighting where the successes are. For that reason, a comprehensive and accurate GPFR, such as what Accentor provides, is a strategic tool that business leaders can use to help drive further success and financial health within the business.

For more information on what is involved in getting a GPFR drawn up, please don’t hesitate to contact the team at Accentor today.

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