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.
For more information on what is involved in preparing a General Purpose Financial Report (GPFR), please don’t hesitate to contact the team at Accentor today.
