Annual Financial Statements
Professionally prepared, compliance-ready annual financial statements for South African companies — aligned with IFRS for SMEs and filed with CIPC on time, every year.
What's Included in Your AFS
A complete set of annual financial statements includes all of the following components — each prepared to the applicable reporting standard.
Statement of Financial Position
A snapshot of your assets, liabilities, and equity at year-end — commonly known as the balance sheet.
Statement of Comprehensive Income
Your profit and loss for the financial year, including other comprehensive income items.
Statement of Changes in Equity
Shows all movements in shareholder equity during the year including dividends and retained earnings.
Statement of Cash Flows
Tracks actual cash generated and used in operating, investing, and financing activities.
Notes to the Financial Statements
Detailed disclosures explaining accounting policies, estimates, and significant balances.
Directors' Report
Management commentary on business performance, significant events, and future outlook.
Applicable Compliance Standards
The standard we apply depends on your company's public interest score and ownership structure. We advise on the correct standard during onboarding.
IFRS for SMEs
International Financial Reporting Standards for Small & Medium Entities
The most commonly applied standard for South African private companies. Simpler than full IFRS while maintaining internationally recognised credibility.
Suitable for:
Private companies, close corporations, most SMEs
Full IFRS
International Financial Reporting Standards
Required for public interest entities and companies with a public interest score above the threshold. More complex disclosures required.
Suitable for:
Listed companies, subsidiaries of listed groups, high-PI entities
Why Annual Financial Statements Matter
AFS are not just a legal obligation — they are a powerful business tool.
CIPC Annual Return Compliance
Certain companies are required to file financial statements with CIPC as part of their annual return. We handle this filing.
Bank and Investor Confidence
Lenders and investors require audited or independently reviewed AFS for loan applications and due diligence.
Tax Return Input
Your ITR14 (company tax return) is based on your AFS. Accurate statements ensure correct tax liability calculations.
Management Decision Making
Year-end financials give you a clear picture of profitability, liquidity, and return on investment.
Audit Trail and Legal Protection
Professional AFS prepared by qualified accountants protect directors from personal liability claims.
What You'll Need
To get started, please have these documents ready:
Full Year Accounting Records
- Trial balance or general ledger for the financial year
- Bank statements for all accounts (full year)
- Fixed asset register or list of capital purchases
- Loan agreements and outstanding balances
- Year-end debtors and creditors listings
- Stock / inventory count sheets (if applicable)
Supporting Documents
- Prior year signed financial statements
- Company registration documents (COR14.3)
- Directors' details and tax numbers
- Payroll summary for the year
- Dividend declarations and payments
- Any major contracts or legal agreements
💡 Pro Tip: The cleaner your trial balance, the faster we can complete your AFS. If your bookkeeping is done with us, we have most of this information already — making your year-end process seamless.
- 1.Document submission and trial balance review
- 2.Bookkeeping adjustments and closing entries (if needed)
- 3.Draft AFS prepared and sent for management review (7–14 days)
- 4.Amendments based on director feedback
- 5.Final AFS signed by directors
- 6.CIPC annual return and AFS filing (where required)
Learn More
Who It's For
- All registered companies (Pty Ltd and CC)
- Companies applying for bank finance or overdraft facilities
- Businesses tendering for government or corporate contracts
- Companies with shareholders requiring annual reporting
- Entities subject to CIPC public interest score requirements
- Any business that needs tax-ready financials for ITR14 submission
Why It Matters
- CIPC requires annual returns — certain companies must file AFS
- Banks require signed AFS for business loan applications
- Your ITR14 company tax return is based on your AFS figures
- Directors have a fiduciary duty to maintain proper accounting records
- Investors and partners require AFS for due diligence
- Early preparation avoids penalty surcharges for late CIPC filings
Common Questions
Do all companies need an audit?
No. Most small private companies require an independent review or compilation engagement only. We assess your public interest score to determine the correct level.
When must AFS be completed by?
CIPC annual returns must be filed within 30 business days of the anniversary of your incorporation. AFS must be filed alongside if required. We track these deadlines for you.
Can you prepare AFS if my bookkeeping is a mess?
Yes. We offer a bookkeeping clean-up service before AFS preparation. We quote on the additional work required based on the volume of transactions.
Do you prepare AFS for trusts and non-profits?
Yes. We prepare financial statements for trusts, NPOs, and section 21 companies. Different reporting requirements apply and we advise accordingly.
What Makes Us Different
- Qualified accountants prepare your AFS
- We apply the correct reporting standard for your entity
- CIPC filing handled as part of the service
- Plain-language explanations of your financial results
- Integrated with your monthly bookkeeping for a seamless year-end
- Fixed annual fee — no surprise charges
Professional Financials, On Time Every Year
Let us prepare your annual financial statements accurately and on schedule.
Ready to Get Your AFS Done?
Request a quote — we'll confirm what's needed and provide a fixed price within 24 hours.
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