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Accounting & Financial Reporting

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Accounting & Financial Reporting

GAAP Associates, which has been listed as a leading accounting and auditing firm in the UAE for the past several years, is known for providing extensive accounting and financial reporting service in Abu Dhabi, UAE. In order to ensure compliance with International Financial Reporting Standards (IFRS), we provide our clients with assistance in presenting the company's financial status to its investors, creditors, clients, suppliers, and government agencies, thereby ensuring the financial statements are accurate and meaningful. By using detailed financial reports provided by us, you will be able to evaluate the financial performance of your company over the past and current financial periods, as well as identify areas of improvement.

Importance of Accounting & Financial Reporting

Accounting and financial reporting services contribute to the company's growth. To determine the result of your business operation, you need to track the income and expenses. It is mandatory to maintain the book of accounts according to UAE law as well. Thus, accounting and financial reporting are necessary so that investors can assess a company's financial standing, make informed investment decisions, and reduce unnecessary expenditures.


Accounting & Financial Reporting

Accounting and Financial Analysis Reporting can be completed by following these steps.

Double Entry System

According to the double-entry system of accounting or bookkeeping, each business transaction must be recorded in at least two accounts. According to the double-entry method of accounting or bookkeeping, the amounts associated with each business transaction must be entered into a minimum of two accounts. The amount recorded as a debit in this system must match the amount recorded as a credit. Accurate reporting is dependent mainly on proper data entry.

Ledger Entry

A Ledger Entry is a written account of a company's financial transactions. A Ledger Entry is a written account of a company's financial transactions. It should contain the following:

  • The accurate date
  • The sums to be debited and credited
  • The transaction account A unique reference number 
  • A unique reference number (URN)


Trial Balance

 A trial balance is a list of all the general ledger accounts comprising capital and income that have been entered into a company's ledger. Each nominal ledger account's name and the amount of that account's nominal ledger balance are listed below. There is either a debit balance or a credit balance for each nominal ledger account.

Financial Statements

Finally, after collecting all the necessary information, the company's financial statement must be prepared. Finalization of Financial Statement Services assists clients in validating their financial records for improved financial planning. Every firm is required to compile the following four financial statements, which every investor should review:

  • Income Statement: A company's income statement provides its net income for the financial year.
  • Balance Sheet: Assets = Liabilities + Shareholders' Equity is the formula used to generate a balance sheet. It displays the company's financial position.
  • Shareholders’ Equity Statement: A company's balance sheet includes a shareholders' equity statement, which is a financial record.
  • Cash Flow Statement: This is prepared to determine the cash inflows and cash outflows of a company.


Financial reports are used by the right kinds of individuals to evaluate the position, performance, and changes in the finances of a business over the fiscal year. Financial reports help viewers in making more informed choices.

Company financial statements include a Statement of income, Statement of comprehensive income, Statement of financial position, Statement of cash flows, and Statement of Changes in Equity.

These reports are intended to examine resource utilisation, cash flow, business performance, and therefore the company's financial health. This aids in the decision-making process for managing your firm for both you and your investors.

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