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Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
Do reviewed financial statements require footnotes?
Reviewed financial statements must include all required footnotes and other disclosures.
Can reviewed financial statements omit disclosures?
The accountant may prepare financial statements that omit substantially all disclosures required by the applicable financial reporting framework. The accountant may prepare financial statements that include disclosures about only a few matters in the notes to the financial statements.
Is omitting disclosures a departure from GAAP?
30 If the accountant compiles financial statements that include substantially all disclosures required by accounting principles generally accepted in the United States of America but omit the display of comprehensive income, the omission is a departure from accounting principles generally accepted in the United States
Can a bookkeeper prepare financial statements?
Accountants are a level up from bookkeepers. They can (but usually don't) perform bookkeeping functions, but usually, they prepare detailed financial statements, perform audits of the books of public companies, and they may prepare reports for tax purposes.
What are GAAP requirements for preparing financial statements?
The following three major financial statements are required under GAAP: the income statement, the balance sheet, and the cash flow statement. A company's balance sheet summarizes assets and sets them equal to liabilities and shareholder's equity.
What is a reviewed financial statement?
A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to an entity's financial statements for them to be in conformity with the applicable financial reporting framework (such as GAAP or IFRS).
What is the difference between reviewed and compiled financial statements?
In all three cases, the auditor begins with the account balances provided by management, but an audit requires in a significant amount of corroboration of this information. A review requires some testing of the information, while a compilation almost entirely relies on the presented information.
How much should a reviewed financial statement Cost?
Reviewed financial statements generally range in costs from $$1,2005,000 based on the size and complexity of your company and can take up to 2 weeks to complete.
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