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What is compilation of financial statements?

Every business, however small, must take a stock of its financial position on a regular basis.

It must prepare a financial report which is useful for creditors, investors, government regulators and the management of the company in taking decisions. The compilation of financial statement of a privately held business is done by accountants just for this reason.

During compilation, data provided by the company is arranged in conventional financial statement form. Accountant then reads it and issues a certificate about it being in proper form and free of material errors. The certificate does not contain specific remarks about the reliability of the data.

An accountant can be engaged to do a review or the audit of the company. During a review and audit, the accountants checks for the reliability of the financial data which adds a lot of weight to the final report prepared by them.

What is XBRL report?

XBRL is eXtensible Business Reporting Language. It is used to communicate business data between a sender and a receiver. Singapore government has made it compulsory of each company to submit its financial statements only in XBRL format. Using this format it is easy to analyze submitted data and make predictions about the trends in finance.

What is Corporate Accounting?

Every company or corporation needs to produce two types of reports for reporting its financial and operational health.

Corporate accounting is a special type of accounting for companies. During it, statements about final accounts, cash flow and analysis and interpretation of company’s financial results is done.

Information about the financial health of a company is communicated to the investors, stock holders of the company, general public and the government regulators through financial accounting report. Such reports are used to make decisions about investments and are considered important.

The operational efficiency of the corporation or the company is communicated to the management through management accounts reports.

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