Financial Reporting
Financial statements and reports prepared under IFRS Accounting Standards, helping companies assess performance and support financial and management decisions.
Financial reporting
We prepare your financial statements under IFRS so they reflect your performance accurately and give your auditor, your bank, your partners and the General Tax Authority a reliable reference.
Financial reports are among the most important pillars of accounting: they are the outcome of a careful examination of the financial details of all of a company’s projects and transactions. With the financial reporting service at Bader Farhan Al-Ahmad Office for Accounting, Auditing & Consulting, we prepare financial statements and reports to precise professional standards, so that the financial information is clear and reliable and serves as a sound reference for decisions and for users inside and outside the organization.
Preparing financial statements and reports to professional standards makes them a reference for every user, accurately reflecting the transactions that shaped the company’s decisions over a given period. The outputs of the accounting system depend on the quality of the standards used to prepare them, and the financial information they contain must agree with the accounting records and be sufficient for the needs of stakeholders inside and outside the company.
We help you build more accurate and clearer financial reports, from reviewing your entries and balances, through closing entries and adjustments, to the notes that accompany the annual statements and the management reports you need during the year. We also prepare quarterly or half-yearly interim statements whenever banks or partners ask for them.
What we deliver
01
Statement of financial position
Your assets, liabilities and equity at the end of the period, split into current and non-current and compared with the previous period, showing liquidity and solvency.
02
Statement of profit or loss and other comprehensive income
The results of the period, its income and expenses, presented in a way that shows where profit comes from and the main cost items.
03
Statement of changes in equity
Movements in share capital, reserves, retained earnings and distributions during the year, showing partners how decisions affected their equity.
04
Statement of cash flows
Where cash came from and how it was used in operating, investing and financing activities, to assess the organization’s ability to meet its obligations.
05
Notes and accounting policies
Notes that complete the statements and explain significant accounting policies, estimates, related-party transactions, contingent liabilities and subsequent events.
06
Periodic management reports
Monthly or quarterly reports with liquidity and profitability indicators and actual-versus-budget comparisons, to track performance during the year.
07
Tax return schedules
The schedules the Income Tax Law’s Executive Regulations require with the final accounts, such as the fixed asset depreciation schedule and the related-party transactions schedule.
08
Special-purpose reports
Financial statements and reports requested by banks, partners or government bodies, in the format and for the period they require.
How we work
01
Review the books and trial balance
We examine the entries and balances, make sure the bank reconciliations and customer and supplier accounts are complete, and list any corrections needed before the close.
02
Closing entries and adjustments
We post accruals, depreciation, provisions and inventory valuation in line with the approved accounting policies.
03
Draft the statements and notes
We draft the financial statements and notes in line with the presentation and disclosure requirements of IFRS.
04
Review with management
We go through the statements with management, explain significant changes from the prior year and their causes, and answer questions before the statements are approved.
05
Hand over to the auditor and authorities
We hand the pack to the independent auditor, follow up on their comments until the report is issued, then prepare the tax return schedules.
Why financial reports matter and what Qatar requires
Financial reports matter for more than official requirements: they are how a company understands its financial capacity and the direction of its business. In Qatar they are also tied to clear legal obligations. The Executive Regulations of the Income Tax Law require final accounts audited by an auditor registered in Qatar to be attached to the tax return if capital exceeds QAR 200,000, total income exceeds QAR 500,000 or the head office is outside Qatar, and the General Tax Authority sets separate thresholds by circular for exempt companies owned by Qatari or GCC nationals. The return is due within four months of the end of the tax year. The Commercial Companies Law also requires the managers of a limited liability company to prepare the balance sheet and profit and loss account within two months of the year end, and the board of a public joint-stock company to prepare its financial statements within three months.
Under the Regulations, the final accounts comprise the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes. With IFRS 18 replacing IAS 1 for annual periods beginning on or after 1 January 2027, we help our clients prepare for the new presentation requirements. Among other things, financial reports show a company:
- Its financial capacity and readiness to take on new investments
- Its cash flows and ability to meet its obligations to third parties
- The sequence of steps that led to its financial results
- The share it can commit to new ventures
- Whether its financial transactions and their details are sound, internally and externally
FAQs about financial reporting in Qatar
Which accounting standards apply in Qatar?
Income Tax Law No. 24 of 2018 requires taxpayers to keep books and records in line with Qatari law and international accounting standards, and the Commercial Companies Law requires the auditor’s report to state that the company keeps proper accounts in line with internationally recognized accounting rules. We therefore prepare financial statements under IFRS Accounting Standards, taking into account any specific requirements of the regulator of your sector.
Do my financial statements need to be audited?
The Commercial Companies Law requires public joint-stock companies, partnerships limited by shares and limited liability companies to have an auditor appointed by the general assembly. For tax purposes, the Executive Regulations require audited accounts to be attached to the return if capital exceeds QAR 200,000, total income exceeds QAR 500,000 or the head office is outside Qatar, and the General Tax Authority’s circulars set separate thresholds for exempt companies owned by Qatari or GCC nationals. We help you work out what applies to you.
When must the annual financial statements be prepared?
In a limited liability company, the managers prepare the balance sheet and profit and loss account within two months of the year end, and the general assembly meets within four months of it. In a public joint-stock company, the board prepares the financial statements within three months. The tax return is due within four months of the end of the tax year. That is why we start the year-end close early, so all these deadlines can be met together.
What changes with IFRS 18?
The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in April 2024 to replace IAS 1. It applies to annual periods beginning on or after 1 January 2027, with earlier application permitted. Its main additions are two new defined subtotals in the statement of profit or loss, disclosure of management-defined performance measures, and new principles for aggregating and disaggregating items.
Can you prepare our financial statements and then audit them?
No. The Executive Regulations of the Income Tax Law do not allow anyone who took part in preparing the final accounts to audit them and issue the auditor’s report, and the Commercial Companies Law bars the auditor from any technical, administrative or advisory work for the company. If we prepare your statements, an independent auditor audits them, and we follow up on the auditor’s comments until the report is issued.
Need advice on financial reporting?
Our team is here to help. Contact us now to discuss your company’s needs and receive a tailored proposal.