Financial statements of a close corporation
ID:CVFSCC
Video Overview
When learning how to compile financial statements, it is important to know the differences between a sole trader, a partnership, a close corporation and a company. The main differences come into play when compiling the information regarding the owners’ equity, so a thorough knowledge of these differences is essential. But for now, we are going to give you a look at what the financial statements of a close corporation, known in its short-form of a CC, need to include. When it comes to financial statements, what is required by the Act and what is recommended in practice are often significantly different. It is good to learn how to compile financial statements that contain more information than what is required by the Act so as to provide management with comprehensive information on which strategic business decisions can be based.
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