Articles on: Company

How to approve Annual Financial Statements (AFS)

Estimated Reading Time: 1 minute and 30 seconds

Every year a company must draft a set of Annual Financial Statements (AFS) as per the Company’s Act. The statements reflect the financial position and performance of the company and must be approved via ordinary resolution by the directors. The resolution will confirm that the statement is accurate and true, as well as appoint a director to sign off the statement on behalf of the board.

Step 1: Navigate to select the company you would like to approve financials for and select the Dashboard tab .

Step 2: This will open up a window prompting you for information pertaining to the financial statement that you are approving.

You will need to fill in the following details:

the professional’s details that drafted the financial statements,
the financial period that is being approved,
date the statement was published (should be within 6 months of the company’s year end),
The type of financial statement: Compilation, Independent Review or Audited,
Select the director that is authorised to sign on behalf of the board

Step 3: Once you have completed the form, ensure the tick box is selected to populate your resolution and click Save.

A final window will pop up that includes the resolution for you to download and distribute to the board for approval. This resolution should be stored together with your signed AFS in your company records.

Updated on: 29/05/2023

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