SULAIMON AND CO has developed a strong professional team capable of delivering integrated consultancy services in management and finance to private, public and NGO’s sectors. Specialized committees on Audit and Tax set international professional standards for its member firms. Quality Control Reviews ensure that these high standards are met. Apart from this, specialized committee publish several professional publications and manuals – all contributing to the quality and international expertise of the network
STAFFINGOur professionally qualified staff is twenty five (25) supported by about one hundred and twenty (120) trainee accountants who are graduates of universities and polytechnics. The Apex- structuring concept enable defend to continue to develop each staff through a progressive training scheme, whose results reflect in better clients’ services through the acquisition of technical skills and continuity. We are proud to have matured and experience members of staff who will be able to deliver efficient services at all time.
FEEOur fees are based upon the time occupied on client work, charged at an hour rate according to the grade of staff involved. It is difficult to provide an estimate of our cost until a preliminary survey of your requirement has been carried. We must however, assure that our charges are moderate, in accordance with the rate prescribed from time to time by our institute, and would only be raised after an agreement has been reached with you.
IFRS ComplianceInternational Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board, and they specify exactly how accountants must maintain and report their accounts. IFRS were established in order to have a common accounting language, so business and accounts can be understood from company to company and country to country.
Standard IFRS Requirements
IFRS cover a wide range of accounting activities. There are certain aspects of business practice for which IFRS set mandatory rules.
- Statement of Financial Position: This is also known as a balance sheet. IFRS influence the ways in which the components of a balance sheet are reported.
- Statement of Comprehensive Income: This can take the form of one statement, or it can be separated into a profit and loss statement and a statement of other income, including property and EQUIPMENT.
- Statement of Changes in Equity: Also known as a statement of retained earnings, this documents the company’s change in earnings or profit for the given financial period.
- Statement of Cash Flow: This report summarizes the company’s financial transactions in the given period, separating cash flow into Operations, Investing, and Financing.
In addition to these basic reports, a company must also give a summary of its accounting policies. The full report is often seen side by side with the previous report, to show the changes in profit and loss. A parent company must create separate account reports for each of its subsidiary companies.