Accounting Malta 2022 | Griffiths + Associates

Accounting in Malta 2022

One of the keys to a business entity’s success lies in proper and timely accounting and reporting to management of its financials and key performance indicators.

Our team of dedicated accountants understands the needs of our diverse clientele and provides ad hoc reporting and tailor made solutions.

This will enable the client to focus on the daily operations of the business entity leaving the daily accounting and reporting functions to our team of professionals.

Statutory Accounts Preparation

In Malta, every registered person engaged in trading operations is to file the relative financial statements in terms of local Generally Accepted Accounting Principles or in terms of International Financial Reporting Standards.

This legal requirement extends to limited companies but also to other bodies of persons.

Our accounting software is SQL-based and bespoke; we could provide any reports that our clients would need to efficiently and effectively communicate to their management functions the key performance indicators and financial figures.

We could offer remote access to said system, and provide granular rights to users as necessary. Moreover, our system enables integration with third party applications and POS systems, so full flexibility is guaranteed.

What Is Included In Annual Accounts?

Annual accounts include the details of all the purchases, sales, receipts and payments, operating expenses, assets and liabilities of the company.

For this reason, they give a fairly accurate snapshot of the company at a specific moment in time.

At their core, annual accounts comprise:

  • A Statement of Financial Position (a balance sheet);
  • A Statement of Comprehensive Income (an income statement/profit and loss account); and
  • Notes to the accounts.

Statement Of Financial Position

The statement of financial position depicts the net asset position of the company as at the financial year-end.

It lists the assets, be they tangible or intangible, fixed or current.

Typical fixed assets include property, equipment and investments; typical current assets include stock, debtors and cash/bank balances.

Corresponding equity and liabilities will also be stated in the balance sheet, be they short-term such as creditors or tax, or long-term, such as loans and similar debt.

Our dedicated accounts team is qualified and experienced in preparing the necessary statutory financial statements as necessary in terms of law and regulations.

Details on Accounting, Management Accounts and Reports:

Our company’s mission – to provide quality financial services to our esteemed local and international clients, keeping their needs at the centre of our ethos; going the extra mile to efficiently and effectively assist them in growing and fulfilling their business and personal needs.

Peter Griffiths – Managing and Tax Director
Peter Griffiths
Managing and Tax Director, Griffiths + Associates
How Can We Assist You?

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