Preparation Of Financial Statements In Saudi Arabia
Financial statements provide a structured summary of a company’s financial position, performance, and cash flows. In Saudi Arabia, businesses are required to prepare statements in accordance with IFRS and local regulatory standards. MFD Services supports clients by coordinating with licensed accountants and auditors to ensure that financial statements are accurate, compliant, and investor-ready.
Why Financial Statement Preparation Is Critical In Saudi Arabia
Whether for tax filing, investor reporting, or regulatory compliance, properly prepared financial statements are essential. Errors or omissions can lead to penalties, audit flags, or reputational risk. MFD Services helps define reporting scope, organize financial data, and liaise with certified professionals to ensure timely and compliant statement preparation.
Who Needs Financial Statement Preparation In Saudi Arabia
Financial statements are required for:
- Commercial entities registered with the Ministry of Commerce
- Foreign-invested companies and joint ventures
- Listed and pre-IPO firms
- Businesses undergoing audit or valuation
- Entities applying for financing or investor onboarding
- Companies preparing for ZATCA tax submissions
MFD helps assess reporting obligations and coordinate preparation support.
What Are The Legal And Procedural Requirements For Financial Statements In Saudi Arabia?
Financial statements must be prepared in accordance with IFRS and submitted to relevant authorities such as ZATCA, GAZT, or CMA depending on the entity type. Statements typically include the balance sheet, income statement, cash flow statement, and notes to accounts. MFD ensures that coordination aligns with Saudi financial regulations and international accounting standards.
Accounting & Bookkeeping Services We Offer
What Documents Are Needed To Prepare Financial Statements In KSA?
To initiate financial statement preparation, businesses typically provide:
- Trial balances and general ledger reports
- Bank statements and reconciliations
- Sales, purchase, and expense records
- Payroll summaries and employee benefits data
- Tax filings and regulatory correspondence
- Company CR and license details
MFD assists in compiling and formatting these documents for review by certified accountants.
Financial Statement Preparation Cost, Duration, And Process
Estimated Pricing Fees vary based on company size, transaction volume, and reporting complexity. Basic statement preparation may start from SAR 8,000, while full-year multi-entity reports require tailored quotes.
Estimated Timeline Preparation typically takes 2 to 4 weeks, depending on documentation readiness and stakeholder coordination.
How The Process Works We begin by reviewing financial data and confirming reporting scope. MFD coordinates with licensed accountants to prepare statements, ensure IFRS compliance, and finalize reports for submission or audit.
How Financial Statements Support Business Governance In Saudi Arabia
Financial statements help businesses:
- Monitor financial health and performance
- Meet tax and regulatory filing requirements
- Support investor and board-level reporting
- Facilitate audits, valuations, and due diligence
- Strengthen internal controls and transparency
MFD ensures that statement preparation supports compliant, strategic financial management.
What Challenges Do Companies Face With Financial Statement Preparation In Saudi Arabia?
Common issues include:
- Incomplete or disorganized financial records
- Errors in ledger mapping or reconciliations
- Delays in stakeholder cooperation or approvals
- Misalignment with IFRS or local standards
- Lack of internal accounting systems or controls
Contact Us
Book an Appointment with Us
Schedule a consultation with MFD Business Solutions today and discover how our expert Actuarial Valuation and financial consulting services can enhance the accuracy and reliability of your financial records.
How Our Services Solves Financial Statement Preparation Issues
MFD Services provides structured support for financial reporting:
- Scope definition and documentation planning
- Liaison with licensed accountants and auditors
- Data formatting and reconciliation support
- Advisory on IFRS compliance and reporting structure
- Post-preparation guidance and submission coordination
Our role is to facilitate readiness and ensure smooth execution — not to certify or audit statements directly.
Industry-Specific Financial Statement Expertise
MFD Services customizes financial statement preparation to the operational realities and reporting obligations of each sector. We understand that accounting treatments, disclosure requirements, and audit expectations vary significantly across industries. We coordinate financial statement preparation through certified platforms and licensed professionals to ensure compliance without direct execution.
- Construction and Real Estate – Project-based revenue recognition, milestone billing, and asset capitalization
- Retail and E-Commerce – Inventory valuation, multi-channel revenue segmentation, and seasonal performance reporting
- Healthcare and Pharmaceuticals – Cost center allocation, deferred revenue from insurance claims, and regulatory disclosures
- Manufacturing and Industrial – Fixed asset depreciation, production-linked expense matching, and multi-site consolidation
- Professional Services and Consulting – Time-based revenue recognition, retainer tracking, and engagement-level profitability analysis
- Logistics and Supply Chain – Fleet asset reporting, cross-border compliance, and delivery performance metrics
Each engagement is scoped to reflect your sector’s accounting standards, investor expectations, and regulatory benchmarks — ensuring that financial statements are not only compliant, but commercially relevant.
Technology-Driven Accuracy and Reporting Efficiency
MFD Services integrates leading accounting platforms and reporting tools to streamline financial statement preparation. Our technology-enabled approach ensures accuracy, traceability, and audit-readiness across all reporting components.
We work with:
- QuickBooks and Zoho Books – Ideal for SMEs requiring customizable templates and automated reconciliations
- SAP and Oracle Financials – Suitable for large enterprises with complex reporting structures and multi-entity consolidation
- Tally ERP – Commonly used for ledger management and VAT-linked reporting in Saudi Arabia
- IFRS-Compliant Templates – Structured formats for balance sheets, income statements, and cash flow reports
- Custom MIS Dashboards – Built to track financial performance, compliance status, and audit readiness
Our coordination ensures that every report is system-aligned, regulator-ready, and optimized for investor and board-level presentation.
Why Choose MFD For Financial Statement Preparation In Saudi Arabia
MFD Services is trusted by founders, boards, and finance teams for financial reporting coordination. We work with certified professionals to ensure that statements are accurate, compliant, and aligned with business goals. Our support helps clients maintain transparency and meet regulatory expectations.
Ensure Financial Clarity With Structured Statement Preparation
MFD Services helps businesses prepare accurate, compliant, and investor-ready financial statements. We coordinate with licensed accountants to ensure your reports meet IFRS standards, support regulatory filings, and reflect your company’s financial integrity.
FAQ's
They summarize a company’s financial position and are required for tax, audit, and investor reporting.
Yes, entities registered with the Ministry of Commerce must prepare and submit compliant statements.
Typically 2 to 4 weeks, depending on documentation and scope.
No, MFD coordinates with licensed accountants to ensure proper execution and compliance.