The FRS Process

The FRS Process – graphical illustration

Client Information (Completed by client) Electronic copy of trial balance from any general ledger system Client completes a customised "client disclosure document" (less than one day's work for client)

FRS System (Completed by FRS) Electronic import Allocate chart of accounts (if 2nd year new accounts only) Consolidation if required Populate additional notes for non-TB items using client disclosure document

Financial Reports (Completed by FRS) Compile annual or financial report Produce audit trail and supporting reports

The FRS Process - steps

1. You provide information to FRS (trial balances and client disclosure document)
2. FRS prepares the annual or interim financial report
3. FRS sends you the draft annual or interim financial report *
4. You review the draft annual or interim financial report and provide any tax or audit adjustments back to FRS *
5. FRS produces the final annual or interim financial report

* Typically there are four drafts for a general purpose financial report: preliminary, issued prior to year end audit, issued after audit adjustments and issued after tax adjustments.