Financial Statement Preparation

Financial Statement Preparation

According to the resolution of the Israeli Securities Authority (Clarification of Ruling No. 105-18 Concerning the Independence of the Auditors: Assistance in the Preparation and Drawing-Up of Financial Statements for the Auditee); assistance provided by auditors in the preparation of the auditee’s financial statements, including the formulation and drawing-up of financial statements, undermines the principle of independence.

Therefore, in response to the Israeli Securities Authority resolution Ruling No. 105-18, BDO Israel offers services in connection with planning, implementating and operating the financial reporting process.  These services include: assistance in the preparation and composition of financial statements, implementation of accounting and measurement principles, and drafting of annual financial statements for 2009.  The services are provided by a highly qualified and experienced team, using professional software. 

BDO Israel has vast experience in the preparation of financial statements for local and international companies in a variety of sectors in accordance with Israeli, International and U.S. accounting standards.  BDO Israel also specializes in consulting, guiding and providing solutions with respect to accounting and taxation issues, under both Israeli and foreign law.  

The Financial Statement Preparation Team relies on the extensive knowledge and experience of BDO Israel's Professional Practice, which specializes in providing professional consulting and opinions in a wide range of areas. The Professional Practice closely works with accounting and audit issues under Israeli, international and U.S. accounting standards, while at the same time addressing professional accounting and reporting matters, keeping track of their developments in Israel and around the world.  Among other things, the Professional Practive participates in forums and various professional committees in the International BDO Network and professional bodies in Israel. 

Additionally, the Financial Statement Preparation Team consults with BDO Israel's Tax Cluster on issues pertaining to tax provisions, deferred taxes, and related notes to financial statements.  The Tax Cluster provides comprehensive and professional services for a wide range of issues by integrating nine divisions.

Our Services

  • Preparation of annual and periodic financial statements, including a directors’ report, in accordance with the applicable financial reporting standards
  • Establishing a reporting mechanism for ongoing management purposes
  • Addressing complex reporting and accounting issues, including assistance in the formulation of an accounting policy
  • Assistance and support in closing the books 
  • Documentation and review of the internal controls over the book closing and the preparation of the financial statements, as required by the Sarbanes-Oxley Act and Corporate Governance Regulations
  • Coordinating expectations with the auditors 
  • Preparing a collection of work papers that support information presented in the financial statements, for the use of the company and the auditors