Annual financial statements preparation ready for audit and for filing on Qawaem
From the trial balance to a complete set of statements and notes under IFRS or the IFRS for SMEs Standard as endorsed in Saudi Arabia, with the partner on the file, and in time for the audit and the zakat return.
The short answer
Every Saudi company must prepare financial statements at each year end under the accounting standards endorsed in the Kingdom and file them on the Qawaem platform within six months of year end; the person responsible is fined for late filing. Entry Post prepares the statements and notes ready for audit, and when we prepare them, another firm audits them.
Reviewed by Noura Alderaan, SOCPA Fellow (No. 1379) ·
Official sources: Ministry of Commerce: filing financial statements on Qawaem ↗Ministry of Commerce: filing deadline for financial year 2025 (4 June 2026) ↗Ministry of Commerce: micro and small companies exempt from appointing an auditor ↗IFRS Foundation: use of IFRS Standards in Saudi Arabia ↗IFRS Foundation: IFRS 18 Presentation and Disclosure in Financial Statements ↗
Who this is for
- LLCs and joint-stock companies whose year-end close is behind, or who have no team to prepare the statements and notes.
- Companies that need financial statements for an audit, a bank or filing on Qawaem.
- Companies changing auditor that want a clean file for the new auditor.
- Branches of foreign companies preparing separate branch financial statements.
What we deliver
- Trial balance clean-up and year-end adjusting entries.
- A complete set of statements: financial position, profit or loss and other comprehensive income, changes in equity and cash flows, with the notes.
- Prepared under IFRS or the IFRS for SMEs Standard, whichever framework applies to you.
- Zakat provision and end-of-service benefits liability.
- A supporting file for every balance, to make the audit easier.
The deadlines we work to
- 1120 daysto file the zakat return after year end (30 April for a December year end).
- 26 monthsto file the financial statements after year end (30 June for a December year end).
- 3Before the auditWe deliver the statements early enough for your auditor to finish before the filing date.
Preparation and audit: who does what
An auditor may not prepare the statements it audits, so we agree the role with you at the start:
- If we prepare your financial statements: another audit firm audits them.
- If we are your auditor: your finance team or another firm prepares them, and we audit them.
FY2027 financial statements and IFRS 18
For companies on full IFRS, the income statement changes for annual periods beginning on or after 1 January 2027, and IFRS 18 applies retrospectively. We prepare the 2027 statements on the new basis and the 2026 comparatives.
IFRS 18 for joint-stock companiesDocuments we need
- The trial balance for the year.
- Last year’s financial statements and auditor’s report.
- Year-end bank statements and reconciliations.
- The fixed asset register.
- Employee and payroll data for the end-of-service calculation.
- Articles of association and commercial registration.
Get your statements ready before the audit
Tell us your year end and the state of your books, and the partner will reply with the scope and timetable.
Frequently asked questions
Do you prepare and audit the same financial statements?
No. Independence rules do not allow it. If we prepare the statements, another firm audits them; if we are your auditor, your team or another firm prepares them.
What is the filing deadline?
Within six months of year end, so 30 June for a 31 December year end, on the Qawaem platform.
Is there a fine for filing late?
Yes. The person responsible is fined according to the company form, capital and number of managers, up to SAR 20,000 for an unlisted joint-stock company, plus 50% for a repeat.
Does every company need an auditor?
Micro and small companies can be exempt when they meet two of three tests: annual revenue up to SAR 10 million, total assets up to SAR 10 million, and 49 employees or fewer. They must still prepare and file financial statements.
Which accounting framework applies?
Full IFRS as endorsed in Saudi Arabia for publicly accountable entities, including listed companies. Small and medium-sized entities use the IFRS for SMEs Standard as endorsed in Saudi Arabia, or may choose full IFRS.
Will IFRS 18 change our statements?
Yes, if your company reports under full IFRS: the income statement presentation and disclosures change for periods beginning on or after 1 January 2027, with comparatives on the new basis.
Official sources
- Ministry of Commerce: filing financial statements on Qawaem
- Ministry of Commerce: filing deadline for financial year 2025 (4 June 2026)
- Ministry of Commerce: micro and small companies exempt from appointing an auditor
- IFRS Foundation: use of IFRS Standards in Saudi Arabia
- IFRS Foundation: IFRS 18 Presentation and Disclosure in Financial Statements
General information based on the official sources listed. It is not professional advice for your company.