Get General Index Of Financial Information – Short

Schedule 141, General Index of Financial Information (GIFI) - Additional Information, is a set of questions designed to determine who prepared the financial statements and the extent of their involvement, and whether they expressed any reservations.

T2 Schedule 100 It uses information from the GIFI to organize a corporation's assets, liabilities, shareholder equity, and retained earnings in a clear and concise way. If your corporation's balance sheet is longer than the space on one form, you may attach as many schedule 100s as necessary.

The General Index of Financial Information (GIFI) is a standard list of codes that you use to prepare your financial statements. All corporations (except for insurance corporations) should prepare their financial statement information using the GIFI codes and file it with their T2 returns.

Simply put, financial information is anything related to the financial activities and performance of a business. Most often, this information is collected through financial statements or reports that cover a specific aspect of a business's finances, such as cash flow and profitability.

The financial statements cannot be prepared by the in-house accountant or bookkeeper using the company's accounting systems. However, if the company uses an external accountant to prepare year-end tax returns, it can use the same accountant to prepare the notice to reader financial statements.

A compilation engagement is where we take your bookkeeping data and use it to prepare an income statement and balance sheet. Compiled financial statements are not prepared in ance with Generally Accepted Accounting Principles (“GAAP”) but rather using a more simplified basis of accounting.

The GIFI consists of items you find on a balance sheet and on an income statement. The balance sheet section consists of items pertaining to assets, liabilities, and equity for corporations or partners' capital for partnerships.