Compiling or reviewing a set of Annual financial statements can be a stressful exercise. Ensuring compliance with the accounting standards as well as statutory requirements may cause a headache especially if you are not versed in all the requirements.
This session is specifically focused on taking preparers or reviewers of financial statements through the requirements of IFRS that is important for the financial statements and disclosures and to provide an easy to use checklist for statutory compliance.
Companies Act requirements for the financial statements
o Including checklist
IFRS requirements for the layout and content of financial statements
IFRS disclosure requirements
o IFRS 9 – Financial instruments
o IFRS 16 – Leases
o IAS 8 – Changes in accounting policies
o IAS 19 – employment benefits
o IAS 12 – Income taxes
o IAS 2 – Inventories
o PPE and Investment property
o IAs 37 – Provisions and contingencies
o Etc.
o Please note that for the above detail we will have to verify beforehand which IFRS applies to the company so as not to include irrelevant information
Other disclosure requirements
o Subsequent events
o Going concern
Example set of AFS
