Public Schools are required to compile financial statements on an annual basis using Guidelines approved by the provincial Member of the Executive Council (MEC).
A NEW Guideline for preparing financial statements was published in May of 2022.
A key question to ask is, what reporting / accounting framework should a public school adopt, e.g.
- IFRS for SMEs, or
- MEC Guidelines of 2018, or
- Guideline from May 2022?
This training session focuses on the latest Guideline published in May 2022, and our goal is to attempt to highlight and simplify its requirements.
Break down the latest Guideline’s requirements that affect the accounting transactions that end up in the financial statements and identify how transactions and balances are to be presented and disclosed therein.
Provide guidance on available financial reporting frameworks when preparing financial statements
